Grab looks to strike a deal to acquire Indonesia's GoTo in Q2, sources say
SINGAPORE/HONG KONG, May 7 (Reuters) - U.S.-listed ride-hailing and food delivery firm Grab (GRAB.O), opens new tab is looking to strike a deal to take over smaller Indonesian rival GoTo (GOTO.JK), opens new tab in the second quarter, two sources with knowledge of the matter said.
Singapore-headquartered Grab has hired advisors to work on the proposed deal, the two sources added. The deal is subjected to terms such as financing, which Grab is in discussion with banks with, one of the sources added.
Both Grab and GoTo declined to comment.
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Finextra
4 hours ago
- Finextra
Investbanq secures US$3 million in Pre-Series A funding
Investbanq, the AI-powered wealth operating system for family offices, asset managers, and banks, has secured US$3 million in Pre-Series A funding. 0 The round drew participation from Constructor Capital, Orvel, Big Sky Capital and several other prominent investors, underscoring growing investor demand for next-generation WealthTech infrastructure. Investbanq recently captured global attention by winning Meet The Drapers, the international startup show judged by venture capitalist Tim Draper, and by receiving Global Private Banker's 'Best WealthTech - AI' award, reaffirming its technological leadership and global market potential. Investbanq is the next-generation wealth management platform, enabling banks, asset managers, and family offices to transition into AI-driven WealthTech players. Its WealthOS product allows efficient management of the rapidly growing capital pools of affluent millennials and other digitally native investors across Asia and the MENA region 'The number of individuals requiring advanced Wealth Management was growing for 50 years, and will be exponentially accelerated by GenAI,' said Dr. Serg Bell, Founder and Chairman of Constructor Capital. 'Investbanq's dynamic and adaptive AI engine creates diversified portfolios in real time, completes onboarding in days, not months, and lowers long-standing barriers for those wanting to access private-market opportunities.' Investbanq is headquartered in Singapore, with additional offices in Kazakhstan and the UAE. The startup has completed the EBRD Star Venture program and is now enrolled in both the NVIDIA Accelerator and First Rate Connect—evidence of strong expert backing and the platform's global potential. 'We want to help create a world where anyone can master, grow, and pass on their wealth with confidence and clarity,' said Oz Zhiyenkul, Co-founder and CEO of Investbanq. 'We are pleased that investors sharing our vision for the future of WealthTech have placed their trust in Investbanq,' added Tk Kantayev, Co-founder and COO.
Coin Geek
7 hours ago
- Coin Geek
BitFuFu's record-reaking output demonstrates mining dominance
Getting your Trinity Audio player ready... Singapore-based BitFuFu Inc. (NASDAQ: FUFU) announced a record-breaking performance in May 2025, achieving a hash rate of 34.1 exahashes per second (EH/s) and mining 400 BTC, a 91% increase from April. This surge, reported on June 4, 2025, underscores BitFuFu's growing dominance in the block reward mining sector, driven by its cloud-mining platform, strategic expansions, and efficient hardware deployments. Despite financial challenges in Q1 2025, the company's operational success highlights its resilience and adaptability in a competitive landscape. This article explores the factors behind BitFuFu's record output, its implications for the mining industry, and the challenges it faces moving forward. BitFuFu's May performance, detailed in a company press release, marks a 20.5% month-over-month hash rate increase, with 357 BTC produced by cloud-mining clients and 43 BTC from self-mining operations. The company's total power capacity reached 651 megawatts (MW), a 15% jump from April, spread across facilities on five continents. This growth was fueled by the full-month utilization of additional mining hardware deployed in late April, primarily Bitmain's S21 series miners, known for their efficiency at 19.1 joules per terahash (J/TH). BitFuFu also added more machines in late May, setting the stage for potential gains in June. The company's cloud-mining platform, which accounts for over half its revenue, saw its user base grow to 615,559 registered users by May's end, reflecting strong demand for accessible mining solutions. Several factors contributed to BitFuFu's record-breaking output. First, strategic partnerships and hardware acquisitions played a pivotal role. A January 2025 agreement with Bitmain for 80,000 S21 miners, potentially adding 16 EH/s, bolstered BitFuFu's capacity. The company also expanded its power infrastructure, including a majority stake in a 51 MW facility in Oklahoma acquired in February 2025, leveraging low-cost electricity to enhance profitability. These moves align with BitFuFu's goal to secure 1 gigawatt (GW) of power capacity by 2026, as stated by CEO Leo Lu during the Q4 2024 earnings call. Second, the rising BTC price, averaging $104,000 in May, incentivized miners to scale operations, with BitFuFu capitalizing by selling 178 BTC to boost liquidity while retaining 1,709 BTC in its treasury. The cloud-mining model, BitFuFu's primary revenue driver, has been a key differentiator. By allowing users to lease mining power without managing hardware, BitFuFu has democratized access to BTC mining, attracting over 600,000 users globally. The launch of BitFuFuOS, a software solution optimizing mining output by up to 20%, further