Southeast Asia’s largest ride-hailing and food delivery companies Grab and Gojek, both of which command valuations of over US$10 billion each, are discussing a potential merger, according to The Information.
Citing sources, The Information reported that even as the management of the two companies has met occasionally over the past two years, discussions of a merger became serious over the last couple of months.
The report further stated that Grab President Ming Maa and Gojek CEO Andre Soelistyo had met earlier this month for the latest round of talks while adding that both sides were still a considerable distance from a potential deal.
In response to DealStreetAsia’s query, a Gojek spokesperson said, “There are no plans for any sort of merger, and recent media reports regarding discussions of this nature are not accurate.”
According to The Information, Grab had told its major investors that Gojek wanted a 50-50 deal if a merger were to happen, while (Grab) wanted a significant majority. Other stumbling blocks include the valuation of both companies, as well as regulatory clearance for a merger, the report stated.
Full Content: The Information
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