Grab Holdings Inc., the Singapore-based multinational ride-sharing and food-delivery start-up employing more than 6,000 workers to-date, had sealed a merger deal with a blank-check or SPAC (Special Purpose Acquisition Corp.), Altimeter Growth Corp., which in effect would take the Southeast Asia’s largest ride-sharing company public in US money market in a deal that could value the combined entity at $40 billion, marking off the largest SPAC merger deal ever as Wall Street shell entities or SPAC-mergers had raised a whopping $99 billion this year thus far following a record $83 billion in 2020. On top of that, in the latest talking point of an SPAC merger deal between Singaporean Grab and the blank-check company backed by Altimeter Capital, the nine-year old Southeast Asia’s largest ride-sharing alongside food-delivery giant would receive a fresh capital inflow of $4 billion from deep-pocket investors such as BlackRock, Fidelity International, Tamasek Holdings, Abu Dhabi’s sovereign investment fund Mubadala alongside Malaysia’s Permodalan Nasional Bhd, while Altimeter Capital would lead the investment with a stark upsum of $750 million.
Grab to go public in US money market in $40 billion valuation
In factuality, latest Grab move to take the company public through a merger with a blank-check firm came forth amid a flurry of SPAC-backed listings this year following a dour 2020, while citing a through and through optimism over Asian tech start-ups, a head of emerging market fintech business at consultancy EY, Varun Mittal said following the announcement, “Institutional investors looking for Asian consumer internet exposure are keen to diversify their allocation beyond a handful of companies. ”