NEWS COMMENTARY

Grab goes public in largest SPAC deal as merger talks with Gojek fail

Published:
April 08, 2021
Last Updated:
April 08, 2021
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Several rounds of rumors had suggested Grab and Gojek were nearing a merger. In a turn of events, Grab, Southeast Asia's largest startup, will likely raise more than $2 billion in funding by going public via the SPAC model through Altimeter. Financing from Ant Financial fell through along with the latter's aborted IPO last year, but if Grab wanted to stay public, it likely would have found other deep-pocketed investors. Its pursuit of a public listing was likely due in part to pressure from existing investors to exit their investment and to avoid paying Uber $2 billion – which it would owe if it doesn't go public by 2023. Clients should expect Gojek to pursue a similar route, potentially involving a merger with Tokopedia.

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