Grab denies acquisition talks with GoTo

Danantara also denied involvement.

Grab has denied it is in talks to acquire Indonesian tech firm GoTo, dismissing recent media reports of a potential US$7b deal, Reuters reported.

"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," Grab said in a stock exchange filing.

Last month, Reuters reported that Grab had hired advisers and was planning to make a bid for GoTo in the second quarter. Bloomberg also reported that Indonesia’s sovereign wealth fund, Danantara, was considering supporting the deal.

Danantara denied the report. Its managing director of investment, Stefanus Ade Hadiwidjaja, told Tempo on Monday that there had been no such discussions.

GoTo also reiterated in a separate filing to the Jakarta bourse that no agreement had been made with any party.

Grab said it remains focused on profitable growth. "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."

The company said Indonesia remains a key market and it is committed to serving its customers, drivers and merchant partners in the country.

In a separate statement, Grab reported a 19% year-on-year rise in on-demand gross merchandise value in April and May, with mobility rides up 23%.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia