Altimeter Growth Corp. Shareholders Approve Business Combination with Grab

Rhea-AI Summary

Altimeter Growth Corp. (AGC) announced that its shareholders have approved the business combination with Grab, Southeast Asia's leading superapp. The approval was confirmed during an extraordinary meeting, with shareholder redemptions reported at a marginal 0.02%. The transaction is expected to finalize on December 1, 2021, pending customary closing conditions, and Grab's Class A common stock will begin trading on Nasdaq under the ticker symbol 'GRAB' on December 2, 2021.

Positive

• Shareholder approval for the business combination with Grab indicates strong investor confidence.
• Redemptions were exceptionally low at 0.02%, suggesting minimal shareholder dissent regarding the transaction.

Negative

• None.

MENLO PARK, Calif., Nov. 30, 2021 /PRNewswire/ -- Altimeter Growth Corp. ("AGC" or "the company") (NASDAQ: AGC) today announced AGC shareholders approved the previously announced business combination with Grab, Southeast Asia's leading superapp, at an extraordinary meeting of shareholders today.

Shareholder redemptions were effectively 0%, at 0.02%. Complete official results of the vote and shareholder redemption will be included in a Current Report on Form 8-K to be filed by AGC with the Securities and Exchange Commission (the "SEC").

As previously disclosed, the transaction is expected to close December 1, 2021, subject to the satisfaction or waiver of customary closing conditions. Following the close of the business combination, Grab's Class A common stock is expected to begin trading on the Nasdaq on December 2, 2021 under the ticker symbol "GRAB."

About Grab
Grab is Southeast Asia's leading superapp based on GMV in 2020 in each of food deliveries, mobility and the e-wallets segment of financial services, according to Euromonitor. Grab operates across the deliveries, mobility and digital financial services sectors in over 400 cities in eight countries in the Southeast Asia region - Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Grab enables millions of people each day to access its driver- and merchant-partners to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending, insurance, wealth management and telemedicine, all through a single "everyday everything" app. Grab was founded in 2012 with the mission to drive Southeast Asia forward by creating economic empowerment for everyone, and since then, the Grab app has been downloaded onto millions of mobile devices. Grab strives to serve a double bottom line: to simultaneously deliver financial performance for its shareholders and a positive social impact in Southeast Asia.

About Altimeter
Altimeter Capital Management, LP is a leading technology-focused investment firm built by founders for founders with over $15 billion in assets under management.  Altimeter's mission is to help visionary entrepreneurs build iconic companies, disrupt markets and improve lives through all stages of growth.  Altimeter manages a variety of venture and public funds and serves as an expert long-term partner to companies as they enter the public markets.

FORWARD LOOKING STATEMENTS
This document includes "forward-looking statements" within the meaning of the federal securities laws with respect to the proposed transaction between Grab Holdings Inc. ("Grab"), Grab Holdings Limited ("GHL") and AGC and regarding Grab's future business expectations which involve risks and uncertainties. All statements other than statements of historical fact contained in this document, including, but not limited to, statements as to future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of Grab, market size and growth opportunities, competitive position, technological and market trends and the potential benefits and expectations related to the terms and timing of the proposed transactions, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" or other similar expressions. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of AGC and Grab, which are all subject to change due to various factors including, without limitation, changes in general economic conditions as a result of COVID-19. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this document, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results.

The forward-looking statements contained in this document are subject to a number of factors, risks and uncertainties, some of which are not currently known to Grab or AGC. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of GHL's registration statement on Form F-4, the proxy statement/ prospectus therein, AGC's Quarterly Report on Form 10-Q and other documents filed by GHL or AGC from time to time with the U.S. Securities and Exchange Commission.

These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, there may be additional risks that neither AGC nor Grab presently know, or that AGC or Grab currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements reflect AGC's and Grab's expectations, plans, projections or forecasts of future events and view. If any of the risks materialize or AGC's or Grab's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

Forward-looking statements speak only as of the date they are made. AGC and Grab anticipate that subsequent events and developments may cause their assessments to change. However, while GHL, AGC and Grab may elect to update these forward-looking statements at some point in the future, GHL, AGC and Grab specifically disclaim any obligation to do so, except as required by law. The inclusion of any statement in this document does not constitute an admission by Grab nor AGC or any other person that the events or circumstances described in such statement are material. These forward-looking statements should not be relied upon as representing AGC's or Grab's assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements. In addition, the analyses of Grab and AGC contained herein are not, and do not purport to be, appraisals of the securities, assets or business of Grab, AGC or any other entity.

 

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SOURCE Altimeter Growth Corp.

FAQ

What is the outcome of the Altimeter Growth Corp. shareholder meeting on November 30, 2021?

AGC shareholders approved the business combination with Grab.

When is the transaction between Altimeter Growth Corp. and Grab expected to close?

The transaction is expected to close on December 1, 2021.

What is the trading symbol for Grab after the merger with Altimeter Growth Corp.?

Grab's Class A common stock will trade under the symbol 'GRAB' starting December 2, 2021.

What was the rate of shareholder redemptions for Altimeter Growth Corp. during the meeting?

Shareholder redemptions were at an effective rate of 0.02%.