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.