Grab Holdings shares fell 3.64% on Nasdaq on Tuesday to close at $2.91, the same day the company confirmed a $1.49 billion cash deal to take a controlling stake in Singapore-based buy-now-pay-later platform Atome Financial.
Grab confirmed it has agreed to pay $1.49bn in cash, including $260 million of primary growth capital, for an initial 60% stake in Atome. The remaining 40% is set to be acquired roughly two years after the first phase closes, priced off a formula tied to Atome’s future adjusted EBITDA and revenue, with the total equity valuation floored at $2bn and capped at $4.5bn. The deal is expected to close by the third quarter of 2027, subject to regulatory approval. Atome offers BNPL loans, consumer cash loans, BNPL cards and digital lending across Singapore, Malaysia, the Philippines, Indonesia and Thailand, and counts 25 million cumulative transacted users.
Grab’s management is framing the acquisition as a natural extension of its financial-services arm. CFO Peter Oey said the two-stage structure was designed partly to “de-risk” the transaction, describing consumer lending as the “next frontier” for the group. “All this together actually brings our capability to the next level when it comes to financial services,” Oey said. Alongside the deal, Grab raised its target for financial-services segment adjusted EBITDA to $500 million by 2028 and said it intends to complete the remaining roughly $900 million of its share buyback programme over the next 12 months.
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Shares also fell on the 10th of September, when Bloomberg first reported Grab was in talks to buy a majority stake in Atome at a valuation of more than $2 billion. The stock fell again on Tuesday’s confirmation of the terms, landing on a stock already down roughly 40% year-to-date and trading near its 52-week low of $2.89, against a 52-week high of $6.62.
