- SoftBank Group Corp (OTC: SFTBF) (OTC: SFTBY)-backed Singapore’s ride-hailing and financial services start-up Grab is set for a U.S. public listing through Altimeter Capital’s SPAC (special purpose acquisition company) Altimeter Growth Corp (NASDAQ:AGC), in a deal valued at $35 billion by as early as this week, the Financial Times reports.
- Altimeter has procured $850 million for two SPACs. It is renowned for raising additional capital for blank-cheque targets, including U.K.’s second-hand car site Cazoo and online lender SoFi.
- Grab will raise around $2.5 billion under a private investment in public equity (PIPE). Altimeter will finance approximately $1.2 billion out of $2.5 billion. Altimeter will also support any share sale under the SPAC deal.
- Grab will combine with the fund Altimeter Growth Corp (NASDAQ: AGC) that raised $450 million last year. Altimeter Growth Corp’s shares have gained 25% since listing. Altimeter’s 15.1% stake in Snowflake Inc (NYSE: SNOW) data analytics company was valued at close to $4.4 billion upon its U.S. listing last year.
- Grab branched out from an Uber Technologies Inc (NYSE: UBER) contemporary into food delivery and financial services, including payments, loans, and insurance. The company also procured a digital banking license in Singapore.
- Loss-making Grab has raked in $12 billion to date with around $5 billion in cash reserves, accomplishing a valuation of over $16 billion. Grab’s revenue rose 70% year-on-year in 2020. The business was reportedly breaking even in every operating market. Grab’s founder Anthony Tan, will own around 2% of the listed entity. SoftBank’s Vision Fund, a lead Grab investor, could be a significant deal gainer.
- Morgan Stanley and JPMorgan are Grab’s deal advisors.
- Grab’s Indonesian rival Gojek is also targeting a merger with e-commerce company Tokopedia before a listing.
- Price action: AGC shares traded higher by 13.9% at $14.46 in the premarket session on the last check Wednesday.
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