Grab is expected to soon announce plans to go public via a SPAC, most likely one sponsored by Altimeter Capital Management.

Why it matters: This would be the largest SPAC merger of all-time, more than twice the size of current record-holder United Wholesale Mortgages.

• Plus, Grab would become the most highly-valued Southeast Asia company trading in the U.S.

What is Grab? The company launched in 2011 as a ride-hail platform, basically the Singapore version of Uber. But it's since transformed into a "super-app" or comprehensive digital wallet, providing everything from food delivery to third-party ecommerce logistics to financial services.

• The super-app concept hasn't really caught on in the U.S., as evidenced by Uber offering separate ride-hail and food delivery apps.
• Its popularity in Southeast Asia is driven, in part, by slower mobile broadband speeds, which discourage people from downloading multiple apps (let alone running them simultaneously). And, for Grab, that helps keep people within its ecosystem — allowing it to offer ancillary products like auto insurance.

Why a SPAC? This is the $35 billion question, because Grab could easily go public via a traditional IPO.

• The best answer I've heard is expert salesmanship by Altimeter, largely centered around the ability for Grab to pick its own cornerstone public investors (as opposed to being pressured by investment banks). Also doesn't hurt that lots of other brand-name SPACs have come knocking with a similar message (including one sponsored by Bill Ackman).

Tea leaves: This announcement is coming soon. One tell was yesterday's announcement that Grab is forming a $275 million fund, modeled after the Airbnb "endowment."

• It will: "Provide programs with long-term social and environmental impact, including education, insurance for Grab partners, and financial support for underserved communities and environmental issues."

What's next: Grab recently raised separate VC funding for its financial services arm, which at some point could try spinning out into its own, publicly-traded entity. Kind of like what Alibaba wanted to do with Ant Financial.

Bottom line: This is just a matter of when, not if.

Skims, the shapewear brand founded by Kim Kardashian, raised $154 million led by Thrive Capital at a $1.6 billion valuation.

• Why it's the BFD: This is what you get when the social media influencer finds product/market fit. One source calls Kardashian a "customer acquisition machine," which means Skims hasn't required much marketing spend to take a direct-to-consumer bite out of Victoria's Secret, which already was struggling with brand appeal and its physical retail footprint.

• Other company investors include Imaginary Ventures and Alliance Consumer Growth. Word is that Thrive approached Skims, rather than the other way around, with the round including both primary and secondary capital.
• Bottom line: "Skims has defined itself by aiming for a younger market and emphasizing inclusivity, offering nine sizes and as many skin-tone shades. It reported $145 million in sales last year, and has sold more than four million units since its founding in late 2019." — Michael de la Merced, NY Times

• Ilyuno-SDI Group, a provider of translated subtitles and other localization services to the entertainment industry, raised $160 million from SoftBank Vision Fund 2. http://axios.link/oIiw

🚑 ValenzaBio, a Bethesda, Md.-based biotech focused on inflammatory eye disease, raised $70 million in Series A funding from Fidelity, Surveyor Captial, Ikarian Capital, Janus Henderson and Opaleye Management. http://axios.link/QyNt

• Tripledot, a London-based mobile gaming studio, raised $78 million in first-round funding from Eldridge Industries, Access Industries and Lightspeed Venture Partners. http://axios.link/bUX7

• Mercato, a San Diego-based online grocery platform for small retailers, raised $26 million in Series A funding. Velvet Sea Ventures led, and was joined by Team Hero and insiders Greycroft and Loeb.nyc. http://axios.link/9wEg

• SnackMagic, a New York-based build-your-own gift box platform, raised $15 million in Series A funding. Craft Ventures led, and was joined by Luxor Capital. www.snackmagic.com

• Comet, a New York-based ML model building tool, raised $13 million in Series A funding. Scale Venture Partners led, and was joined by insiders Trilogy Equity Partners and Two Sigma Ventures. http://axios.link/MOCP

• Formation, a San Francisco-based coding education platform, raised $4 million led by Andreessen Horowitz. http://axios.link/nM0p

