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Grab Heads for Public Market as Investors Approve SPAC Deal

  • Essentially no shareholders opted out of the merger agreement
  • Altimeter’s SPAC shares have had a tumultuous year of trading
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WATCH: Shares of Singapore-based ride-hailing and delivery giant Grab will start trading in the U.S. on Thursday. Ishika Mookerjee reports.Source: Bloomberg
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Investors voted to approve the merger of ride-hailing provider Grab Holdings Inc. and Altimeter Growth Corp., completing one of the largest special purpose acquisition company deals ever after a year of tumult for SPACs and the transaction itself.

The proposal passed at a special shareholder meeting Tuesday, setting the stage for Grab to become a publicly traded company, according to a statement. Shareholder redemptions, or investors opting out of the deal, were effectively 0%, at 0.02%. The combined entity will start trading on the Nasdaq on Dec. 2 under the ticker GRAB.