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Grab, GoTo revive talks for ride-hailing merger: Bloomberg
The companies are in preliminary discussions over a variety of scenarios, the report said, citing people familiar with the matter.
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Up and down: The stock price of Indonesia’s decacorn PT GoTo Gojek Tokopedia Tbk (GOTO) is seen increasing on the monitor of Indonesia Stock Exchange (BEI) on April 12. Many startup companies across the world have been unable to perform, forcing them to lay off their employees en masse. (Antara/Handout/GoTo)
G
rab Holdings and GoTo, Southeast Asia's biggest ride-hailing companies, have restarted talks for a merger, Bloomberg News reported on Friday.
The companies are in preliminary discussions over a variety of scenarios, the report said, citing people familiar with the matter.
One such is for Singapore-based Grab to acquire GoTo using cash, stock, or a combination of the two, Bloomberg said.
In November last year, TikTok announced a $1.5 billion investment in GoTo in a deal that would allow the Chinese-owned short video app to restart its online shop in Indonesia.
Government in September banned sales on social media to protect small businesses that were losing out to e-commerce giants, forcing TikTok to close its online shopping business in October.
It is now set to resume that business in Indonesia -- one of TikTok's largest e-commerce markets -- under a deal with GoTo, which owns the popular local online shopping platform Tokopedia.
Under the deal, TikTok will purchase 75.01 percent of Tokopedia's shares for $840 million to have a controlling stake in the e-commerce platform, which will operate the shopping features in its app, and provide further investment in the firm.
