SEC gave the green light to the proposed merger between AGC and Grab, 2nd Dec
$Altimeter Growth Corp(AGC.US$
Southeast Asia's ride-hailing giant Grab set to merge with U.S. firm Altimeter Growth. According to the Forbes, The transaction—which will be the world’s largest SPAC deal—will give Grab a valuation of $40 billion.
SoftBank-backed Grab, founded in 2012, is a Southeast Asia's leading superapp based on GMV in 2020 in each of food deliveries, mobility and the e-wallets segment of financial services, according to Euromonitor.
Southeast Asia's ride-hailing giant Grab set to merge with U.S. firm Altimeter Growth. According to the Forbes, The transaction—which will be the world’s largest SPAC deal—will give Grab a valuation of $40 billion.
SoftBank-backed Grab, founded in 2012, is a Southeast Asia's leading superapp based on GMV in 2020 in each of food deliveries, mobility and the e-wallets segment of financial services, according to Euromonitor.
According to Form F-4, an extraordinary general meeting will be held on November 30, 2021 to consider and vote upon the business combination proposal.
Grab generated revenue of $78 million and $396 million in the six months ended June 30, 2020 and June 30, 2021, respectively, representing a year-over-year growth rate of 406%. Its revenue was $(845) million and $469 million in 2019 and 2020, respectively, representing a year-over-year growth rate of 155%. According to Grab's final Form F-4, its revenue growth in 2020 and the six months ended June 30, 2021 was driven by an increase in GMV. Its GMV was $5.9 billion and $7.5 billion in the six months ended June 30, 2020 and 2021, representing a YoY growth rate of 28%.
Upon completion of its merger, the SoftBank-backed company will trade on the Nasdaq under ticker symbol GRAB. Grab will receive about $4.5 billion in cash, which includes $4 billion in a private investment in public equity arrangement.
The SEC gave the green light to the proposed merger between AGC and Grab. With an Extraordinary General Meeting of AGC shareholders to approve the merger coming up on Tuesday (Nov 30)
AGC SPAC: Sponsored by institution with notable VC investmentsAltimeter Growth Corp.(AGC.US) is a newly formed blank check company, an affiliate of Altimeter Capital Management which is a technology-focused investment firm. Altimeter Capital has a proven track record of successfully investing in leading technology companies in both the private and public markets. According to its Form F-4,some of its prior investments include Expedia, Zillow, Facebook, Uber, AirBnB, ByteDance, AppDynamics, MongoDB, Okta, Twilio, Unity, and Snowflake.
Through the business combination, Grab could leverage Altimeter Capital’s investment team's capabilities, relationships, network, and deal pipeline to support it in the identification and diligence of potential targets.
This couldn’t come at a more opportune time for Grab. Enthusiasm for SPAC mergers is recovering at the moment, and tech stocks in particular remain hot.
While some investors might still be wary of highly valued growth stocks, Grab presents a good option for those seeking exposure to Southeast Asia tech markets. Investors seeking alternatives to mainland Chinese stocks amid the ongoing tech clampdown there might also look towards Grab favourably.
The twentyfold stock price appreciation of e-commerce giant Sea Limited since its IPO in 2017, has also affirmed the potential of the under-represented Southeast Asia market. Grab is the next big tech unicorn from this region, and it might benefit from these supportive trends.
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Venture118 : Will AGC shot up to 80 on first day of de-spec ?
dwarrior : Lol... maybe
ApOhLo : IPO 2 Dec
SimaRick : Shit companies, both Uber and Grab.