Altimeter Growth rallies after FT says deal with Singapore’s Grab is close

Singapore’s Grab could finalize an agreement to go public via one of Altimeter Capital’s special purpose acquisition companies as soon as this week, Financial Times reported earlier, citing three people with direct knowledge of the situation. Altimeter has two SPACs – Altimeter Growth (AGC) and Altimeter Growth 2 (AGCB). The Wall Street Journal reported on March 11 that the Southeast Asian ride-hailing startup was discussing a deal with a special-purpose acquisition company affiliated with Altimeter Capital Management that would value it at between $35B and $40B. Grab will raise about $2.5B through a private investment in public equity, the paper adds. Of that, close to $1.2B will be funded by Altimeter for a total valuation of close to $35B, sources told the FT. Altimeter will also backstop the sale of any shares in the SPAC by public shareholders when the deal is announced, one of the people familiar with the discussions said. Grab will merge with the Altimeter Growth 1, another source added. Shares of Altimeter Growth are up 5% to $13.33 in midday trading.

Related posts

Advisors in Focus- January 6, 2021

Gavin Maguire

Advisors in Focus- February 15, 2021

Gavin Maguire

Advisors in Focus- February 22, 2021

Gavin Maguire

Advisors in Focus- February 28, 2021

Gavin Maguire

Advisors in Focus- March 18, 2021

Gavin Maguire

Advisors in Focus- March 21, 2021

Gavin Maguire