Shares of Grab surged 6.4% to $3.10 on September 22 as investors continued to warm to the Southeast Asian super-app's largest acquisition ever — a $1.49 billion cash deal for a 60% controlling stake in Atome Financial, the buy-now-pay-later and consumer lending arm of Advance Intelligence Group. The definitive agreement, announced September 15, gives Grab control of a platform spanning BNPL loans, consumer cash loans, and digital lending. The question now: can Grab digest a deal this large without stalling its march toward consistent profitability?
A $1.5 Billion Check, Funded Entirely From the Cash Pile
The transaction is funded entirely from Grab's existing cash and is expected to add to Group adjusted EBITDA — a rough measure of operating profit before non-cash charges — upon completion.
As of June 30, Grab held $2.86 billion in cash and equivalents, meaning this single deal consumes more than half of that stockpile. Including short-term investments, Grab's broader liquidity was about $6.5 billion, offering a cushion — but the company is also closing a separate $600 million acquisition of Foodpanda Taiwan. Investors should watch whether the spending spree crimps Grab's ongoing $1.75 billion share buyback program.
25 Million Borrowers Could Supercharge a Fast-Growing Business
Atome Financial serves 25 million cumulative transacted users across five Southeast Asian markets with a gross loan portfolio of roughly $1 billion. That slots directly into Grab's fastest-growing segment: financial services revenue rose 52% in the first half of 2026 to $242 million, and the gross loan book tripled year-over-year to $2.3 billion. Bolting on Atome could accelerate the path toward management's target of $500 million in financial services adjusted EBITDA and a combined loan portfolio exceeding $6 billion by 2028.
The Remaining 40% Has a Built-In Price Cap — and Floor
Grab must buy the remaining 40% roughly two years after closing. The price formula uses a blend of 13.0x EBITDA and 2.5x revenue, with the resulting equity value capped at $4.5 billion and floored at $2.0 billion.
This structure ensures Grab only pays higher prices proportional to Atome's demonstrated performance. Still, in a worst-case scenario, the total outlay for 100% could reach roughly $3.3 billion — a meaningful sum for a company with a market capitalization near $12 billion.
Upgraded Targets Signal Confidence, but Execution Risk Looms
Management used the deal to raise its 2028 Group outlook to $1.7 billion in adjusted EBITDA with a 30%+ revenue compound annual growth rate from 2025 to 2028.
Analysts see both higher earnings potential and execution risk, particularly around integrating a credit-heavy business across five regulatory regimes. The deal isn't expected to close until Q3 2027, leaving a long window for macro or regulatory surprises to shift the calculus.