Grab said to be in talks with Altimeter SPAC to go public at nearly $40b valuation

FILE PHOTO: A man walks past a Grab office in Singapore March 26, 2018. REUTERS/Edgar Su/File Photo

Grab Holdings Inc is in talks to go public through a merger with a special purpose acquisition company (SPAC) 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.

Grab is expected to raise between $3 billion and $4 billion from private investors, according to the report.

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.

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.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.