{"id":111928,"date":"2021-04-13T06:38:53","date_gmt":"2021-04-13T06:38:53","guid":{"rendered":"https:\/\/fin2me.com\/?p=111928"},"modified":"2021-04-13T06:38:53","modified_gmt":"2021-04-13T06:38:53","slug":"grab-set-to-announce-deal-with-u-s-spac-at-40-billion-valuation-sources","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/grab-set-to-announce-deal-with-u-s-spac-at-40-billion-valuation-sources\/","title":{"rendered":"Grab set to announce deal with U.S. SPAC at $40 billion valuation – sources"},"content":{"rendered":"

SINGAPORE (Reuters) -Southeast Asia\u2019s largest ride-hailing and food delivery firm Grab Holdings is set to announce as early as Tuesday a merger with U.S.-based Altimeter that will value Grab at nearly $40 billion and lead to a public listing, three people told Reuters.<\/p>

FILE PHOTO: A Grab logo is pictured at the Money 20\/20 Asia Fintech Trade Show in Singapore March 21, 2019. Picture taken March 21, 2019. REUTERS\/Anshuman Daga\/File Photo<\/figcaption>

The merger will make it the biggest blank-check company deal ever.<\/p>\n

Grab\u2019s agreement with a special purpose acquisition company (SPAC) backed by Altimeter Capital includes a $4 billion private investment in public equity (PIPE) from a group of Asian and global investors including Fidelity International and Janus Henderson, the sources said.<\/p>\n

Grab declined to comment. There was no response from Silicon Valley-based Altimeter to an emailed request for comment.<\/p>\n

The two fund managers also did not respond to an emailed query. The sources declined to be identified due to the sensitivity of the matter.<\/p>\n

The deal for Singapore-based Grab, which sources have previously said was valued at just over $16 billion last year, is a big win for its early backers such as Japan\u2019s SoftBank Group Corp and China\u2019s Didi Chuxing.<\/p>\n

A U.S. listing will give Grab extra firepower in its main market, Indonesia, where local rival Gojek is close to sealing a merger with the country\u2019s leading e-commerce business Tokopedia.<\/p>\n

Grab, whose net revenue surged 70% last year, is yet to turn profitable, but it expects its biggest segment – the food delivery business – to break even by end-2021, as more consumers shift to online food delivery after the COVID-19 pandemic.<\/p>\n

The nearly $40 billion valuation is based on a proforma equity value, two of the sources said.<\/p>\n

With operations in eight countries and 398 cities, Grab is already Southeast Asia\u2019s most valuable start-up.<\/p>\n

Leveraging its ride-hailing business started in 2012, the firm has expanded into offering food and grocery deliveries, courier services, digital payments, and is now making a big push into insurance and lending in a region of 650 million people.<\/p>\n

Cash-rich, U.S.-listed Sea is also muscling into food delivery and financial services in Indonesia. Both Grab and Sea won digital bank licences in Singapore last year.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SINGAPORE (Reuters) -Southeast Asia\u2019s largest ride-hailing and food delivery firm Grab Holdings is set to announce as early as Tuesday a merger with U.S.-based Altimeter […]<\/p>\n","protected":false},"author":3,"featured_media":111927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nGrab set to announce deal with U.S. SPAC at $40 billion valuation - sources - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/grab-set-to-announce-deal-with-u-s-spac-at-40-billion-valuation-sources\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Grab set to announce deal with U.S. SPAC at $40 billion valuation - sources - Fin2me\" \/>\n<meta property=\"og:description\" content=\"SINGAPORE (Reuters) -Southeast Asia\u2019s largest ride-hailing and food delivery firm Grab Holdings is set to announce as early as Tuesday a merger with U.S.-based Altimeter [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/grab-set-to-announce-deal-with-u-s-spac-at-40-billion-valuation-sources\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-13T06:38:53+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/04\/Grab-set-to-announce-deal-with-U.S.-SPAC-at-40-billion-valuation-sources.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/grab-set-to-announce-deal-with-u-s-spac-at-40-billion-valuation-sources\/\",\"url\":\"https:\/\/fin2me.com\/markets\/grab-set-to-announce-deal-with-u-s-spac-at-40-billion-valuation-sources\/\",\"name\":\"Grab set to announce deal with U.S. SPAC at $40 billion valuation - 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