Grab's GoTo acquisition back on: Sources
Sources said this follows Grab's announcement of a US$1.25 billion issuance of convertible bonds.
"Grab is gearing up for something big. The bond issuance is a signal that the company is preparing for a major expansion," one source said.
"Indonesia is the natural next frontier - huge consumer base and a mobile-first population."
Reuters reported in May that Grab was looking to strike a deal to buy GoTo in the second quarter of 2025 and had hired advisers to work on the proposed acquisition.
A deal could value GoTo at around US$7 billion.
Last month, Grab said it stood by its previous statement that it was not involved in any discussions for a potential transaction with GoTo and had not entered into any definitive agreements.
The sources said the timing could not be better.
"GoTo is facing its own problems because the Indonesian Attorney General's Office is investigating a corruption probe connected to the Ministry of Education's procurement of Chromebooks.
"GoTo itself is not implicated but the investigations may weaken the resolve of the Indonesian champion.
"In short, the stars are aligning - Grab has the capital, the momentum and now, a window of opportunity, to make its move in Indonesia," the source added.
GoTo is 73.9 per cent-owned by foreign investors, including SoftBank Group and Taobao China Holding, a unit of China's Alibaba Group, with the rest owned by Indonesian investors, Reuters said, quoting its 2024 annual report.
SoftBank's SVF GT Subco (Singapore) Pte Ltd and Taobao are GoTo's top two shareholders, holding 7.65 per cent and 7.43 per cent stakes respectively, the report showed.
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