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The deal would make the ride-hailing and food-delivery giant the first Southeast Asian tech unicorn to go public through a SPAC and give it funds to expand. ....
SINGAPORE (The Straits Times/ANN): Singapore-headquartered super app Grab s plans to go public in the United States, in what is the largest blank cheque company deal ever, is testament to the growth prospects of South-east Asia and Singapore s start-up ecosystem, analysts and industry players said. Grab, which started out as MyTeksi to address the safety concerns of taxi commuters in Kuala Lumpur, announced on Tuesday (April 13) its agreement with Altimeter Growth, a special purpose acquisition company (Spac) backed by Altimeter Capital, which will see the combined entity valued at around US$39.6 billion (S$53.2 billion). Rajive Keshup, investment director at Cathay Innovation, said the deal spotlights the South-east Asia ecosystem - a market not driven primarily by capital or stimulus bubbles, but by economic fundamentals, such as the growth of the middle class, consumption and discretionary spending. ....
Share this article Southeast Asia’s most popular ride-share and food delivery app Grab has declared its plans to go public on the Nasdaq Stock Market in a deal that values it at nearly $40 billion USD. The company announced its partnership with special purpose acquisition company Altimer Group on Tuesday, adding that it expected to raise over $4 billion USD from the transaction. The proposed deal hikes the company’s valuation to $39.6 billion USD and is expected to be the largest-ever U.S. offering by a Southeast Asian company. “It gives us immense pride to represent Southeast Asia in the global public markets,” Grab CEO Anthony Tan said in a statement.”This is even more critical as our region recovers from COVID-19.” ....
Grab s CEO Anthony Tan. - Reuters file HONG KONG (Bloomberg): A few years after launching Grab Holdings Inc. in 2012, Anthony Tan got a piece of advice from Jack Ma. The co-founder of Alibaba Group Holding Ltd. told the entrepreneur that life is a tsunami. When you’re up on the wave, get ready for the crash, he said. In 2020, that all came to pass. The coronavirus sent cities across Southeast Asia into lockdown. Demand for ride-hailing, a key business, plunged. Then around December, its big plan to merge with arch rival Gojek collapsed. Tan wasn’t ready to give up on going public. Early this year, a connection introduced him to the Silicon Valley investor Brad Gerstner, the founder of Altimeter Capital Management. The two men, though from opposite sides of the world, had a lot in common. Both were Harvard Business School alumni, and both had eschewed easier paths in life to set up their own firms. ....
2 Min Read SINGAPORE, April 13 (Reuters) - Southeast Asia’s largest ride-hailing and food delivery firm Grab Holdings is set to announce later on Tuesday a merger with U.S.-based Altimeter that is set to value Grab at nearly $40 billion and lead to a public listing, three people told Reuters. The merger will make it the biggest blank-check company deal ever. Grab’s agreement with a special purpose acquisition company (SPAC) backed by Altimeter Capital includes a $4 billion private investment in public equity (PIPE) from a group of Asian and global investors including Fidelity International and Janus Henderson. Singapore-based Grab declined to comment. There was no response from Silicon Valley-based Altimeter to an emailed request for comment. ....