Analysts back Grab’s Atome buy, even if earnings boost takes time to arrive
Brokerages praise the deal’s strategic logic for US-listed Grab
Regional brokerages are applauding Grab's planned US$1.5 billion acquisition of Malaysia-based digital lender Atome Financial, seeing it as a strategic move to quickly expand its digital lending footprint across South-east Asia. The Singapore-headquartered super-app will initially buy a 60% stake in Atome, funding the deal with its $5.3 billion cash balance.
Phase 1 is slated to complete in Q3 2027, with a second phase to acquire the remaining 40% two years later at a valuation between $2 billion and $4.5 billion, contingent on performance. Analysts view the deal as a shortcut to gain Atome's 25 million users, 30,000 merchant partners, and $1 billion in gross loan portfolio. While the earnings boost will come later, it could propel Grab's adjusted EBITDA targets to $1.7 billion for 2028 from the previous $1.5 billion forecast, and drive revenue growth above 30% CAGR through 2028.
However, the shares have fallen 6.8% over two days following the announcement, trading around $2.87, down about 56.6% since September 2025. Analysts attribute the sell-off to Toyota's sale of its 5% stake, rather than the deal itself.
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