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A SPAC listing deal gives Anthony Tan 60.4% of Grab's voting rights despite his 2.2% ownership stake. (Photo by Kosaku Mimura) 
Business Spotlight

Grab's $40bn SPAC plan puts CEO Anthony Tan in driver's seat

Super app founder's huge voting power will bring fresh scrutiny of leadership

KENTARO IWAMOTO, Nikkei staff writer | Singapore

SINGAPORE -- After arranging to take Grab public in a deal that values his "super app" company at as much as $39.6 billion, Anthony Tan told his employees the deal merely touches "the tip of the iceberg" in terms of the impact it will have on Southeast Asia.

Singapore-based Grab is one of the region's biggest companies. It offers app-based services from ride-hailing to delivery to finance. Its Nasdaq listing -- now being pushed back to later this year -- will come via a merger with a special purpose acquisition company, or SPAC, under Silicon Valley-based Altimeter Capital, giving U.S. investors exposure to fast-growing but underrepresented Southeast Asian economies.

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