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    Home»Deals & Transactions»Singapore’s Grab to go public in world’s biggest $40 billion SPAC merger
    Deals & Transactions

    Singapore’s Grab to go public in world’s biggest $40 billion SPAC merger

    April 14, 20211 Min Read
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    Grab Holdings, the largest ride-hailing and food delivery firm in Southeast Asia, clinched a merger on Tuesday with special-purpose acquisition company Altimeter Growth Corp securing a valuation of nearly $40 billion and paving the way for a coveted U.S. listing.

    As part of Singapore-based Grab’s agreement with the SPAC backed by Altimeter Capital, investors such as Temasek Holdings, BlackRock, Fidelity International, Abu Dhabi’s Mubadala and Malaysia’s Permodalan Nasional Bhd will participate in a $4 billion private investment in public equity offering.

    The merger, the biggest blank-check company deal ever, underscores the frenzy on Wall Street as shell firms have raised $99 billion in the United States so far this year after a record $83 billion in 2020.

    The deals for Grab, which was valued at just over $16 billion last year, are a big win for its early backers such as SoftBank Group Corp and China’s Didi Chuxing.

    Read more at Reuters

    By Anshuman Daga and Aradhana Aravindan

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    Mergers and acquisitions SPACs
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