Malaysia launched Grab to go public in world's biggest US$40bil SPAC merger

Grab was launched in Malaysia as a taxi app in June 2012. Malaysia's Permodalan Nasional Bhd will be among those participating in a US$4 billion private investment in public equity offering.

SINGAPORE: Grab Holdings, the largest ride-hailing and food delivery firm in Southeast Asia, clinched a merger on Tuesday with special-purpose acquisition company Altimeter Growth Corp securing a valuation of nearly US$40 billion and paving the way for a coveted U.S. listing.

The merger, the biggest blank-check company deal ever, underscores the frenzy on Wall Street as shell firms have raised $99 billion in the United States so far this year after a record $83 billion in 2020.