Executive Summary

Key insights and market outlook

PT GoTo Gojek Tokopedia Tbk (GOTO) has denied speculation about a potential merger with Grab ¹

²³, stating that there is currently no agreement or decision regarding such a transaction ¹. The company emphasizes its commitment to following government directives and maintaining compliance with existing regulations ¹⁴. GoTo remains focused on creating long-term value for shareholders while supporting national digital ecosystem development ¹.

Full Analysis

02

Deep Dive Analysis

GoTo Responds to Merger Rumors, Reaffirms Government Alignment

Background on Merger Speculation

Recent media speculation about a potential merger between PT GoTo Gojek Tokopedia Tbk (GOTO) and Grab has emerged, following comments from State Secretary Prasetyo Hadi ⁴

. The speculation suggests a possible consolidation between Indonesia's major ride-hailing and digital platform players.

Official Statement from GoTo

In response to these rumors, GoTo's Director of Legal and Group Corporate Secretary, R.A. Koesoemohadiani, issued a formal statement on November 10, 2025 ¹

. The company categorically stated that there is currently no decision or agreement regarding a potential transaction between GoTo and Grab ¹²³.

Key Points from GoTo's Response

Commitment to Government Directives: GoTo emphasized its dedication to supporting government policies and regulations aimed at strengthening Indonesia's digital ecosystem ¹
Source 1
https://investasi.kontan.co.id/news/tanggapi-isu-merger-goto-komitmen-ikuti-arahan-pemerintah
⁴
Source 4
https://industri.kontan.co.id/news/isu-merger-grab-goto-berhembus-ini-respons-grab-dan-goto
.
Regulatory Compliance: The company assured that all its actions will continue to comply with existing laws and regulations applicable to public companies ¹
Source 1
https://investasi.kontan.co.id/news/tanggapi-isu-merger-goto-komitmen-ikuti-arahan-pemerintah
³
Source 3
https://investasi.kontan.co.id/news/goto-tegaskan-rupslb-bukan-minta-restu-merger-dengan-grab-1
.
Focus on Long-term Value Creation: GoTo reaffirmed its commitment to creating long-term value for shareholders while maintaining the interests of various stakeholders, including driver partners, UMKM partners, and consumers ¹
Source 1
https://investasi.kontan.co.id/news/tanggapi-isu-merger-goto-komitmen-ikuti-arahan-pemerintah
.
Current Business Focus: The company is currently focused on executing its strategic plans and achieving sustainable profitability, as reflected in their Q3 performance ⁴
Source 4
https://industri.kontan.co.id/news/isu-merger-grab-goto-berhembus-ini-respons-grab-dan-goto
.

Context and Implications

The speculation about a potential merger between GoTo and Grab has drawn significant attention due to the companies' dominant positions in Indonesia's ride-hailing and digital payment markets. While GoTo has denied the merger rumors, the government's interest in the matter suggests potential regulatory developments in the digital economy sector.

References