Grab says it will close $40 B acquisition by fourth-quarter

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Grab says it will close $40 B acquisition by fourth-quarter

SINGAPORE -- Southeast Asia's Grab, which is going public through a $40 billion merger with the special-purpose acquisition company Altimeter Growth Corp, said on Wednesday it expects to complete the business combination during the fourth quarter.

The company had previously indicated that it aimed to close the deal by July.

A number of companies have contacted Grab concerning its financial audit in 2018 and 2020, citing the US Securities and Exchange Commission requirements.

It has also worked with the SEC to obtain the pre-clearance of certain accounting policies and related financial disclosures.

As a result, Grab's financial information for these periods remains subject to further review and revision, according to a statement

Grab also stated its consolidated gross merchandise value during the first quarter of 2021 was $3.6 billion, an increase of 5.2% over the same period a year ago.

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