SINGAPORE: Grab has denied talks of a possible merger with Indonesian tech firm GoTo Gojek Tokopedia, saying no discussions are happening and no definitive agreements have been made.
“There have been media reports that we are engaged in discussions for a potential transaction with PT GoTo Gojek Tokopedia Tbk. The parties are not involved in any discussions at this time and Grab has not entered into any definitive agreements,” the Singapore-based company said in a stock exchange filing on June 9.
According to Marketing-Interactive, Grab’s statement came after a Reuters report last month citing sources saying Grab had appointed advisers and was aiming to acquire GoTo in the second quarter (Q2) of this year. That report suggested the deal could value GoTo at around US$7 billion (S$9 billion).
A separate Bloomberg report published on Friday added that Indonesia’s sovereign wealth fund, Danantara, was looking into the potential deal as well. Danantara also denied the claims, with its investment managing director, Stefanus Ade Hadiwidjaja, telling Tempo on Monday that no such talks had taken place.
This is not the first time the idea of a Grab-GoTo merger has come up. In March, Grab was reportedly in talks to secure loans of up to US$2 billion (S$2.68 billion) for its possible takeover of Indonesia’s GoTo Group.
“We will continue to maintain a high hurdle rate when deploying our capital, and will have a balanced approach to investing for organic, profitable growth, and be highly selective on inorganic opportunities, in line with our capital allocation framework. Indonesia continues to be an important country in serving our mission as we continue to outserve our Indonesian customers, driver- and merchant-partners,” Grab added in its stock exchange filing. /TISG
Featured image by Depositphotos (for illustration purposes only)
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