Grab-GoTo merger gains momentum as Indonesia signals openness
By Roffie Kuniawan ( November 12, 2025, 06:43 GMT | Insight) -- The long-rumored merger between Southeast Asia’s two largest super apps — Grab and GoTo — appears to be gaining traction, with Indonesia’s government confirming its interest in the deal and major shareholders reportedly pushing for change at GoTo. The developments could soften potential regulatory hurdles that have long loomed over the deal.The long-rumored merger between Southeast Asia’s two largest super apps — Grab and GoTo — appears to be gaining traction, with Indonesia’s government confirming its interest in the deal and major shareholders reportedly pushing for change at GoTo. The developments could soften potential regulatory hurdles that have long loomed over the deal.GoTo said in a filing to the Indonesian Stock Exchange that it will hold an extraordinary shareholders’ meeting on Dec. 17, 2025, “at the request of some shareholders,” with details of the agenda to be released later this month. Media reports indicate that key investors, led by SoftBank Group, are behind the meeting request, seeking to replace CEO Patrick Walujo, who is seen as resistant to a potential Grab takeover.While GoTo’s corporate secretary R.A. Koesoemohadiani said on Wednesday that no decision or agreement on the merger has been reached, the timing of the shareholder action, coupled with new signals from Jakarta, has rekindled speculation that the long-discussed potential tie-up could be back on track.The Indonesian government has publicly acknowledged its involvement in the talks and its role in shaping the online ride-hailing ecosystem. Minister of State Secretary Prasetyo Hadi has confirmed that a presidential decree regulating online transportation platforms is being finalized to govern tariff structures and driver protections.Significantly, state-owned investment holding company Danantara, which has indirect exposure to GoTo through Telkomsel, is participating in the regulatory drafting process. Prasetyo indicated that Danantara could play a role in managing assets as part of the merger process.Danantara’s Chief Investment Officer Pandu Patria Sjahrir said the firm “will follow the government direction” on the sector, signaling that state interests could align with consolidation efforts.Analysts say such involvement could make a merger — which would create an entity that would control more than 90 percent of Indonesia’s ride-hailing and food-delivery market — more palatable politically and for regulators.Still, Indonesia’s Competition Commission, or KPPU, is keeping a close watch. “This issue is already under review this year. We haven’t released an official position yet,” KPPU spokesperson Deswin Nur told MLex, adding that no formal consultation has yet been filed by either company.KPPU Chair M. Fanshurullah Asa has urged both companies to conduct self-assessments to avoid monopolistic outcomes (see here).Under Indonesia’s post-merger notification regime, companies must report mergers within 30 days after completion, but the KPPU retains authority to impose remedies or unwind deals found to be anticompetitive....
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
Curated case files bringing together news, analysis and source documents in a single timeline