WilmerHale Represents Altimeter in Business Combination With Grab

WilmerHale Represents Altimeter in Business Combination With Grab

Client News

Grab Holdings Inc., Southeast Asia’s leading superapp, announced it intends to go public in the US through a business combination with Altimeter Growth Corp., a special purpose acquisition company, in a transaction valued at approximately $40 billion. The combined company expects its securities will be traded on NASDAQ under the symbol “GRAB” in the coming months.

Grab’s journey to becoming a US-listed public company will be effected through a business combination between Grab and Altimeter Growth. Pursuant to the proposed transaction, Altimeter Growth and Grab will become wholly-owned subsidiaries of a new holding company. The combined company is expected to have an equity value on a pro-forma basis of approximately $40 billion. At closing, the combined company is expected to receive approximately $4.5 billion in cash proceeds, including more than $4.0 billion from a fully committed PIPE offering. Additionally, funds managed by Altimeter Capital Management, LP have committed up to $500 million to a contingent investment.

WilmerHale is representing Altimeter Capital Management, LP in this transaction. The team includes Leonard Pierce, Glenn Pollner, Tim Silva, David Westenberg, Phil Gillespie and Seth Davis.