14 April 2021

Grab to go public via SPAC

Written By FinTech Alliance

Grab to go public via SPAC

Singaporean ride-hailing giant Grab is set to merge with a special purpose acquisition company (SPAC). 

In Brief:

It’s merging with a company set up by New York based Altimeter. 

It will be with one of the firm’s two Altimeter Growth SPACs. 

Raising $4.5bn in cash, this will be the largest deal of its kind. 

What does this mean? 

Since its foundation as a ride-hailing app, Grab has moved into the FinTech space and developed a “super app” offering. The firm has been backed by Softbank for some time, but this particular deal will also involve support from BlackRock, Fidelity, Temasek and more. 

Read more here. 

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