GoTo Refutes Merger Talks with Grab Amid Financial Growth

Indonesia's GoTo Group has officially denied being in merger discussions with Grab, emphasizing its strong financial position and recent strategic partnership with TikTok.

• GoTo Group, a leading Indonesian tech firm, has publicly denied rumors of merger talks with Singapore-based Grab, following speculative reports.
• The company highlighted its financial growth, achieving positive adjusted EBITDA in Q4 2023 and surpassing its full-year adjusted EBITDA guidance.
• In a strategic move, GoTo relinquished control of its eCommerce unit, Tokopedia, to TikTok, marking a significant partnership in Indonesia.
• TikTok has committed to investing over $1.5 billion in the joint venture with GoTo, ensuring future funding without additional dilution.
• Despite the denial of merger talks, both GoTo and Grab have faced intense competition, leading to speculation about potential consolidation.

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