Beijing (PingWest)—Southeast Asian ride-hailing giant Grab announced on Tuesday that it will go public through a merger with Altimeter Growth Corp.'s SPAC.
The deal, valued at $39.6 billion, marks the largest blank check merger to date. It's more than twice the roughly $16 billion the firm was last privately valued at, according to Dealogic.
Under the deal, Grab is raising more than $4 billion in cash from investors including Fidelity, BlackRock, T. Rowe Price, Abu Dhabi sovereign wealth fund Mubadala, and Singapore government investment arm Temasek. US investment firm Altimeter Capital is putting up $750 million.
Grab says it intends to list on the Nasdaq under ticker symbol GRAB following the deal’s completion.
The listing will help Grab expand in its main market, Indonesia, where local rival Gojek is is close to sealing a merger with the country’s leading e-commerce business, Tokopedia.
Founded in 2012, Grab quickly soared to become Southeast Asia's most valuable private company. It acquired Uber's Southeast Asia business in 2018, and has since expanded into a variety of other services, including food delivery, digital payments and even financial services.
Prior to the SPAC deal, Grab had already raised more than $10 billion from a roster of heavyweight investors, including Japanese conglomerate SoftBank and Chinese ride-hailing firm Didi Chuxing.