‘Super app’ Grab to go public in record $40bn Spac merger

Singapore-headquartered firm offers one-stop shopstyle service, including ride hailing, banking and food delivery

South-east Asian super app" Grab, which offers services from ride hailing and food delivery to online banking, is to float in the US in a record deal with a so-called Spac investment company that values the loss-making business at almost $40bn (29bn).

Singapore-headquartered Grab, which intends to list on Nasdaq in the US, has struck a $39.6bn merger deal with US-based Altimeter Growth Corp. It is by far the biggest deal to date involving a special purpose acquisition company (Spac) - also known as a blank cheque" shell company that raises money first and seeks businesses to buy later - which has become the latest trend in global finance over the last year.