Grab uncovering $40 bln agreement in record SPAC consolidation

South-East Asia’s largest ride-hailing and food delivery firm Grab Holdings, declared it intends to merge with US-based Altimeter Growth Capital in a venture that would appraise it at nearly 40 billion dollars in anticipation of an IPO in the US.

Grab’s contract to list via a special purpose acquisition company (SPAC) – a shell company intending to raise capital by an IPO to procure another company – has attracted four billion dollars (£2.9 billion) in private investment in public assets from an association of investors including Fidelity International and Singapore’s Temasek Holdings.

Southeast Asia’s largest Grab Holdings is set to declare this week a merger with U.S.-based Altimeter that will value Grab at nearly $40 billion and lead to a public listing.

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