Is Grab going public in $40 billion SPAC deal?

News

Date: 04.05.2021

Southeast Asia's ride-hailing giant Grab is setting the stage for an eye-popping Wall Street debut.

The Singapore-based startup announced Tuesday that it would merge with a special-purpose acquisition company, or SPAC, backed by Altimeter Capital in a deal that would pave the way for a New York listing and value Grab at about $39.6 billion.

That's more than twice the roughly $16 billion the firm was last privately valued at, and would mark the biggest-ever deal with a SPAC, or blank-check company, according to Dealogic. The previous SPAC record was held by United Wholesale Mortgage, a US home loan provider, which snagged an $18.3 billion valuation last fall, according to the data provider.

Under the deal, Grab is raising more than $4 billion in cash from investors including Fidelity, BlackRock, T. Rowe Price, Abu Dhabi sovereign wealth fund Mubadala, and Singapore government investment arm Temasek. US investment firm Altimeter Capital is putting up $750 million. Grab plans to start trading on the NASDAQ under ticker symbol "GRAB" in the coming months.

Based on: CNN

#News #IPO #ICO #Grab #Wcryptn.com

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