Stock Market Today, Sept. 16: Grab Acquires 60% Stake in Atome Financial for $1.49 Billion
Grab Holdings (NASDAQ:GRAB), a super-app for ride-hailing, deliveries, and digital financial services, closed at $2.87, down 1.37%. The stock moved after Grab announced a $1.49 billion cash deal for a 60% stake in Atome Financial. Investors are watching the financial services exp
On September 16, Grab Holdings announced it had acquired a 60% stake in Atome Financial for $1.49 billion. The Southeast Asian super-app, which provides ride-hailing, deliveries, and financial services, closed at $2.87, down 1.37%. Trading volume reached 82.1 million shares, about 72% above its three-month average of 47.6 million shares.
Prior to the deal, Grab had over $6 billion in cash and minimal debt, suggesting the acquisition should not pose a funding issue. The move comes as Grab aims to expand its financial services and consumer lending, as well as establish itself as the leading superapp in its niche. Other mobility peers, including Uber Technologies (down 0.59% to $71.01) and Lyft (unchanged at $15.69), remained in focus.
Written by urgent.news from Motley Fool's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
