![]() In the merger, AGC investors are tapping into the ride-hailing market in a big way. 3-Year Lock-Up for Some AGC StockĪltimeter committed to a three-year lock-up period for its sponsor-promote shares of AGC stock, 10% of which will go to the recently announced GrabForGood Fund to support programs with long-term social and environmental impact. Proceeds include more than $4 billion of fully committed PIPE led by $750 million from funds managed by Altimeter Capital Management, LP. The proposed deal would put an expected equity value on a pro-forma basis of approximately $39.6 billion and is expected to provide up to approximately $4.5 billion in cash proceeds to Grab. Last month, The Wall Street Journal reported that the Singaporean company was in talks to come public via one of the Altimeter Growth SPACs. The news was probably the SPAC world’s worst-kept secret of late. Shares of Altimeter Growth 2 (NYSE: AGCB) are unchanged. The news clarified some confusion around Altimeter as the blank-check company has two special purpose acquisition companies out on the hunt for merger targets.
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