Indonesia’s GoTo Group, a ride-hailing service in Southeast Asia, denied reports that it is discussing a merger with Grab Holdings, another major player in the region.

This announcement comes after speculation that the two companies were considering a deal, potentially involving cash, stock, or a mix of both, to unite their operations.

The speculation gained traction following suggestions that GoTo might be more amenable to such discussions under the leadership of its new CEO, Patrick Walujo, who took the helm last year.

However, GoTo’s clarification puts an end to the rumors of a potential merger with Singapore-based Grab.

GoTo said in a filing,

“We have only just been aware of the issue from the mass media. Through this letter, the company would like to convey that generally the company cannot comment on rumors circulating in the market. The company would also like to emphaside that currently, the company is not having any discussion on such matters.”

Featured image source: GoTo

About Author

More info about author