Singapore’s Grab to go public in world’s biggest $40 billion SPAC merger By Reuters – Investing.com

  • Date: 13-Apr-2021
  • Source: Investing.com
  • Sector:Financial Markets
  • Country:UAE
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Singapore’s Grab to go public in world’s biggest $40 billion SPAC merger By Reuters – Investing.com

© Reuters. FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore

By Anshuman Daga and Aradhana Aravindan SINGAPORE (Reuters) -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. 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. As part of Singapore-based Grab's agreement with the SPAC backed by Altimeter Capital, investors such as Temasek Holdings, BlackRock (NYSE:), Fidelity International, Abu Dhabi's Mubadala and Malaysia's Permodalan Nasional Bhd will participate in a $4 billion private investment in public equity offering. Funds managed by Altimeter Capital will lead the investment with $750 million. "Institutional investors looking for Asian consumer internet exposure are keen to diversify their allocation beyond a handful of companies," said Varun Mittal, head of emerging markets fintech business at consultancy EY. Grab said its decision to become a public company was driven by a