21 April 2021

KWM guides cornerstone investor in Grab SPAC merger – the largest transaction of its type in history

King & Wood Mallesons is delighted to have helped a cornerstone investor in Grab navigate the app’s landmark deal to merge with Altimeter Capital’s special purpose acquisition company (SPAC).

The $40bn valuation for Grab sets a record for the largest SPAC merger in history. In addition to the merger, the ride hailing, food-delivery, digital economy and fintech super app will receive $4.5bn in cash, of which approximately $4bn will come from an upsized PIPE offer.

KWM partners Jake Robson and Nick Davies in Singapore and Laura Luo in the US led a deal team which advised on all aspects of the transaction, leveraging the firm’s specific expertise in SPAC-related deals.

Jake Robson described the deal as “a milestone transaction.”

“The size of this deal reflects significant investor interest in Grab, as well as landmark confidence in the use of a SPAC vehicle in Southeast Asia.  The deal gives Grab an immediate U.S. listing, provides liquidity to its investors, and also significant funds to execute Grab’s ambitious growth plans.”

Further commenting, Nick Davies said it was a remarkable illustration at scale of the how SPAC mergers can be used to pave the way for Asian companies eying a sought-after listing on a US stock exchange.

“As a firm, KWM has understood – and written about - the potential here, so it really rewarding to use that expertise to help to secure such an exceptional outcome.”

“This transaction will do two things – prove to Southeast Asian companies that SPAC acquisitions represent a viable pathway to listing, and also demonstrate to global markets the untapped investment potential in this part of the world.”

Media contact

Share on LinkedIn Share on Facebook Share on Twitter
    You might also be interested in

    As part of the firm’s Great Place to Work & Grow strategy, we decided to review and further enhance our parental leave policy to better support our KWM team.

    28 October 2021

    King & Wood Mallesons’ continues to grow its global and regional capability, announcing today the appointment of partner Nicola Yeomans based in its Singapore office.

    30 August 2021

    Asia’s leading international firm, King & Wood Mallesons (KWM), has confirmed the promotion of 32 lawyers in China and ten lawyers in Australia to partner.

    07 July 2021

    KWM has advised in Axiata Digital Advertising (ADA), a subsidiary of Axiata Group Berhad, on the acquisition of Awake Asia.

    14 June 2021

    This site uses cookies to enhance your experience and to help us improve the site. Please see our Privacy Policy for further information. If you continue without changing your settings, we will assume that you are happy to receive these cookies. You can change your cookie settings at any time.

    For more information on which cookies we use then please refer to our Cookie Policy.