SoftBank-backed Grofers plans to go public in US through SPAC deal

SoftBank-backed Grofers plans to go public in US through SPAC deal

Grofers, an online grocer, is weighing a plan to go public in the US through a merger with a special purpose acquisition company (SPAC), people familiar with the matter said.

The SoftBank Vision Fund-backed company is working with an adviser, one of the people said, asking not to be named as the information is not public. The grocer is seeking a deal that would value the firm at about $1 billion, another person said.

Deliberations are at an early stage and the company could decide not to proceed with the plan, the people said. A representative for Grofers declined to comment.

The SPACs trend is rapidly spreading beyond the US, with blank-check companies springing up in recent months to focus on targets in Asia, or with ties to the region.

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