Ride-hailing firm GoTo denies merger discussions with Grab

By Thomson Reuters Feb 13, 2024 | 4:56 AM

(Reuters) – Indonesia’s GoTo, one of Southeast Asia’s biggest ride-hailing companies, said on Tuesday that it was not in any discussion with Grab Holdings about a potential merger.

Last week, Bloomberg News reported that the companies had restarted talks for a merger.

“Currently, the company is not having any discussion on such matters,” GoTo said in a filing on Tuesday.

GoTo, which has been pressured by losses, reported positive core earnings in the final quarter of 2023, details of which will be provided in March.

Last month, GoTo said TikTok, owned by China’s ByteDance, had completed a deal agreed in December to buy 75.01% of GoTo’s e-commerce unit Tokopedia for $840 million.

(Reporting by Roushni Nair in Bengaluru; Editing by Shounak Dasgupta)