1019 GMT - Grab's takeover of buy-now pay-later platform Atome comes at a high price, Peter Milliken of Deutsche Bank research writes in a note. Grab is "paying top dollar" to expand its buy-now pay-later business six-fold, Milliken says. The two-tranche structure of the deal suggests that Atome is expected to generate around $200 million in adjusted Ebitda by 2028, Milliken adds. "Grab likes the idea of using its combined data to improve both companies' credit models, and scaling the foundational infrastructure across a much larger loan book," Milliken says. DB retains a buy rating but trims its target price to $5.60 from $6.40. Shares closed at $2.80 on Friday.