Altimeter Growth rises as merger partner Grab posts record Q1 sales

AGC

02/08/2021 13:03

** Shares of blank-check firm  AGC.O  up 2.7% at around $10
premarket
    ** AGC rises as Grab, which is going public through a merger
with co, reported adj net sales growth of 39% to a record $507
mln  urn:newsml:reuters.com:*:nL4N2P91OM urn:newsml:reuters.com:*:nL1N2M609X
    ** Singapore-based Grab is Southeast Asia's largest ride
hailing-to-food delivery group
    ** Grab's adj core loss also came down to $111 mln in the
quarter from $344 mln a year earlier 
    ** Grab's deal with AGC is valued at $40 bln 
    ** AGC is a special purpose acquisition co, or SPAC - which
are publicly listed firms that have no operations and are raised
with the purpose of effecting a merger with a private co at a
later date 
    ** Deal to complete in the fourth quarter, Grab reiterated 
    ** Shares of AGC down ~17% this year, as of last close 

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))