TEMPO.CO, Jakarta - Grab Holdings Ltd. (Grab Indonesia) denied reports of a possible merger with PT GoTo Gojek Tokopedia (GoTo).

"We do not comment on the circulating rumors or speculations," Mayang Schreiber, Chief Communications Officer of Grab Indonesia told Tempo on Tuesday, Feb. 13.

Earlier, GoTo also denied the possibility of a merger with Grab Indonesia.

"Currently, there is no discussion regarding [the merger]," said the Head of Corporate Communication of GoTo Sinta Setyaningsih when contacted by Tempo last Saturday.

The issue of a merger between Grab and Gojek is actually old news. The issue emerged in 2020, especially before Gojek joined the GoTo Group with Tokopedia. However, based on a Bloomberg report, talks about the merger have re-emerged.

The report also revealed the initial stages of discussions regarding various merger options by both companies. One option was the acquisition of GoTo by Grab using cash, shares, or a combination of both.

Judging from market capitalization, GoTo has a market cap of Rp100.92 trillion as of Feb. 13, 2024. Meanwhile, Grab has a market capitalization of Rp203.74 trillion. A merger would create a combined market capitalization of estimated Rp304.66 trillion.

ADINDA JASMINE PRASETYO

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