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Grab, the Singapore-headquartered superapp that evolved from ridesharing into food delivery and financial services, is jumping on the blank check bandwagon with a planned merger with Altimeter Growth Corp. 2 at around a $39.5 billion valuation, according to Reuters.
Special purpose acquisition company Altimeter Growth Corp. 2, which is chaired by longtime travel and tech investor Brad Gerstner and has Expedia founder and Zillow CEO Rich Barton on its board, did an initial public offering on January 11 as it hunted for potential merger partners.
Altimeter Growth Corp. 2, one of Gerstner’s two blank-check companies, would provide Grab, the leading superapp in Southeast Asia, with $4.5 billion in cash proceeds in the merger transaction.
More to come. Check back for updates.
Photo Credit: Riders pictured in a Grab Taxi. The company would go public in a merger with blank check company Altimeter Growth Corp. 2. Grab Singapore
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