enhances its appeal to both retail and institutional clients. However, BitFuFu's success comes amid financial challenges. Its Q1 2025 earnings, reported on June 5, 2025, revealed a revenue drop to $78 million from $144 million in Q1 2024, driven by expired hashrate contracts and hardware relocations. The company posted a $17 million net loss and negative $11 million adjusted EBITDA, impacted by a $19.4 million unrealized loss on digital assets. Despite these setbacks, analysts like H.C. Wainwright maintain a 'Buy' rating with a $7 price target, citing BitFuFu's operational growth and long-term BTC exposure. The company's stock, trading at $3.63 in early June, has faced volatility, down 20.3% this quarter, reflecting broader market uncertainties like potential U.S. tariffs on mining hardware. The record output has broader implications for the BTC mining industry. BitFuFu's 34.1 EH/s contributes significantly to the global hash rate, which hit 700 EH/s in June 2025, enhancing network security. However, the energy-intensive nature of mining—BitFuFu's 651 MW capacity alone rivals small cities—raises environmental concerns. While the company has not disclosed its energy mix, the industry's shift toward renewables (59% globally, per the Bitcoin Mining Council) could pressure BitFuFu to prioritize sustainable sources. Additionally, rising mining difficulty and the 2024 Bitcoin halving, which reduced block rewards to 3.125 BTC, challenge smaller miners, favoring large-scale operators like BitFuFu. Looking ahead, BitFuFu's plans to expand in the U.S., Canada, and other regions, coupled with its focus on vertical integration, position it for continued growth. However, regulatory risks, such as Russia's recent crackdown on illegal mining or Pakistan's International Monetary Fund (IMF) scrutiny, highlight the need for stable policies. BitFuFu's ability to navigate cash burn, maintain user growth, and leverage efficient hardware will be critical to sustaining its trajectory. For now, its May 2025 performance cements its role as a major player in the evolving block reward mining landscape. Watch: Gorilla Pool provides end to end solution for ASIC mining title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> BitFuFu BitFuFuOS Block Reward Mining BTC Cloud Mining
Daily Mail
10 hours ago
- Daily Mail
Ricardo joins City exodus as Canada's WSP agrees £363m takeover
British consultancy group Ricardo is being acquired by Canadian rival WSP Global for around £363.1million, including debt. The deal announced on Tuesday marks the latest foreign takeover blow to the London Stock Exchange, whose companies are increasingly vulnerable to opportunistic bids. It came on a busy day for takeover talk in London with NHS landlord Assura accepting a 'best and last' takeover bid worth £1.7billion, while tech firms Craneware and GlobalData called time on negotiations with respective suitors. Shareholders in Ricardo, which provides strategic, environmental and engineering consultancy to the transport and energy sectors, will receive 430p in cash per share, representing a 28.4 per cent premium to its closing price on 10 June. WSP, which was listed in London until being acquired by Genivar in 20212, said it had secured support from shareholders for the deal. This including letters of intent from Gresham House, Aberforth Partners and Royal London Asset Management, which cover around 48 per cent of Ricardo's share capital. Ricardo had been under pressure from rival and investor Science Group, who had been pushing for a sale or breakup of Ricardo amid calls to oust Chairman Mark Clare and other directors, citing underperformance and structural inefficiencies. Ricardo shares rose 24.96 per cent or 83.63p to 418.63p on Wednesday, having fallen around 14 per cent in the last year. Mark Clare, chair of Ricardo, said: 'WSP has made a compelling offer which represents a highly attractive premium to recent average trading levels and provides certain value in cash today for Ricardo shareholders. 'Importantly, the Ricardo Directors believe that the Acquisition will provide enhanced career opportunities for Ricardo's employees within the WSP Group as well as access for our clients to a broader service offering.' Separately, Science Group, Ricardo's second-largest investor with a 21.76 per cent stake according to LSEG data, said on Wednesday it would sell a 20 per cent stake to WSP for around £53.5million. Investment director at AJ Bell Russ Mould calculates a £53.5million profit on the sake. He said: 'Not bad for a business that's only worth £234million. 'Science Group had rattled the cage and got in a public spat with Ricardo, accusing it of poor operating performance and ineffective governance. Its profitable campaign now puts Science Group on the radar as an activist investor to watch closely.' Mould added: 'Canadian rival Genivar bought WSP in 2012 as a way of getting a strong foothold in the UK market and subsequently adopted its name. It has continued to grow in size and Ricardo looks to be an ideal fit for the group. Earlier this week, London-listed Alphawave confirmed it had reached an agreement with American chipmaker Qualcomm in a cash and shares deal that valued the company at around £1.8billion. That deal announcement was quickly followed by quantum computing business Oxford Ionics, which signed a deal to be taken over by New York-listed rival IonQ. Spectris also saw its shares surge this week after the firm revealed it had received a £3.7billion takeover offer from US private equity company Advent. Spectris said it was minded to accept the proposal.
