Jakarta. Indonesian tech giant GoTo Gojek Tokopedia (IDX: GOTO) has dismissed rumors of a potential merger with Singapore-based Grab Holdings Ltd. The speculation, which has surfaced repeatedly in recent years, remains unfounded, the company clarified on Wednesday.

“There is no agreement between the company and any party, including Grab, to engage in a merger transaction as reported in the media,” said GoTo Corporate Secretary R.A. Koesoemohadiani in an official statement on Wednesday.

Koesoemohadiani said similar reports have circulated in the past but are merely speculative.  “The recurring rumors over the years are purely based on speculation,” she said, adding that the news does not impact the company’s operations or business continuity.

In February 2024, GoTo had issued a similar statement.

The clarification follows a Bloomberg report on Tuesday suggesting that Grab was exploring an acquisition of GoTo in a deal valued at over $7 billion. The report claimed discussions included a scenario where Grab would purchase GoTo shares at Rp 100 each, a 13.6 percent premium over the current trading price of Rp 88.

The potential merger would have created a major shift in Southeast Asia's ride-hailing and e-commerce sectors, where both companies are key players. Analysts speculate the move could reduce operational costs and ease competitive pressures in critical markets. However, the talks face challenges, including disagreements between the parties and potential scrutiny from anti-monopoly regulators.