Grab’s $40 Billion Merger with Altimeter Capital

Cooley LLP advised J.P. Morgan, Morgan Stanley, UBS and Evercore on the deal. Ropes & Gray and Wilmer Cutler Pickering Hale and Dorr LLP advised Altimeter, while Hughes Hubbard acted as legal advisor to Grab. King & Wood Mallesons, working alongisde Allen & Gledhill, acted for a cornerstone investor in Grab.

Grab announced its agreement to merge with Altimeter Capital’s special purpose acquisition company or SPAC. The transaction marks the largest SPAC merger in history and values the SoftBank-backed technology company at approximately $40 billion.

At closing, Grab – Southeast Asia’s most valuable startup and its leading superapp – is expected to receive $4.5 billion in cash proceeds, including more than $4 billion from a fully committed PIPE offering that was upsized due to significant investor interest. Furthermore, Altimeter has committed up to $500 million to a contingent investment to be equal to the aggregate dollar amount of redemptions from Altimeter Growth’s shareholders.

Founded in 2012, Grab provides everyday services that matter to consumers. The Grab app has been downloaded onto millions of mobile devices, giving users access to more than nine million drivers, merchants and agents. Grab offers a wide range of on-demand services in the region, including mobility, food, package and grocery delivery services, mobile payments and financial services across 428 cities in eight countries.

The Cooley team included Will Cai (Picture), Ferish Patel, James Lu, David Peinsipp, Eric Jensen, Matthew Bartus, Tom Hopkins, Luke Cadigan, Daniel Grooms, Xinwei Li, Jie Zhang, Hilda Li, Wentao Yuan and Ruby Zhan.

Ropes & Gray advised Altimeter with a team led by mergers & acquisitions partner Paul Scrivano (San Francisco) and counsel Sarah Davis (Boston) and includes tax partners Ben Rogers (San Francisco) David Saltzman (Boston) Brenda Coleman and Andrew Howard (both of London), IP transactions partner Regina Sam Penti (Boston), capital markets partner Paul Tropp (New York), data, privacy & cybersecurity partner Ed McNicholas (Washington, D.C.), litigation & enforcement partners David Hennes (New York) Ama Adams (Washington, D.C.) and Ruchit Patel (London), employment & benefits counsel Ellen Sueda (San Francisco) and litigation & enforcement counsel Deidre Johnson (Boston). The team also included private capital transactions associate Sam Tincher (Boston), tax associates Michael Mendelevich and Dan Zuckerman (both of Boston), mergers & acquisitions associates Ray Myer, David Acquay, Jeff Bashara, Kelley Cohen, Bryan Lowrance and Nicholas Roper (all of Boston) Debbie Wang, Ling Xu and Christopher Han(all of New York), Sam Ong (San Francisco), employment & benefits associates Phillip Popkin, Michael Stern and John Milani (all of New York), Lucas Caruso (Boston), data, privacy & cybersecurity associates Nameir Abbas (Washington, D.C.) and Jessica Grischkan (New York), employment & benefits senior attorney Will Dunham (Boston), litigation & enforcement associates Brandon Sisson (Boston) Emerson Siegle (Washington, D.C.) and Rupert Phillips (London), private equity senior attorney Jennifer Gorman (Boston) and associate Ethan Kim (Seoul), and trainee solicitor Abbey Shaw (London).

Hughes Hubbard advised Grab a team led by Ken Lefkowitz and Gerold Niggemann, which included Carlos Lobo, Gary Simon, Andy Braiterman, Spencer Harrison, Kevin Abikoff, Ryan Fayhee, Philip Giordano, Steve Greene, Patrice Jean, Laura Perkins, Alexandra Poe, Matthew Syrkin, Parker Taylor, Dan Weiner, Erin DeCecchis, M. Shams Billah, Jennifer Graham, Javad Husain, Carol Remy, Alexander Rahn, Flavio Averbug, Justin Cohen, Tyler Grove, David Lansky, Kristin Millay and Andrea Castro-Mendivil.

The KWM team included partners Jake Robson and Nick Davies in Singapore and Laura Luo in the US.

Advising Grab as to Singapore law are Allen & Gledhill Partners Tan Tze Gay, Jeanne Ong, Elsa Chen, Alexander Yap, Yeo Boon Kiat, Adrian Ang, Vincent Leow, Sunit Chhabra and Counsel Gloria Goh.

The WilmerHale team includes Leonard Pierce, Glenn Pollner, Tim Silva, David Westenberg, Phil Gillespie and Seth Davis.

