Grab to go public in the US through largest SPAC deal yet
Southeast Asian internet titan Grab has announced its plans to go public in the US through a deal with a special purpose acquisition company (SPAC) Altimeter Growth, the largest of its kind yet, Tech in Asia reports.
The combined company expects to trade on the NASDAQ under the symbol “GRAB” in the coming months.
The SPAC deal, which values Grab at roughly US$39.6 billion, includes a US$4 billion private investment in public equity (PIPE) from investors such as Fidelity International and Janus Henderson. It will provide Grab with approximately US$4.5 billion in cash proceeds, according to a statement.