Grab Eyes $7 Billion Acquisition of GoTo, Sources Say

Thresa Sandra Desfika
February 4, 2025 | 4:23 pm
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In this undated photo, a Gojek rider carries a package for a Tokopedia customer. Gojek and Tokopedia are both subsidiaries of GoTo. (Handout photo)
In this undated photo, a Gojek rider carries a package for a Tokopedia customer. Gojek and Tokopedia are both subsidiaries of GoTo. (Handout photo)

Jakarta. Singapore's Grab Holdings Ltd. is reportedly considering acquiring Indonesian tech giant GoTo Gojek Tokopedia (IDX: GOTO) in a deal valued at over $7 billion, Bloomberg reported on Tuesday, citing unnamed sources.

One scenario under discussion involves Grab purchasing GOTO shares at Rp 100 per share, representing a 13.6 percent premium over GOTO’s current trading price of Rp 88, according to an analysis by Stockbit Sekuritas.

GoTo representatives declined to comment on the report, while Grab has yet to issue a statement.

The Bloomberg report follows a recent DealStreetAsia article revealing that Grab and GoTo are expediting merger talks, with a potential agreement targeted for 2025, Stockbit Sekuritas noted in a Tuesday briefing.

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The merger, if successful, would mark a significant shift in the Southeast Asian ride-hailing and e-commerce landscape. Both companies have reportedly been exploring consolidation for several years, seeking to reduce operational costs and ease competitive pressures in key markets.

"These talks have been ongoing but have faced challenges, including disagreements between parties and potential hurdles from anti-monopoly regulations," Stockbit noted.

Sources familiar with the matter cautioned that discussions might not result in a transaction, underscoring the uncertainties surrounding the deal.

Shares of GOTO are expected to react strongly to the renewed speculation, as the proposed premium could draw investor interest. The merger could also realign the competitive dynamics in Southeast Asia, a region where both companies have been battling for dominance across mobility, food delivery, and e-commerce sectors.

A successful acquisition would position Grab as a leading super app in the region, combining its strengths in mobility and food delivery with GoTo’s foothold in Indonesia’s e-commerce and digital payments markets.

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