Grab Holdings Inc. has garnered the interest of Temasek Holdings Pte and T. Rowe Price Group Inc. for its intended business combination with a special purpose acquisition company (SPAC), Bloomberg reported, citing unnamed sources.
The unnamed sources told the news outlet that the companies have made their interest known in becoming a part of a private investment in public equity offering (PIPE) to help with Grab’s merger with Altimeter Growth Corp. In addition, BlackRock Inc. is in discussions to take part in the PIPE, Bloomberg reported, citing the unnamed sources.
Grab, which is headquartered in Singapore, has the goal of announcing the blank-check company merger next week at the earliest, Bloomberg reported, citing the unnamed sources.
Altimeter Growth Corp. notched half a billion dollars in its September initial public offering (IPO). In its prospectus, the SPAC wrote that it intends to purchase a technology industry company that “will compound growth over the long-term for exponential value creation.”
The news comes as Signet Partners, the venture capital division of South Korean merchant Shinsegae Group, backed Grab with an investment of an undisclosed amount.
The venture capital arm was rolled out in July and has financially supported different South Korean firms, with the inclusion of investments in lifestyle company Homes and fashion tech upstart Ably Corporation.
“We will continue to discover and invest in promising startups at home and abroad as well as creating various opportunities to generate synergy with startups,” one official at Signet Partners previously told The Korea Herald.
Grab is many times referred to as a “super app” the provides different conveniences such as ride sharing, food delivery and financial services. The platform has traction in eight nations, including Thailand, Vietnam, Indonesia and Singapore, and its mobile app was downloaded in excess of 14 million times.
In February, Grab closed a $2 billion, five-year term loan facility.
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