According to the report, Singapore technology company Grab should complete its list in New York Financial Times.
The listing of the group will be done by one of the two dedicated companies Altimer Growth (SPAC), fund Altimeter Growth 1, as early as this week. SPACs are empty check companies set up just to raise capital to acquire other jobs.
The listing will estimate the giant who welcomes the ride at around $ 35 billion ($ 46.9 billion), making it the largest merger of a private company and a company with blank checks.
Hornbeam could raise about $ 2.5 billion ($ 3.35 billion) through private equity investment (PIPE). About $ 1.2 billion ($ 1.61 billion) will be funded by Altimer.
Grab’s plans to join the SPAC line followed talks on a merger with Indonesian rival Gojek fell through. Sources familiar with this have apparently said so The Business Times that the two largest firms in the region could not agree on various issues, including “valuation and corporate culture”.
According to people familiar with the situation, the deal was not finalized, while Grab and Altimeter declined to comment.
Credit for featured paintings: Grab