GOTO – Grab targets acquisition in 2Q25

GOTO – Grab targets acquisition in 2Q25 Grab Holdings Ltd. (Nasdaq: GRAB) is aiming to acquire GoTo Gojek Tokopedia (GOTO) in 2Q25. The deal remains subject to key conditions, including funding, which is currently under discussion with banks. Grab has reportedly hired advisers to support the transaction. (Source : Reuters) Comment : At an implied valuation above USD7 bn (>IDR 100/share), the rumored acquisition price represents a premium to GOTO’s fair value of IDR 110/share and our fundamental valuation of IDR 150/share (pre-discount). On 25F multiples, GOTO would trade at 6.1x EV/Sales and 68.3x EV/EBITDA, well above regional tech peers. This suggests that if the deal materializes, Grab may be paying a strategic premium.