In a significant move to secure government approval for a potential merger, ride-hailing giants GoTo Gojek Tokopedia and Grab are reportedly proposing to offer ‘golden shares’ to the Indonesian Investment Management Agency, Danantara.
According to two sources familiar with the matter, as reported by the Financial Times on Thursday (November 13), “Merger discussions include a proposal to grant Danantara a minority stake in the combined entity, along with special rights concerning its Indonesian operations.”
These pivotal special rights would empower Danantara with a decisive voice on crucial issues, such as driver salaries. A source emphasized the strategic necessity, stating, “This business is fraught with political tension because you employ so many people in the gig economy. You want to be close to the government.”
When contacted by Rancak Media for confirmation regarding these developments, both GoTo Gojek Tokopedia and Grab have yet to issue a statement.
Speculation surrounding Grab’s acquisition of Gojek has been rife since as early as 2020, with some sources indicating that discussions between the two regional tech titans date back to 2018.
The discourse surrounding a potential merger between Grab and GoTo Gojek Tokopedia gained significant momentum in 2024 and is projected to continue into 2025. The highest confirmation came last weekend (November 7) from State Secretary Minister Prasetyo Hadi at Merdeka Palace, Jakarta, who explicitly affirmed that Grab intends to purchase shares in GoTo Gojek Tokopedia, stating, “That’s the plan.”
Minister Hadi further disclosed Danantara’s direct involvement in these high-level discussions, adding that the ultimate structure of the consolidation could manifest as either a full merger or an acquisition. “We are currently exploring the optimal scheme,” he remarked.
Addressing concerns about market dominance, Minister Prasetyo Hadi was categorical in his assurance that any combined entity would not result in a monopoly, simply stating, “No.”
In a more informal moment, Minister Hadi indicated that discussions concerning both the Gojek-Grab merger and a pending Presidential Regulation (Perpres) on online motorcycle taxis (ojol) are geared towards ensuring the continuity and stability of the ride-sharing sector. Intriguingly, he admitted to not knowing the specific reasons for the potential business impediments faced by both companies that necessitated these critical discussions.
Minister Prasetyo underscored the crucial employment generation by Grab and Gojek. “The number of driver-partners, encompassing both online taxi and ojol services, is substantial. We now recognize ojol drivers as vital economic heroes,” he affirmed, highlighting their significant contribution to the national economy.
When pressed by journalists whether the merger discussions were aimed at averting widespread partnership terminations potentially triggered by the proposed ojol Presidential Regulation, Minister Prasetyo offered no direct response.
Collectively, these two companies command a massive workforce: GoTo Gojek Tokopedia employs 3.1 million drivers for its online taxi and ojol services, while Grab boasts 3.6 million driver-partners.
According to Citigroup analyst Ferry Wong, Danantara’s comments and active involvement unequivocally signal strong backing from the Indonesian government for the proposed deal. Nevertheless, Wong cautioned, “However, the likelihood of failure or delay remains significant,” citing the history of past stalled merger negotiations between the two entities.
Adding another layer of complexity, a Bloomberg report indicated that GoTo shareholders, notably including major investor SoftBank, have reportedly dispatched a memo to the board requesting the dismissal of CEO Patrick Walujo at the upcoming Extraordinary General Meeting of Shareholders (EGM).
Two additional sources familiar with the situation, confirming the Bloomberg report as cited by the Financial Times, stated the reason for the proposed dismissal was “due to the sharp decline in stock price.” SoftBank, when approached, declined to comment on these reports.
In response to these swirling rumors, GoTo Gojek Tokopedia Director R. A. Koesoemohadiani clarified on Wednesday (November 12) that the agenda for the EGM on December 17 is entirely unrelated to any proposed business combination with Grab. She asserted, “The planned EGM is not connected to any corporate action plan whatsoever.”
She further elaborated that the EGM’s convening is simply a routine aspect of sound corporate governance practices and should not be a cause for concern among stakeholders.
The detailed agenda for the meeting, Koesoemohadiani added, is slated for official announcement on November 25, following a comprehensive review process by the Board of Directors, Board of Commissioners, and relevant company committees.
Koesoemohadiani additionally refuted other circulating rumors, including reports of a US$300 million escrow fund being placed in Singapore allegedly linked to GOTO and Grab, alongside speculation regarding a buyback of GoTo shares held by Telkomsel.
She reiterated the company’s steadfast commitment to transparent and accurate information disclosure for the public.
It is worth noting that SoftBank, a prominent investor with stakes in both Gojek and Grab, has, according to reports from the Financial Times, Bloomberg, and The Information, consistently advocated for a merger between the two ride-hailing giants for an extended period.
Summary
Ride-hailing giants Grab and GoTo dilaporkan mengusulkan ‘saham emas’ kepada Danantara, Lembaga Pengelola Investasi Indonesia, untuk mengamankan persetujuan pemerintah atas potensi merger atau akuisisi. Hak istimewa ini akan memberi Danantara suara yang menentukan dalam isu-isu krusial seperti gaji pengemudi, mengingat sensitivitas politik yang signifikan dalam ekonomi gig. Menteri Sekretaris Negara Prasetyo Hadi mengonfirmasi rencana Grab untuk membeli saham GoTo dan keterlibatan Danantara, meyakinkan bahwa entitas gabungan tidak akan menimbulkan monopoli.
Meskipun dukungan pemerintah tampak kuat, tantangan internal tetap ada bagi GoTo, termasuk laporan SoftBank yang meminta pemecatan CEO Patrick Walujo karena penurunan harga saham. Namun, direktur GoTo mengklarifikasi bahwa Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) yang akan datang tidak terkait dengan merger dengan Grab atau rumor akuisisi lainnya. Ia menyatakan bahwa RUPSLB adalah praktik tata kelola perusahaan rutin, menegaskan komitmen perusahaan terhadap keterbukaan informasi yang transparan.
