Singapore-based Grab Holdings Inc. announced Tuesday a deal to go public through a merger with special purpose acquisition company Altimeter Growth Corp. /zigman2/quotes/222950675/composite AGC -1.44% in a deal that values Grab at $39.6 billion. Shares of Altimeter Growth surged 7.2% in premarket trading. The deal will provide Grab, the ride-hailing, delivery and financial services company, with proceeds of $4.5 billion in cash, and is expected to be the largest-ever U.S. equity offering by a company in Southeast Asia. After the deal closes, which is expected to occur in the coming months, the combined company is expected to list on the Nasdaq under the ticker symbol "GRAB." In 2020, Grab recorded gross merchandise value of $12.5 billion to surpass pre-pandemic levels. "Our diversified superapp strategy helped our driver-partners pivot to deliveries, and enabled us to deliver growth while improving profitability," said Grab co-Founder Anthony Tan. Altimeter's stock, which went public on Dec. 1, 2020, has rallied 8.5% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.74% has gained 9.9%.