Indonesia's GoTo denies merger talks with ride-hailing rival Seize

A Gojek driver seems at a smartphone in Jakarta, Indonesia, on Monday, Dec. 11, 2023. ByteDance Ltd.’s TikTok agreed to speculate $1.5 billion in a three way partnership with Indonesia’s GoTo Group that it’ll management, a part of a pact that lets the Chinese language firm restart its purchasing app in its largest online-retail market. Photographer: Dimas Ardian/Bloomberg by way of Getty Photographs

Dimas Ardian | Bloomberg | Getty Photographs

Indonesian tech large GoTo on Tuesday denied it’s in merger discussions with Singapore-based ride-hailing rival Grab.

“The corporate would additionally like to emphasise that at present, the corporate is just not having any dialogue on such issues,” mentioned GoTo in a Tuesday filing.

The remark comes after Bloomberg reported Friday that the 2 firms have restarted talks for a possible merger as they give the impression of being to stem losses arising from intense competitors with one another.

“The corporate wish to emphasize that the corporate has an more and more robust fundamentals and monetary place,” mentioned GoTo. The agency added that it has achieved “constructive adjusted EBITDA goal in This fall 2023, whereas exceeding the highest finish of its full 12 months adjusted EBITDA steerage vary.”

What is a super app, and why haven't they gone global?

EBITDA refers to earnings earlier than curiosity, taxes, depreciation and amortization, which is an alternate measure of profitability to internet earnings.

The corporate is ready to launch its fourth-quarter and full-year 2023 ends in March.

Seize closed 1.2% decrease on the Nasdaq on Tuesday amid a broader sell-off in U.S. markets. Indonesian markets are closed Wednesday as millions cast their ballots.