Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Grab tells staff it's 'in a position to acquire' after Gojek merger report

Published 12/03/2020, 02:05 AM
Updated 12/03/2020, 02:10 AM
© Reuters. A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore

By Chen Lin

SINGAPORE (Reuters) - The CEO of Singapore ride-hailer Grab told employees in an internal note on Thursday that the firm is in a position to make acquisitions, following a report it is close to a merger with regional rival Gojek.

The two firms have made substantial progress in talks to merge Southeast Asia's two most valuable startups, Bloomberg reported on Wednesday.

Sources familiar with the matter have previously told Reuters that over the last few years, large investors of the two companies have backed a merger of both loss-making firms.

"There is speculation again about a Gojek deal," Anthony Tan told employees in a note on the company's internal communication platform, seen by Reuters.

"Our business momentum is good, and as with any market consolidation rumours, we are the ones in a position to acquire."

Tan did not give any specifics about a potential deal with Gojek. Grab declined comment on Tan's note and the media report. Gojek declined comment.

© Reuters. A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore

Grab, Southeast Asia's biggest start-up, is now valued at over $15 billion, Reuters reported in October, according to a source familiar with the matter. Gojek's worth has been estimated at $10 billion.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.