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BENGALURÚ (REUTERS) – Grab Holdings is in talks to go public through a merger with a special-purpose acquisition company that could value the rideshare giant at nearly US $ 40 billion (S $ 53.6 billion). million), people familiar with the matter said Thursday (March 11).
This would make it the largest blank check agreement in history. Special Purpose Acquisition Companies, or Spacs, are shell companies that raise funds through an initial public offering to take a private company public.
The Wall Street Journal (WSJ) reported earlier in the day that SoftBank-backed Grab was in talks with Altimeter Capital Management.
Grab is expected to raise between $ 3 billion and $ 4 billion from private investors, according to the report.
Reuters first reported in January, citing sources, that Singapore-based Grab was exploring a listing in the United States.
Silicon Valley-based venture capital firm Altimeter has endorsed two Spacs: Altimeter Growth Corp and Altimeter Growth Corp 2. The WSJ report did not specify which of the two Spacs Grab it was in talks with.
Other big recent Spac deals include the $ 16 billion merger of UMW Holdings with a blank check firm backed by billionaire Alec Gores, and the $ 24 billion deal that luxury electric vehicle maker Lucid Motors closed with a Spac backed by Michael Klein.
Altimeter did not immediately respond to a request for comment from Reuters, while Grab could not be reached for comment outside of normal business hours.
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