Grab Holdings, Southeast Asia’s largest ride-hailing and food-delivery company, is expected to announce a merger with US-based Altimeter later on Tuesday, which will value Grab at nearly $40 billion and lead to a public listing, according to three people familiar with the matter.

The merger will be the first blank-check business merger in history.

Grab’s agreement with a special purpose acquisition company (SPAC) backed by Altimeter Capital includes a $4 billion private investment in public equity (PIPE) from a group of Asian and global investors including Fidelity International and Janus Henderson.

Singapore-based Grab declined to comment. There was no response from Silicon Valley-based Altimeter to an emailed request for comment.

An emailed question to the two fund managers was also ignored.

Owing to the seriousness of the situation, the sources refused to be named.

According to two reports, the approximately $40 billion valuation is focused on a pro forma equity value.