Grab to go public via biggest SPAC deal in history – report
Singaporean multinational ride-hailing company Grab Holdings is looking to go public through a merger with a special-purpose acquisition company (SPAC) affiliated with Altimeter Capital Management and would be valued at around $40 billion, all-time biggest SPAC deal, The Wall Street Journal reported on Thursday citing sources close to the matter.
The deal may be announced in the next few weeks, unless negotiations fall through, in which case Grab will revert to the original plan of staging a traditional IPO on the United States stock exchange.
As part of the typical SPAC merger, Grab is expected to raise between $3 billion and $4 billion in a so-called PIPE (private investment in public equity) funding round.
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