Grab Holdings Ltd. said it isn’t in talks to acquire Southeast Asia internet peer GoTo Group “at this time,” signalling it’s halting or at least pausing a planned US$7 billion ($9 billion) acquisition of its Southeast Asia internet peer.
“The parties are not involved in any discussions at this time and Grab has not entered into any definitive agreements,” Grab said in a statement Monday. “Indonesia continues to be an important country in serving our mission as we continue to outserve our Indonesian customers, driver- and merchant-partners.”
Singapore’s Grab and Indonesia’s GoTo had made headway on a potential deal structure, but the pace of talks had slowed recently over concerns about potential regulatory demands, Bloomberg News reported previously. Indonesia’s antitrust agency said in May it would look into potential risks and urged the companies to ensure any deal won’t create a monopoly.
