Seize set to announce cope with U.S. SPAC at $40 billion valuation

© Reuters. FILE PHOTO: A Seize emblem is pictured on the Cash 20/20 Asia Fintech Commerce Present in Singapore By Anshuman Daga SINGAPORE (Reuters) -Southeast Asia’s largest ride-hailing and meals supply agency Seize Holdings is about to announce as early as Tuesday a merger with U.S.-based Altimeter that may worth Seize at practically $40 billion



© Reuters. FILE PHOTO: A Seize emblem is pictured on the Cash 20/20 Asia Fintech Commerce Present in Singapore

By Anshuman Daga

SINGAPORE (Reuters) -Southeast Asia’s largest ride-hailing and meals supply agency Seize Holdings is about to announce as early as Tuesday a merger with U.S.-based Altimeter that may worth Seize at practically $40 billion and result in a public itemizing, three folks instructed Reuters.

The merger will make it the most important blank-check firm deal ever.

Seize’s settlement with a particular function acquisition firm (SPAC) backed by Altimeter Capital features a $4 billion personal funding in public fairness (PIPE) from a bunch of Asian and international traders together with Constancy Worldwide and Janus Henderson, the sources mentioned.

Seize declined to remark. There was no response from Silicon Valley-based Altimeter to an emailed request for remark.

The 2 fund managers additionally didn’t reply to an emailed question. The sources declined to be recognized as a result of sensitivity of the matter.

The deal for Singapore-based Seize, which sources have beforehand mentioned was valued at simply over $16 billion final yr, is an enormous win for its early backers reminiscent of Japan’s SoftBank Group Corp and China’s Didi Chuxing.

A U.S. itemizing will give Seize additional firepower in its important market, Indonesia, the place native rival Gojek is near sealing a merger with the nation’s main e-commerce enterprise Tokopedia.

Seize, whose web income surged 70% final yr, is but to show worthwhile, nevertheless it expects its largest phase – the meals supply enterprise – to interrupt even by end-2021, as extra customers shift to on-line meals supply after the COVID-19 pandemic.

The practically $40 billion valuation is predicated on a proforma fairness worth, two of the sources mentioned.

With operations in eight nations and 398 cities, Seize is already Southeast Asia’s most dear start-up.

Leveraging its ride-hailing enterprise began in 2012, the agency has expanded into providing meals and grocery deliveries, courier providers, digital funds, and is now making an enormous push into insurance coverage and lending in a area of 650 million folks.

Money-rich, U.S.-listed Sea can be muscling into meals supply and monetary providers in Indonesia. Each Seize and Sea gained digital financial institution licences in Singapore final yr.

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