SoftBank-backed Grab agrees to deal to go public in worlds largest SPAC merger
Summary
Altimeter Growths stock rose more than 8% in premarket trading after the announcement, from its previous close of $13.95 a share. As part of the deal, SoftBank-backed Grab will receive about $4.5 billion in cash, which includes $4 billion in a private investment in public equity arrangement, managed by BlackRock, Fidelity, T. Rowe Price, Morgan Stanleys Counterpoint Global fund and Singapores sovereign wealth fund Temasek. PIPEs are mechanisms for companies to raise capital from a select group of investors that make the final market debut possible through their financing. "I remember years ago when we were talking to investors, some folks didnt even know where Southeast Asia was on a map," Grab co-founder and CEO Anthony Tan said Tuesday on CNBCs "Squawk Box." 16 on last years CNBC Disruptor 50 list, delivers an array of digital services such as transportation, food delivery, hotel bookings, online banking, mobile payments and insurance services from its app — thus the "super app" title.