Grab is in talks to go public in an estimated US$40 billion deal, marking the largest blank-cheque acquisition amid the deal making frenzy by global SPACs, sources say
- The deal could value Singapore-based Grab at nearly US$40 billion
- Grab is in talks with Altimeter Capital Management, according to The Wall Street Journal
Grab Holdings 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 US$40 billion, making it the largest ever blank-cheque 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.
Singapore-based Grab is expected to raise between US$3 billion and US$4 billion from private investors, according to the report. Reuters first reported in January, citing sources, that Grab was exploring a listing in the United States.
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’ US$16-billion merger with a blank-check firm backed by billionaire Alec Gores, and the US$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.