Singapore’s ride-hailing super app Grab is going public in New York via a blank check merger with Altimeter Capital in a deal that gives Southeast Asia’s most valuable startup a valuation of about $35 billion, Financial Times reported on Wednesday (April 7).
Grab is set to finalize its merger agreement this week with Altimeter Growth 1, one of Altimeter Capital’s two special purpose acquisition companies (SPACs), sources told FT.
The ride-hailing startup founded in 2012 has evolved into a technology platform offering food delivery and payments. The Grab deal with Altimeter is on track to be the largest SPAC merger to date, per FT.
Grab will raise somewhere in the neighborhood of $2.5 billion via…