Singaporean ride-hailing giant Grab is set to merge with a special purpose acquisition company (SPAC).
It’s merging with a company set up by New York based Altimeter.
It will be with one of the firm’s two Altimeter Growth SPACs.
Raising $4.5bn in cash, this will be the largest deal of its kind.
What does this mean?
Since its foundation as a ride-hailing app, Grab has moved into the FinTech space and developed a “super app” offering. The firm has been backed by Softbank for some time, but this particular deal will also involve support from BlackRock, Fidelity, Temasek and more.