The on-demand ride provider, backed by more than a dozen corporates, has secured a $39.6bn initial pro-forma equity valuation in the deal.
Grab, a Singapore-headquartered ride hailing service backed by range of corporate investors, agreed a reverse takeover with special purpose acquisition company Altimeter Growth Corp today at an initial pro-forma equity value of $39.6bn.
The combined business will take the position secured by Altimeter Growth Corp, an affiliate of technology investment firm Altimeter Capital Management, when it floated in a $450m initial public offering in October 2020. The valuation makes this the largest ever reverse merger agreement.
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