Grab is going public in $40 billion SPAC deal, the biggest on record
CNN
Grab, the Singapore-based startup and Southeast Asian ride-hailing giant, is setting the stage for a record-breaking initial public offering in the United States.
The Singapore-based startup announced Tuesday that it would merge with a special purpose acquisition company (SPAC) backed by Altimeter Capital in a deal that would pave the way for a New York listing and value Grab at about $39.6 billion. That's more than twice the roughly $16 billion the firm was last privately valued at, and would mark the biggest-ever deal with a SPAC, or blank-check company, according to Dealogic. The previous SPAC record was held by United Wholesale Mortgage, a US home loan provider, which snagged an $18.3 billion valuation last fall, according to the data provider.
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