Grab hails SPAC deal to market

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Southeast Asian ride-hailing company Grab has announced its plan to go public in partnership with a New York-listed special purpose acquisition company (SPAC) controlled by Altimeter Growth. The deal values the company at US$39.6 billion, the largest SPAC merger to date.

Altimeter is a Silicon Valley group known for investing in late-stage technology companies. The combined company’s securities will be traded on the Nasdaq in the coming months.

Advising Grab were Skadden Arps Slate Meagher & Flom, and Hughes Hubbard & Reed. Ropes & Gray advised Altimeter Growth. Wilmer Cutler Pickering Hale and Dorr advised Altimeter Capital Management and Altimeter Capital Markets, which are affiliated with Altimeter Growth.

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