Grab Holdings, Southeast Asia’s leading ride-hailing and food delivery platform, denied on Monday any ongoing negotiations or agreements regarding a potential acquisition of Indonesia’s GoTo Group, addressing media speculation about a possible multi-billion-dollar tie-up.
Recent reports from Reuters suggested Grab had engaged advisers in a bid to acquire GoTo, with sources placing a potential price tag at around $7 billion. However, in a regulatory filing, Grab made clear that both parties are not involved in any talks as of the present, and Grab has not entered into any definitive agreements.
This statement comes after a separate report by Bloomberg last week indicated Indonesia’s sovereign wealth fund, Danantara, might consider involvement in a potential Grab–GoTo deal. Danantara’s investment chief, Stefanus Ade Hadiwidjaja, rejected these claims, telling local reporters that no such talks had taken place.
Echoing Grab’s stance, GoTo told the Jakarta stock exchange on Monday that there was no agreement—past or present—on the table with any party regarding a takeover or merger.
Grab, in its filing, reiterated its prudent capital deployment strategy, prioritizing profitable organic growth and a measured approach toward acquisitions.
Grab also reaffirmed Indonesia’s strategic importance to its operations, pledging continued investment and support for customers, drivers, and merchant-partners across the country.
Speculation about a possible merger between the two Southeast Asian tech giants has persisted for years, fueled by unnamed sources and market chatter, but both companies have consistently denied any concrete moves.
Separately, Grab reported robust business momentum, announcing that its on-demand gross merchandise value expanded 19% year-over-year for April and May, with ride-hailing volumes up 23% in that same period.
