Linklaters advises Grab on proposed US$1.49bn acquisition of majority stake in Atome Financial

Linklaters has advised Grab Holdings Limited (Grab) on its proposed acquisition of Atome Financial, the digital financial services platform of Advance Intelligence Group Limited (“AIGL”).

Grab is a leading superapp in Southeast Asia, operating across the deliveries, mobility and digital financial services sectors. Atome Financial is Southeast Asia’s leading digital finance platform operating across Singapore, Malaysia, the Philippines, Indonesia and Thailand.

Under the definitive agreements, Grab will acquire a controlling 60% equity interest in Atome Financial for US$1.49bn in cash, including US$260m of primary growth capital. Grab has also agreed to acquire the remaining 40% approximately two years after completion of the initial acquisition (Phase 2), subject to regulatory approvals and other customary closing conditions.

The proposed transaction, if completed, would bring together Atome Financial’s consumer financing and digital lending capabilities – spanning Buy Now, Pay Later (BNPL) loans, consumer cash loans, BNPL cards and digital lending – with Grab’s financial services ecosystem. This strategic acquisition is expected to expand the availability of responsible financing options for consumers across Southeast Asia, including those without a formal credit history.

The cross-jurisdiction, multidisciplinary team was led by corporate partner Niranjan Arasaratnam along with Daniel Tan, Christopher Koay, Xiao Tong Lim, Dave Yeo and Yee Chong Ng.

Linklaters’ specialist teams across Bangkok, New York, Hong Kong SAR and Jakarta from antitrust and foreign investment (Marcus Pollard, Kathleen Gooi and Jackie Lau); financial regulation (Alcander Seah and Elizabeth Webb); technology, media and telecommunications and intellectual property (Adrian Fisher, Sher Hann Chua, Ee Ning Low, Yeung Kai Ho and Aria Ma), and employment (Laure de Panafieu, Shang Ren Koh and Jeremy Tan) practices provided strategic support on this complex transaction.

Niranjan Arasaratnam, corporate partner and Global Tech Sector Leader, commented:

“This significant transaction brings together two complementary financial services platforms operating across Southeast Asia. Its scale, multi-jurisdictional scope and regulatory complexity required close coordination across practices and markets. We are pleased to have supported Grab, our long-standing client, on a transaction that will strengthen its consumer lending capabilities and has the potential to expand access to responsible financing across the region.”

This transaction highlights our market-leading reputation in delivering some of the most complex and strategic mandates for our clients in the region. With over five decades on-the-ground in Asia, Linklaters offers deep regional insight combined with the strength and depth of its leading integrated global platform to advice on complex, cross-border mandates involving multiple practice areas, jurisdictions and regulatory regimes.