Grab's US$39.6b SPAC deal comes with bells and whistles

Singapore

GRAB is set to go public at a US$39.6 billion valuation via an upcoming merger with Altimeter Growth, a special purpose acquisition company (SPAC). This is set to be the largest-ever SPAC merger.

Grab's deal comes with two atypical features: a three-year lockup period and a backstop. This is notable as SPACs have attracted criticism over the lack of safeguards to ensure long-term sponsor commitment.