Grab is aiming to finalise the acquisition of its Indonesian competitor GoTo in the second quarter of this year, according to a Reuters report. The proposed deal, which could be worth around US$7 billion (~RM30.2 billion), would mark a significant consolidation in Southeast Asia’s tech and mobility landscape.
Reuters adds that Grab has hired advisors to assist with structuring the deal. While both the company and GoTo have declined to comment, sources familiar with the matter indicate that the acquisition remains subject to conditions including financing, with the former currently engaged in discussions with banks.
Under the proposed terms, GoTo is expected to divest its international operations in Singapore to Grab. In its home market, the Indonesia-based company is said to be selling its entire business to the latter, with the exception of its financial services division.
This is not the first time Grab has pursued regional consolidation through acquisition. In September 2023, the company was reported to be in talks to acquire foodpanda’s Southeast Asian operations from its German parent, Delivery Hero, in a deal estimated at RM5 billion.
However, by early 2024, those discussions had reportedly collapsed over pricing disagreements. While Delivery Hero initially denied the breakdown, it eventually confirmed in February that negotiations had ended.
(Source: Reuters)
