Altimeter Closes $40 Billion Stock-for-Stock Merger with Grab Holdings
Largest-Ever de-SPAC transaction and U.S. equity offering by a Southeast Asian Company
A Ropes & Gray team advised Altimeter Growth Corp. (Nasdaq: “AGC”) in the $40 billion business combination that resulted in taking Grab Holdings public in the U.S. The record-breaking de-SPAC transaction is the largest-ever U.S. equity listing by a Southeast Asian company, valuing the company at nearly $40 billion. Ropes & Gray also advised Altimeter in connection with the $4 billion PIPE relating to the business combination, the largest PIPE ever raised.
The business combination closed December 1, 2021 after Altimeter Growth Corp.’s investors approved the deal. Grab's common stock began trading on Nasdaq on December 2, 2021 under the symbol "GRAB.”
A fully committed $4 billion PIPE was led by $750 million from funds managed by Altimeter Capital Management.
Grab is Southeast Asia’s leading “superapp” for food deliveries, mobility and digital payment financial services. The company operates in over 400 cities in eight countries in the Southeast Asia region including Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
The Ropes & Gray team advising Altimeter is led by mergers & acquisitions partner Paul Scrivano (San Francisco) and counsel Sarah Davis (Boston) and includes tax partners Ben Rogers (San Francisco) David Saltzman and Elaine Murphy (both of Boston), IP transactions partner Regina Sam Penti (Boston), capital markets partner Paul Tropp (New York), data, privacy & cybersecurity partner Ed McNicholas (Washington, D.C.), litigation & enforcement partner David Hennes (New York), employment & benefits partner Ellen Sueda (San Francisco), tax counsel Michael Mendelevich and Brittany Cvetanovich (both of Boston), litigation & enforcement counsel Alex Simkin (New York), mergers & acquisitions associates Debbie Wang (New York) and Ray Myer (Boston) and private equity associate Sam Tincher (Boston).