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."