Singapore-based tech company Grab is set to close in New York City, according to The Financial Times.
The group will be listed earlier this week on one of Altimeter Capital's two Altimer Growth Special Purpose Acquisition (SPAC) companies, the Altimeter Growth 1 fund. SPACs are blank check companies founded only to raise capital for the acquisition of others Company to procure.
The listing will value the hail fighter at around $ 35 billion (S $ 46.9 billion), making it the largest merger between a private company and a blank check company.
Grab could raise approximately $ 2.5 billion (S $ 3.35 billion) through a private investment in public equity (PIPE). Altimer is funding approximately $ 1.2 billion (S $ 1.61 billion).
Grab & # 39; s plans to list on the SPAC route follow after talks to merge with Indonesian rival Gojek failed. With sources familiar with the subject, The Business Times said that the region's two largest hail-fighting firms had been unable to agree on various topics, including "valuation and corporate culture."
According to those familiar with the situation, the deal has not yet been finalized while Grab and Altimeter have refused to comment.
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