AGC - Softbank-backed Grab to go public through merger with Altimeter at $39.6B valuation

SPAC Altimeter Growth (AGC) shares jump 11% premarket on taking Southeast Asia’s leading superapp Grab Holdings (GRAB) public, in a deal value of $39.6B.This deal expected to be the largest-ever U.S. equity offering by a Southeast Asian company.Grab will list on the Nasdaq under ticker symbol “GRAB” upon closing the deal in the coming months. The transactions will provide Grab with ~$4.5B in cash proceeds, including more than $4B from a fully committed PIPE led by $750M from funds managed by Altimeter Capital Management, LP.Investors in the PIPE include funds and accounts managed or advised by BlackRock, Counterpoint Global and T.Rowe Price Associates, Inc., as well as Fidelity International, Fidelity Management and Research LLC, Janus Henderson Investors, Mubadala, Nuveen, Permodalan Nasional Berhad and Temasek.Altimeter’s sponsor promote shares are subject to a 3-year lock-up period. Grab posted GMV of ~$12.5B in 2020, surpassing pre-pandemic levels and more than doubling from 2018. The company is also currently the category leader

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Softbank-backed Grab to go public through merger with Altimeter at $39.6B valuation