Indonesian ride-hailing giant GoTo denies merger rumors with Grab

Jinshi Data News on February 5th, Indonesian ride-hailing giant GoTo submitted a document on February 4th local time, denying rumors of a merger with competitor Grab. The company stated, ‘Apart from implementing stock repurchases, there are no major action plans in the next 12 months.’ Earlier market reports claimed that Grab and GoTo have accelerated negotiations in recent weeks, believing that this year is a favorable time to reach a deal. Over the past few years, the two parties have been intermittently negotiating, and merger obstacles include disagreements between the two parties and potential anti-monopoly issues that may arise from the dominant position of the two companies in markets such as Indonesia and Singapore.