Grab agrees to world's biggest SPAC merger, valued at $40 billion

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The deal is a big win for its early backers such as Japan's SoftBank Group Corp and China's Didi Chuxing.

Southeast Asia's biggest ride-hailing and food delivery firm, Grab Holdings, agreed to a merger on Tuesday, April 13, with US-based Altimeter Growth Corporation in a deal that gives Grab an initial proforma equity value of about $39.6 billion and will lead to a public listing.

The offering is led by $750 million from funds managed by Altimeter Capital. The transactions will provide Grab with about $4.5 billion in cash proceeds. Grab attracted global attention in 2018 when it acquired Uber's Southeast Asia business after a costly five-year battle and in return took a stake in the company.

Leveraging its ride-hailing business started in 2012, the firm has moved into food and grocery deliveries, courier services, digital payments, and is now making a push into insurance and lending in a region of 650 million people.

 

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