Ride-hailing giant Grab is set to list through an SPAC merger with Altimeter Growth Corp., according to CNBC. Grab will receive about $4.5 billion in cash, which includes $4 billion in private investment in public equity.
Grab delivers an array of digital services, including transportation, food delivery, hotel bookings, online banking, mobile payments, and insurance services from its app.
The ride-hailing giant has operations in most of Southeast Asia and serves more than 187 million users in over 350 cities across eight countries.
In January, Grab’s revenues were reported to have grown 70% year over year, recovering to pre-pandemic levels.
While Grab’s merger remains record-setting, Boston-based biotech company Ginkgo Bioworks is said to be considering a massive $20 billion blank-check merger of its own.
Upon completion of the merger, Grab will trade on Nasdaq under ticker “GRAB.”
The deal with Altimeter values the company at $39.6 billion and will be the largest black-check merger to date.