Involved fees earner: Adrian Ang – Allen & Gledhill LLP; Elsa Chen – Allen & Gledhill LLP; Sunit Chhabra – Allen & Gledhill LLP; Gloria Goh – Allen & Gledhill LLP; Vincent Leow – Allen & Gledhill LLP; Jeanne Ong – Allen & Gledhill LLP; Tan Tze Gay – Allen & Gledhill LLP; Alexander Yap – Allen & Gledhill LLP; Yeo Boon Kiat – Allen & Gledhill LLP; Matthew Bartus – Cooley LLP; Luke Cadigan – Cooley LLP; Will Cai – Cooley LLP; Daniel Grooms – Cooley LLP; Thomas Hopkins – Cooley LLP; Eric Jensen – Cooley LLP; Xinwei Li – Cooley LLP; Hilda Li – Cooley LLP; James Lu – Cooley LLP; Ferish Patel – Cooley LLP; David Peinsipp – Cooley LLP; Wentao Yuan – Cooley LLP; Ruby Zhan – Cooley LLP; Jie Zhang – Cooley LLP; Kevin Abikoff – Hughes Hubbard & Reed; Flavio Averbug – Hughes Hubbard & Reed; Shams Billah – Hughes Hubbard & Reed; Andy Braiterman – Hughes Hubbard & Reed; Justin Cohen – Hughes Hubbard & Reed; Erin DeCecchis – Hughes Hubbard & Reed; Ryan Fayhee – Hughes Hubbard & Reed; Philip Giordano – Hughes Hubbard & Reed; Jennifer Graham – Hughes Hubbard & Reed; Steven Greene – Hughes Hubbard & Reed; Tyler Grove – Hughes Hubbard & Reed; Spencer Harrison – Hughes Hubbard & Reed; Javad Husain – Hughes Hubbard & Reed; Patrice Jean – Hughes Hubbard & Reed; David Lansky – Hughes Hubbard & Reed; Kenneth Lefkowitz – Hughes Hubbard & Reed; Carlos Lobo – Hughes Hubbard & Reed; Kristin Millay – Hughes Hubbard & Reed; Gerold Niggemann – Hughes Hubbard & Reed; Laura Perkins – Hughes Hubbard & Reed; Alexandra Poe – Hughes Hubbard & Reed; Alexander Rahn – Hughes Hubbard & Reed; Carol Remy – Hughes Hubbard & Reed; Gary Simon – Hughes Hubbard & Reed; Matthew Syrkin – Hughes Hubbard & Reed; Parker Taylor – Hughes Hubbard & Reed; Daniel Weiner – Hughes Hubbard & Reed; Nameir Abbas – Ropes & Gray; David Acquay – Ropes & Gray; Ama Adams – Ropes & Gray; Jeffrey Bashara – Ropes & Gray; Lucas Caruso – Ropes & Gray; Kelley Cohen – Ropes & Gray; Brenda Coleman – Ropes & Gray; William Dunham – Ropes & Gray; Sarah Dunn Davis – Ropes & Gray; Jennifer Gorman – Ropes & Gray; Jessica Grischkan – Ropes & Gray; Christopher Han – Ropes & Gray; David Hennes – Ropes & Gray; Andrew Howard – Ropes & Gray; Deidre Johnson – Ropes & Gray; Ethan Kim – Ropes & Gray; Bryan Lowrance – Ropes & Gray; Edward McNicholas – Ropes & Gray; Michael Mendelevich – Ropes & Gray; Raymond Myer – Ropes & Gray; Samantha Ong – Ropes & Gray; Ruchit Patel – Ropes & Gray; Rupert Phillips – Ropes & Gray; Benjamin Rogers – Ropes & Gray; Nicholas Roper – Ropes & Gray; David Saltzman – Ropes & Gray; Regina Sam Penti – Ropes & Gray; Paul Scrivano – Ropes & Gray; Emerson Siegle – Ropes & Gray; Brandon Sisson – Ropes & Gray; Michael Stern – Ropes & Gray; Ellen Sueda – Ropes & Gray; Sam Tincher – Ropes & Gray; Paul Tropp – Ropes & Gray; Debbie Wang – Ropes & Gray; Daniel Zuckerman – Ropes & Gray; Seth Davis – WilmerHaleWilmer Cutler Pickering Hale and Dorr; Phillip Gillespie – WilmerHaleWilmer Cutler Pickering Hale and Dorr; Leonard Pierce – WilmerHaleWilmer Cutler Pickering Hale and Dorr; Glenn Pollner – WilmerHaleWilmer Cutler Pickering Hale and Dorr; Timothy Silva – WilmerHaleWilmer Cutler Pickering Hale and Dorr; David Westenberg – WilmerHaleWilmer Cutler Pickering Hale and Dorr;

Law Firms: Allen & Gledhill LLP; Cooley LLP; Hughes Hubbard & Reed; Ropes & Gray; WilmerHaleWilmer Cutler Pickering Hale and Dorr;

Clients: Altimeter Growth; Evercore Inc.; Grab (former GrabTaxi); J.P. Morgan Securities LLC; Morgan Stanley;

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Sonia Carcano

Author: Sonia Carcano