Photo = Grab homepage
Grab, a vehicle calling and delivery service in Southeast Asia, is promoting listing on the New York Stock Exchange through a merger with SPAC.
According to the Financial Times (FT) on the 7th, Grab is discussing a merger with one of the specs owned by Altimeter Capital, a US Silicon Valley investment company. It is said that there is a high possibility of an agreement within this week.
SPEC recruits investors, lists them, and then M&A for unlisted companies, giving the effect of listing non-listed companies without complicated procedures. It is also called a’blank check company’ because it is a paper company that has a different procedure from a general public offering (IPO).
When Grab and SPAC owned by Altimeter Capital merge, the company is expected to be worth $35 billion. Grab plans to raise $2.5 billion through mergers and private equity investments (PIPE).
Grab, which started as a car call service in Malaysia in 2012, has grown into a comprehensive platform covering finance, payment, shopping, reservation, and insurance, as well as delivery services.
Grab, also known as “Southeast Asia’s Uber,” was valued at $15 billion in 2019 when it was last raised. Softbank Group, Uber Technologies, and Toyota Motor Company are participating as investors.
Altimeter Capital is a technology-oriented venture capital (VC) established in 2008. He has a history of investing in various technology companies such as Uber, Airbnb, and Byte Dance.
Reporter Ahn Jung-rak [email protected]
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