The on-demand ride provider, backed by more than a dozen corporates, has secured a $39.6bn initial pro-forma equity valuation in the deal.

Grab, a Singapore-headquartered ride hailing service backed by range of corporate investors, agreed a reverse takeover with special purpose acquisition company Altimeter Growth Corp today at an initial pro-forma equity value of $39.6bn. The combined business will take the position secured by Altimeter Growth Corp, an affiliate of technology investment firm Altimeter Capital Management, when…

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