SoftBank-backed Grab in talks to go public in nearly $40 billion SPAC deal

    Grab is expected to raise between $3 billion and $4 billion from private investors.
    By REUTERS
    | Updated on Mar 12 2021, 08:11 AM IST
    SoftBank-backed Grab was in talks with Altimeter Capital Management LP.
    SoftBank-backed Grab was in talks with Altimeter Capital Management LP. (REUTERS)
    SoftBank-backed Grab was in talks with Altimeter Capital Management LP.
    SoftBank-backed Grab was in talks with Altimeter Capital Management LP. (REUTERS)

    Grab Holdings Inc is in talks to go public through a merger with a special purpose acquisition company that could value the ride-hailing giant at nearly $40 billion, making it the largest ever blank-check deal, people familiar with the matter said on Thursday.

    The Wall Street Journal reported earlier in the day SoftBank-backed Grab was in talks with Altimeter Capital Management LP. 

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    Reuters first reported in January, citing sources, that Singapore-based Grab was exploring a listing in the United States.

    Silicon Valley-based venture capital firm Altimeter has backed two SPACs - Altimeter Growth Corp and Altimeter Growth Corp 2. The WSJ report did not specify which of the two SPACs Grab was in talks with.

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    Special purpose acquisition companies, or SPACs, are shell companies that raise funds through an initial public offering to take a private company public.

    Other recent large SPAC deals include UMW Holdings Corp's $16-billion merger with a blank-check firm backed by billionaire Alec Gores, and the $24-billion deal that luxury electric vehicle maker Lucid Motors struck with a Michael Klein-backed SPAC.

    Altimeter did not immediately respond to a Reuters request for comment, while Grab could not be reached for comment outside regular business hours. 

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    First Published Date: 12 Mar, 08:11 AM IST
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