According to two publications with knowledge of the situation, Grab, a ride-hailing and food distribution company on the US market, is looking to reach a deal to buy smaller Indonesian foe GoTo in the second quarter.
According to the two options, Grab, a company with a presence in Singapore, has hired consultants to work on the proposed package. One of the options added that the agreement is subject to terms like borrowing, which Grab is in discussions with banks.
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GoTo stated in a stock exchange filing on Thursday ( May 8 ) that it has not yet made a decision regarding any proposals it may have received or become aware of.
A distinct source with knowledge of the situation said a deal may bring in about US$ 7 billion. According to LSEG information, GoTo’s stocks have increased 20 % year-over-year, giving it a market value of about US$ 5.8 billion.
Grab’s stock on Nasdaq is off 2.4 percent this year, giving it a business value of almost US$ 20 billion, according to LSEG information.
According to two separate sources with knowledge of the situation, GoTo will be selling its foreign product. According to one of the two sources, GoTo will offer all of its operations in Indonesia, with the exception of its finance division to Capture.
The resources reacted with caution that the deal terms are not yet finalized and may change as the two companies are also negotiating.
According to its site, Grab, which is supported by Uber, provides delivery, freedom, and economic service, among others.
According to its site, GoTo described itself as Indonesia’s largest electric ecosystem that offers e-commerce and finance companies, including SoftBank and Taobao China Holding as buyers.