Press Release

Singapore-based Grab’s Record SPAC Marks Southeast Asia’s Largest Ever US Equity Offering

Deal with Altimeter Capital special purpose acquisition company will value Grab at approximately $40 billion
April 14, 2021

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.

About Cooley LLP

Clients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law.

Cooley has 1,200 lawyers across 16 offices in the United States, Asia and Europe.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as “Cooley”). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. This content may be considered Attorney Advertising and is subject to our legal notices.