8th April 2021

Singapore Ride-hailing Service To Grab The Largest SPAC To Date

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Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.

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[SPAC] Singapore-based ride-hailing service, Grab has announced that it will go public by merging with one of Altimeter Capital’s SPACs. The deal is expected to fetch Grab a valuation of $35 billion, making it the largest SPAC deal to date. 

Over60: FT

[Social Media] Indian social media company ShareChat raised $500 million at a valuation of $2.1 billion. The funding round was led by Tiger Global Management, Twitter and Snap. The company plans on using the funds to grow its app Moj, an alternative to TikTok. 

Over60: Economic Times

[Cryptocurrencies] State Street announced that it would partner with Pure Digital, an institutional platform for cryptocurrencies. The Bank plans on lending its trading technology to the start-up, marking its first move into the cryptocurrency industry. 

Over60: Seeking Alpha

[M&A] Bain Capital is close to completing an $8 billion deal to buy over Hitachi Metals. Parent company Hitachi will sell its 53% stake in the metals division to a consortium of private equity funds. The sale will bring Hitachi a step closer towards its goal of disinvestment in its listed subsidiary. 

Over60: Nikkei Asia

[Manufacturing] General Motors Co. will halt production at several North American factories and extend shutdowns at some others because of a protracted shortage of semiconductor chips that are disrupting the auto industry’s hopes for a bounceback this year.

Over60: WSJ, CNBC

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