Morrison & Foerster (MoFo) is advising a leading institutional investor, as a long-time investor in Grab Holdings, Inc. (Grab), in connection with Grab's proposed merger with special purpose acquisition company Altimeter Growth Corp. The transaction values Grab at US$39.6 billion and is expected to be the largest-ever U.S. equity offering by a Southeast Asian company. The combined company expects its securities will be traded on NASDAQ under the symbol "GRAB" in the coming months.
The MoFo team advising on the transaction is led by corporate partners Shirin Tang (Singapore) and Ruomu Li (Shanghai). Other key team members include tax partner Matthew Lau (Hong Kong), capital markets partner Jesse Gillespie (Tokyo), corporate and securities partners David Slotkin and Justin Salon (Washington, D.C.), and litigation partner Tim Blakely (Hong Kong).
MoFo has extensive experience advising sponsors, SPACs, and management teams on formation, capital raising, structuring de-SPAC transactions, PIPE investments, M&A, and post-merger management. To date, the firm has advised on more than 40 SPAC IPOs and de-SPAC transactions, including:
- SoftBank Group Corp. on WeWork's US$9 billion agreement to merge with BowX Acquisition Corp., and on SoFi's agreements with Social Capital Hedosophia Holdings Corp. V, valuing the company at US$8.65 billion;
- Pivotal Investment Corporation II in its US$3 billion merger with XL Fleet;
- Anzu Special Acquisition Corp I in its US$420 million initial public offering; and
- Science Strategic Acquisition Corp. Alpha, a SPAC formed by affiliates of venture firm Science Inc., in its US$310.5 million initial public offering.
In Asia, MoFo is a recognized leader in M&A, private equity investments and buyouts, private funds, and related financings. Most recently, the firm was named International Deal Firm of the Year for 2020 at the Asian Legal Business Southeast Asia Law Awards, and was recognized by Chambers Asia-Pacific as an Elite International Law Firm for Corporate/M&A in China and a top ranked International Firm for Corporate/M&A in Japan.
Read more about MoFo's SPAC practice.