15 April 2021
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To be listed on Nasdaq and expected to be the largest-ever US equity offering by a Southeast Asian company
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Transaction includes PIPE placement of more than US$4.0 billion
Skadden is advising Grab Holdings, Inc. ("Grab") in its business combination with Altimeter Growth Corporation ("Altimeter"), a special purpose acquisition company (SPAC), and proposed listing on Nasdaq. Under the agreement, Grab and Altimeter will become wholly owned subsidiaries of a new holding company. The transaction assumes a pro forma equity value for the combined company of approximately US$39.6 billion, including proceeds of more than US$4.0 billion in a private investment in public equity (PIPE) placement in connection with the business combination. The combined company is expected to be listed on Nasdaq and the transaction is expected to involve the largest-ever US equity offering by a Southeast Asian company.
Grab is Southeast Asia's leading superapp, providing food delivery, ride-hailing and financial services.
The proposed transactions are expected to close in the coming months, subject to stockholder approvals, and other customary closing conditions.
The global Skadden team is led by partners Jonathan Stone and Rajeev Duggal, with a Singapore and Hong Kong-based team including Andrew Cohn, Zachary Levine, In Ho Kim, Arthur Chan, Michael Marietta and Crystal Kim, corporate; Hong Kong partners Steve Kwok, regulatory, and Andrew Foster, antitrust; New York partner, Victor Hollender, with associates Stephen Gretz and Jay Cosel, tax; Washington, D.C. partners Brian Breheny and Raquel Fox and of counsel Andrew Brady, SEC reporting and compliance; and Michael Leiter and Eytan Fisch, regulatory.
For further information, please contact:
Grace Lord, Marketing & Communications Specialist, Skadden
grace.lord@skadden.com
