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Singapore’s Grab to List in U.S. in $40 Billion SPAC Deal

  • SoftBank-backed Grab strikes pact with Gerstner’s Altimeter
  • Southeast Asia ride-hailing giant set to trade on Nasdaq
Grab is set to have a market value of about $39.6 billion.

Grab is set to have a market value of about $39.6 billion.

Photographer: Samsul Said/Bloomberg
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Grab Holdings Inc., Southeast Asia’s most valuable startup, is going public in the U.S. through the largest-ever merger with a blank-check company.

The Singapore-based startup is set to have a market value of about $39.6 billion after the combination with Altimeter Growth Corp., the special purpose acquisition company of Brad Gerstner’s Altimeter Capital Management, the firms said in a statement Tuesday. Grab is raising more than $4 billion from investors including BlackRock Inc., Fidelity International and T. Rowe Price Group Inc. as part of the biggest U.S. equity offering by a Southeast Asian company.