Grab Denies Acquisition Talks with GoTo Amid $7 Billion Rumors

Singapore-based Grab, a prominent ride-hailing and delivery service, has denied being in negotiations to acquire Indonesian rival GoTo, countering recent media claims. Earlier reports suggested that Grab sought to purchase GoTo for approximately $7 billion and had commissioned advisors to aid in the transaction. Notwithstanding such reports, Grab disclosed no current talks or agreements in a recent stock exchange filing. In tandem, Indonesian sovereign wealth fund Danantra, rumored to be involved in the prospective acquisition, also stated no such discussions have occurred. GoTo reaffirmed the absence of any agreements concerning a potential merger. Market conjecture had indicated possible synergies between Grab and GoTo for years, yet Grab remains focused on sustainable, profitable growth and remains cautious about inorganic investments, according to its strategic outlines. Despite acquisition rumor denials, Grab's business metrics indicate expansion; its on-demand merchandise value and mobility rides experienced notable growth in recent months. The Indonesian market remains critical to Grab's business operations, affirming its commitment to the region.