Grab to go public in world's largest SPAC merger valuing it at $40 billion

SoftBank-backed Grab on Tuesday announced it has struck a $40-billion deal to go public through a Special Purpose Acquisition Company (SPAC) merger with Altimeter Growth Corp. Grab, Southeast Asia's largest ride-hailing and food delivery firm, intends to list on the Nasdaq. SPACs are shell companies or blank-check companies set up for the purpose of raising capital to acquire private companies.