, South-East Asia’s answer to Uber that provides ride-sharing, food-delivery and digital-payment services, agreed to merge with a SPAC founded by Altimeter, an American investment manager, in a deal that values Grab at around $40bn. This grants Grab a shortcut onto the Nasdaq and is the latest in a string of such deals .The pace has quickened since
First, the basics. A SPAC’s raison d'être is to provide another firm with a quick and easy way to list on the stockmarket. Its lifecycle begins when a group of investors float a shell company on public markets, creating a pot of cash that can be invested in a real business looking to raise capital and go public. In the next phase of life, the blank-cheque concern seeks out an unlisted target company and proposes to merge with it.
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