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Grab-GoTo deal hits snag caused by state-backed holder’s stake
Grab Holdings' planned multibillion-dollar acquisition of GoTo Group has hit a stumbling block.
Negotiations over the deal have snagged over Indonesian wireless carrier Telkomsel's roughly 2% stake in GoTo, people familiar with the matter said.
The carrier — majority-owned by state-controlled PT Telkom Indonesia — has indicated it's unwilling to sell at anywhere near current valuations because it originally invested at a much higher price, the people said. Telkomsel has expressed its concerns about losses linked to state capital — something that's punishable by Indonesian law, said the people, who asked not to be identified because the discussions are private.
While Telkomsel could choose not to accept any takeover offer by Grab and hold on to its stake, it's trying to take advantage of a potential bid and negotiate a higher price for itself, the people said. Singapore's Grab, meanwhile, wants to ensure all Indonesian stakeholders are onboard with any takeover proposal, because it would need an approval from the country's government for the deal.
The Telkomsel issue is the latest hurdle for regional ride-hailing and delivery leader Grab's yearslong effort to combine with GoTo. Potential regulatory opposition and differences in perceived valuation have caused delays in the discussions — but Grab has pushed forward toward a deal that would increase its market share and alleviate pricing pressures.
Telkomsel, formed as a joint venture between Telkom and Singapore Telecommunications Ltd., in 2021 invested $300 million in what later became GoTo. That was on top of a $150 million convertible bond investment the previous year. A sale at GoTo's current price levels would create a loss of hundreds of millions of dollars, the people said.
Negotiations are ongoing and a separate structure to buy Telkomsel out is being discussed, but no conclusion has been reached, the people said.
Representatives of Grab and GoTo declined to comment. A Telkomsel spokesperson said the company doesn't comment on market speculation, rumors, or ongoing discussions involving third parties.
GoTo has a market capitalization of about $4.2 billion, while Grab, which is traded in New York, is valued at $18.5 billion. A takeover hasn't materialized partly because of antitrust concerns likely to arise from combining the region's two dominant ride-hailing providers. Indonesian politicians also worry about rising ride prices, potential job reductions and the loss of a national tech champion to a foreign owner.
Meanwhile, a new draft decree to regulate Indonesia's ride-hailing industry could impact the companies' profits and margins, potentially affecting any takeover's rationale and valuation. Discussions about the size of the commissions companies can extract from their drivers and about insurance to cover accidents and deaths haven't been finalized, according to Indonesia's Minister of State Prasetyo Hadi.
Indonesian President Prabowo Subianto is under pressure to respond to drivers' demands for better compensation and conditions, after escalating protests across the country demonstrated the growing political might of the sector. Indonesia's millions of car and motorcycle taxi drivers are poorly paid, largely uninsured and increasingly angry at the government, blaming it for failing to create enough secure and well-paying jobs for the country's growing workforce.
Grab, which is backed by Uber Technologies Inc., would strengthen its position as the biggest Southeast Asia ride-hailing and food-delivery company by buying GoTo. Grab has considered a valuation of more than $7 billion for GoTo, people familiar with the matter said last February, with one option being an all-stock purchase at about 100 rupiah a share. That has changed recently, one of the people said, considering that GoTo's stock price has fallen since — it is down about 30% over the past 12 months.
Both Grab and GoTo have seen growth slow dramatically from triple-digit rates in years past as they move away from a frenetic expansion to focus on profits. Yet their margins are slim as competition has kept prices relatively low.
Source: EconomicTimes
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