Altitude SPACs Rise in Reported $ 40 Billion Transaction for Singapore Driving Company Grab

Altitude SPACs Rise in Reported $ 40 Billion Transaction for Singapore Driving Company Grab

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Altitude SPACs Rise in Reported $ 40 Billion Transaction for Singapore Driving Company Grab
Tan Hooi Ling is a co-founder of Grab and the current COO.

S3studio / Getty Images

  • According to a report by The Wall Street Journal, Altimeter Capital is in talks with the greedy company Grab to bring the company into a $ 40 billion deal.
  • If the agreement goes through, it will be the largest SPAC agreement recorded, according to the report.
  • Two SPACs linked to Altimeter Capital rose to 20% in Thursday’s transactions.
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Two SPACs affiliated with Altimeter Capital have increased in Thursday’s trading following a report by The Wall Street Journal stating that talks are underway for the company Grab, which is entering the professional industry, via a reverse merger with the blankcheck company.

Altimeter Growth Corp and Altimeter Growth Corp 2 rose 29% and 16% respectively, as it is unclear which SPAC is in talks to merge with Grab. The Wall Street Journal said the talks could fall apart, and if so, Grab is likely to explore a traditional listing on a U.S. stock exchange later this year.

Grab is a business services company for transportation, food delivery and financial services in Singapore and operates throughout Southeast Asia. The firm was founded in 2012 and is supported by Softbank. According to the report, a potential deal with Altimeter could be valued at up to $ 40 billion.

The connection between Grab and Altimeter could take place in the next few weeks, and if so, it will be the largest SPAC transaction recorded. Grab would derive between $ 3 billion and $ 4 billion in proceeds from the potential deal.

Altimeter Capital launched its two SPACs in October and January, raising a combined $ 850 million between the two vehicles with a blank check. Altimeter is based in California and has approximately $ 16 billion in assets under management.

SPACs have been furious since the start of the COVID-19 pandemic, and a $ 40 billion deal between Grab and Altimeter is likely to strengthen the alternative IPO route as a worthy option once the pandemic disappears. So far this year, 246 SPAC listings have raised nearly $ 80 billion in revenue, according to SPACInsider data.

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