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Grab, south-east Asia’s most valuable start-up, has agreed to the largest-ever merger with a special purpose acquisition company, raising $4.5bn in cash to go public in a US deal that will value its shares at close to $40bn. SoftBank-backed Grab was founded in 2012 as the region’s answer to Uber and morphed into a “super app” that provided everything from food delivery to digital payments. It will combine with a New York-listed Spac launched by Altimeter, a Silicon Valley group known for its backing of late-stage technology companies. The deal, which marks a significant moment for south-east Asian start-ups as well as the booming market for Spacs, shatters the record for the largest merger by a blank-cheque vehicle as hundreds of competing entities search for private targets. Comments are closed.
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PurposeMajor markets news headlines which captured the markets. Archives
March 2021
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