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Tech Unicorn “Grab” Announces U.S. Listing In Record-Breaking $40 Billion SPAC

The Singapore based ride-hailing service provider “Grab” has agreed to a $39.6 Billion SPAC merger with Altimeter Growth Corp. (NASDAQ: AGC) to go public in the US. This record-setting merger will raise $4.5 billion for Grab, which will be invested in the expansion of digital financial services and other offerings.

The company follows a “super app” strategy, aiming to deliver finance, insurance and delivery services in one application. Meanwhile, Grab has also expanded geographically and now operates across eight south-east Asian countries.

Current investors include SoftBank, Toyota, Microsoft, and Uber. BlackRock and the Singapore state fund Temasek Holdings will join the list of backers via a PIPE deal as part of the disclosed deal.

Grab co-founder and CEO Anthony Tan is convinced that this deal validates the success of his business strategy, further manifested by their geographical diversification with a maximum of 35% of revenue coming from a single market.

Moreover the company is confident to turn EBITDA profitable by 2023, providing a 161% revenue growth YoY, while reducing their net losses.


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