Singapore-based Grab’s Record SPAC Marks Southeast Asia’s Largest Ever US Equity Offering
Singapore – April 14, 2021 – Cooley advised J.P. Morgan, Morgan Stanley, UBS and Evercore as part of Grab’s agreement to merge with Altimeter Capital’s special purpose acquisition company or SPAC. The transaction marks the largest SPAC merger in history and values the SoftBank-backed technology company at approximately $40 billion. Will Cai in Hong Kong and Ferish Patel in Singapore led a global team of Cooley lawyers across Hong Kong, Singapore and the US on the transaction.
At closing, Grab – Southeast Asia’s most valuable startup and its leading superapp – is expected to receive $4.5 billion in cash proceeds, including more than $4 billion from a fully committed PIPE offering that was upsized due to significant investor interest. Furthermore, Altimeter has committed up to $500 million to a contingent investment to be equal to the aggregate dollar amount of redemptions from Altimeter Growth’s shareholders.
Founded in 2012, Grab provides everyday services that matter to consumers. The Grab app has been downloaded onto millions of mobile devices, giving users access to more than nine million drivers, merchants and agents. Grab offers a wide range of on-demand services in the region, including mobility, food, package and grocery delivery services, mobile payments and financial services across 428 cities in eight countries.
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