Grab Holdings Inc. said it would go public on the Nasdaq Stock Market by merging with a special-purpose acquisition company, securing a near-$40 billion valuation in a new milestone for the SPAC boom that has swept U.S. financial markets.

The $39.6 billion deal to list Grab, a ride-hailing, food-delivery and digital-wallet group that operates across much of Southeast Asia, is by far the biggest involving a blank-check company and means Grab’s valuation has more than doubled in just 18 months. The merger also comes alongside a $4 billion-plus fundraising, which is the largest-ever share sale by a Southeast Asian company in the U.S.

Singapore-headquartered Grab said Tuesday it would merge with Altimeter Growth Corp. AGC 1.45% , a SPAC sponsored by Altimeter Capital, of Menlo Park, Calif., confirming details reported earlier by The Wall Street Journal.

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