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Grab grabs a merger valuation of almost $40bn paving way for US listing
- Wednesday | 14th April, 2021
SINGAPORE (Reuters) – Southeast Asia’s biggest ride-hailing and food delivery firm, Grab Holdings, agreed a merger on Tuesday with special-purpose acquisition company Altimeter Growth Corp securing a valuation of nearly $40 billion and paving the way for a coveted US listing. The deals, which have been approved by the boards of both Grab and Altimeter Growth, are expected to close over the next few months, subject to shareholder approvals. Reuters reported in January that Grab, which has so far raised about $12 billion, was exploring a US listing. Grab’s agreed transaction will surpass electric vehicle maker Lucid Motors’ $24 billion deal struck with a SPAC in February. Cash-rich, US-listed Sea is also muscling into food delivery and financial services in Indonesia.
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