News: SoftBank-backed Grab in talks to go public in nearly $40 billion SPAC deal: sources.
(Reuters) – Grab Holdings Inc is in talks to go public through a merger with a special-purpose acquisition company that could value the hailfighter at nearly $ 40 billion. That makes it the largest blank check deal ever known to be familiar with the matter, said Thursday.
The Wall Street Journal reported earlier on the day SoftBank-backed Grab was in talks with Altimeter Capital Management LP.
Singapore-based Grab is expected to raise between $ 3 billion and $ 4 billion from private investors, according to the report. (bit.ly/3rD4XR6)
Reuters first reported in January, citing sources, that Grab was reviewing a listing in the US.
Special Purpose Acquisition Companies (SPACs) are shell companies that raise funds through an IPO to bring a private company public.
Other big SPAC deals in recent times include the merger of UMW Holdings Corp. with a blank check company backed by billionaire Alec Gores, valued at $ 16 billion and the $ 24 billion deal, The Luxury -Electric vehicle maker Lucid Motors concluded with a Michael Klein-sponsored SPAC.
Altimeter did not immediately respond to a Reuters request for comment, while Grab could not be reached for comment outside of normal business hours.
Additional coverage from Sohini Podder in Bengaluru; Arrangement by Shinjini Ganguli and Shounak Dasgupta
Original Source © Reuters