SHARE
South-East Asia's biggest ride-hailing and food delivery firm, Grab Holdings, agreed to a merger on Tuesday with US-based Altimeter Growth Corporation in a deal that gives Grab an initial equity value of about $39.6 billion and will lead to a public listing.
The merger, the biggest "blank cheque" 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.
Singapore-based Grab's agreement with a special purpose acquisition company backed by Altimeter Capital includes a more than $4bn private investment in public equity by investors including BlackRock, Fidelity International, Janus Henderson Investors and Temasek Holdings.