Complex attraction

15 March 2021 By Una Galani Follow @ugalani

Merging with a U.S. SPAC might value Singapore’s ride-hailing-to-food delivery giant at $40 bln. New bets on fintech expand its range beyond its U.S. peer and backer, and put it on a bumpier path to profit. But founder Anthony Tan can count on a Southeast Asian scarcity premium.

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Context News

Singapore-based Grab is in talks to go public through a merger with a blank-cheque firm that could value the Southeast Asian ride-hailing company at as much as $40 billion, the Wall Street Journal reported on March 11 citing unnamed sources.

The company is discussing a deal with a so-called special-purpose acquisition company affiliated with Altimeter Capital that would value it at between $35 billion and $40 billion, the WSJ added. As part of the deal, Grab would raise between $3 billion and $4 billion in a so-called PIPE transaction, a private investment in a public company funding round that typically accompanies a SPAC merger, the report said.

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