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Grab set for US listing through merger with Altimeter SPAC at $35b valuation: Report


Grab set for US listing through merger with Altimeter SPAC at $35b valuation: Report
April 7, 2021
Southeast Asia’s Grab is all set for a listing in New York through a merger with special purpose acquisition company (SPAC) backed by Altimeter Capital Management, the Financial Times reported.
The listing, which will be the biggest SPAC merger so far, could see Grab raising about $2.5 billion through a private investment in public equity (PIPE) deal that involves the selling of publicly traded common shares to private investors at a discounted price. About $1.2 billion will be funded by Altimeter.
According to the report, the deal values the SoftBank-backed technology group at about $35 billion and could take place as soon as this week. As part of the deal, Grab is likely to merge with Altimeter Growth Corp 1, one of Altimeter Capital’s SPAC vehicles, which raised $450 million last year. ....

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