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Singapore's Grab to list in US through $40bn SPAC deal

Tech unicorn to lead Southeast Asia IPO rush after pandemic supercharges growth

The Grab-Altimeter deal will likely be the biggest listing through a SPAC.(Photo by Dimas Ardian)

SINGAPORE -- Southeast Asia's biggest unlisted startup, Grab, is to go public in the U.S. through a merger with a special purpose acquisition company (SPAC), the "superapp" developer announced Tuesday, a deal that will catapult the Singaporean company and the region's fast-growing digital market into the global spotlight.

Grab will merge with Nasdaq-listed Altimeter Growth Corp., a "blank check" acquisition vehicle under the Silicon Valley-based investment firm Altimeter Capital. The deal values Grab at $39.6 billion, making it one of the most valuable companies in Southeast Asia. The listing will take place "in coming months".

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