Singapore-based technology company Grab is set to finalise its listing in New York, according to The Financial Times.
The group’s listing will take place with one of Altimeter Capital’s two Altimer Growth special purpose acquisition companies (SPAC), the fund Altimeter Growth 1, as soon as this week. SPACs are blank cheque companies formed only to raise capital to acquire other businesses.
The listing will value the ride-hailing giant at around US$35 billion (S$46.9 billion), making it the largest merger between a private business and a blank cheque company.
It could see Grab raising about $2.5 billion (S$3.35 billion) through a private investment in public equity (PIPE) deal. About $1.2 billion (S$1.61 billion) will be funded by Altimer.
Grab’s plans to list via the SPAC route comes after after talks to merge with Indonesian ride-hailing rival Gojek fell through. Perviously, sources familiar with the issue told The Business Times that the region’s two largest ride-hailing firms were unable to agree on various issues, including “valuation and corporate culture”.
According to people familiar with the situation, the deal has not been finalised, while Grab and Altimeter declined to comment.
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