Grab Holdings, Southeast Asia’s largest ride-hailing company, agreed on Wednesday to merge with the U.S. Special Acquisition Purpose Company (SPAC) Ultimate Growth to go public. Grab’s corporate value is approximately $39.6 billion, making it the largest merger with SPAC ever.
The agreement includes a private capital increase of more than $4 billion (PIPE) underwriting investors such as BlackRock, Fidelity International, Janus Henderson, and Singapore’s government investment agency Temasek Holdings.
Grab explained that the company decided to go public because its performance in 2020 was good despite the covid-19 pandemic.
Grab’s merger with SPAC would be announced as early as Thursday, according to several sources.