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12 Mar 2021 | 10:53

Grab in talks with Spac over $40bn listing - report

(Sharecast News) - Grab Holdings is in talks with a blank-cheque company about a US stock market listing that could value the ride hailing and delivery business at $40bn (£29bn), according to reports. Southeast Asia's is expected to raise between $3bn and $4bn from the transaction and could announce a deal in the next few weeks, the Wall Street Journal reported.

Blank-cheque companies are shell companies that raise money from investors to buy a private business and give it a public listing.

The vehicles, also known as special purpose acquisition companies (Spac), have boomed in the past year but some have questioned how sustainable the model is. Several Southeast Asian tech companies are considering taking the Spac route to a listing to take advantage of the craze.

Bloomberg reported two days ago that Grab was looking for a Spac to speed up its listing plans. The report said Grab was also considering a standard initial public offering in the US.

Grab is targeting a listing after talks to merge with Gojek, an Indonesian rival, ended. JP Morgan and Morgan Stanley are advising Grab on its options.

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