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Grab's US$40b SPAC talks signal race against Gojek-Tokopedia

Sharanya PillaiClaudia Chong
Published Fri, Mar 12, 2021 · 08:19 PM

GRAB could be in an intense race against rival and former merger prospect Gojek to make it to the public markets, judging from how both firms are reportedly in talks to list at a nearly US$40 billion valuation.

The companies might be eyeing a potential first-mover advantage. Global investors looking for a proxy to South-east Asia’s digital economy could react more exuberantly to the firm that goes public first, said a venture capitalist who requested anonymity.

According to a Friday report by The Wall Street Journal, Grab is in talks to merge with a SPAC affiliated with Altimeter Capital Management, in a deal that could value the Singapore-headquartered company at US$35-40 billion. Altimeter has two US-listed SPACs; it is not known which one …

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