• Realworld, a New York-based app for helping Gen Z navigate “adulthood” tasks, raised $3.4 million in seed funding led by Fitz Gate Ventures. http://axios.link/Kv7S

• Berkshire Partners invested in Mielle Organics, a Merrillville, Ind.-based maker of Black hair care products. http://axios.link/Eyia

• Japan Investment Corp. and the Development Bank of Japan, both state-backed groups, are joining CVC Capital Partners’ $20 billion takeover bid for Toshiba (Tokyo: 6502), per Nikkei. http://axios.link/qU1R

• KPS Capital Partners agreed to buy an 80% stake in the European metal canning unit of Crown Holdings (NYSE: CCK) for €2.25 billion. http://axios.link/fsG4

• McNally Capital acquired Orbis Operations, a McLean, Va.-based provider of intelligence and national security advisory and software services. www.orbisoperations.com

• PSG acquired a majority stake in Nalanda Global, a Madrid-based provider of supplier risk management SaaS. www.nalandaglobal.com

🚑 Artiva Biotherapeutics, a San Diego-based developer of allogeneic natural killer cell therapies, filed for a $100 million IPO. The pre-revenue company plans to list on the Nasdaq (RTVA) and raised nearly $200 million from GC LabCell (28% pre-IPO stake), 5AM Ventures (15.3%), venBio Partners (15.3%), RA Capital (15.3%), Venrock (6%) and Medivate Partners. http://axios.link/UcrO

• Kora Saude Participacoes, a Brazilian hospital chain backed by H.I.G. Capital, filed to raise around $304 million in a Sao Paulo IPO. http://axios.link/AHgv

🚑 Werewolf Therapeutics, a Cambridge, Mass.-based developer of cancer drugs, filed for a $100 million IPO. The pre-revenue company plans to list on the Nasdaq (HOWL), and raised over $125 million from MPM Capital (20.6% pre-IPO stake), UBS Oncology (11.6%), RA Capital (11.3%), Taiho Ventures (8.9%), Deerfield (8.8%), Arkin BioVentures (8.2%), Longwood Fund (7.1%) and UPMC Enterprises (5.4%). http://axios.link/vJCG

There were no new SPAC formations in the past 24 hours.

• Glass House Group, a California cannabis operator, agreed to go public at an implied $1.02 billion market value via Mercer Park Brand Acquisition, a Canada-listed SPAC led by Jonathan Sandelman. http://axios.link/U4ij

• Signa Sports, a German sporting goods retailer, is in talks to go public at around a $4 billion valuation via Yucaipa Acquisition Corp. (NYSE: YAC), a SPAC led by Ron Burkle, per Bloomberg. http://axios.link/a7u7

• Traveloka, a Jakarta-based online travel agent, is in talks to go public at a $5 billion valuation via Bridgetown Holdings (Nasdaq: BTWN), a SPAC backed by Richard Li and Peter Thiel, per Bloomberg. http://axios.link/22Ms

⛽ Enerplus (NYSE: ERF) will pay $312 million for assets in the Williston Basin from Hess Corp. (NYSE: HES). http://axios.link/SMEn

🚑 Hologic (Nasdaq: HOLX) agreed to buy Mobidiag, a Finnish-French developer of molecular diagnostic tests and instrumentation, for around $714 million (plus assumption of $81m in net debt). http://axios.link/SHav

• Sasank Chary joined KKR as a managing director focused on North American financial services investments. He previously was a principal at Reverence Capital Partners. www.kkr.com

• Mallika Gummalla joined AE Industrial Partners as a director. She previously was an executive with Airtech USA. www.aeroequity.com

• Scott Miller, co-founder of Trust Radius, joined Next Coast Ventures as an entrepreneur-in-residence. www.nextcoastventures.com

• Wynnchurch Capital promoted Greg Gleason to managing partner and Erin Murphy, Neel Mayenkar, Mike Teplitsky and Scott Fitch to partners. www.wynnchurch.com