Grab, Gojek make progress on merger terms

The talks are still fluid and may not result in a transaction.

Grab Holdings Inc. and Gojek have made substantial progress in working out a deal to combine their businesses in what would be considered the biggest internet merger in Southeast Asia, a Bloomberg report said.

Final details are still being worked out amongst the most senior leaders of each company as some parts of the agreement still need to be negotiated, according to their sources familiar with the talks.

“Under one structure with substantial support, Grab co-founder Anthony Tan would become the chief executive officer of the combined entity, while Gojek executives would run the new combined business in Indonesia under the Gojek brand,” the sources said in the report.

They told Bloomberg that the two brands may be run separately for an extended period of time, with the combination ultimately aimed at becoming a publicly listed company.

The report mentioned that the talks are still fluid and may not result in a transaction, as the deal would need regulatory approval and governments may have antitrust concerns about the unification of the region’s two leading ride-hailing companies.

Singapore Business Review has reached out to Grab for comment.

Here's more from Bloomberg.

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