Grab, Go-Jek reportedly close to merger
Southeast Asia’s big two ride-hailing companies could be about to become one.
Bloomberg reported the companies are in advanced talks over a merger.
A merger of two of the region’s most valuable tech startups would be the biggest deal of its kind in Southeast Asia.
Bloomberg reports Grab co-founder Anthony Tan would be new CEO while Go-Jek executives would continue running the Go-Jek business in Indonesia, initially as a separate brand.
Singapore’s Competition and Consumer Commission has sought more information on the merger, while it is sure to spark competition concerns in Indonesia, the Philippines and elsewhere.
In Indonesia, the national online ojek and taxi association (Garda) is trying to muster support for a mass rally of drivers to oppose any merger.
Igun Wicaksono, chief of Garda, said a merger will effectively create a monopoly in Indonesia which will be bad news for both users and drivers.
Garda is seeking immediate talks with the companies.
Grab has a presence in eight Southeast Asian countries and Go-Jek is in five of those – Indonesia, Singapore, the Philippines, Thailand and Vietnam.
Based on current valuations a combined business could be worth more than $20 billion.
Written by Ray Montgomery, Asia Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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