Indonesia’s newly established sovereign wealth fund, Danantara Indonesia, is in early discussions with GoTo about acquiring a minority stake in the potential merger with Singapore-based Grab, Bloomberg News reported on Friday.
The deal, which could be valued at around $7 billion, involves Grab’s planned acquisition of GoTo, a major ride-hailing and food delivery company listed in the U.S.
Danantara aims to hold a minority share in the combined company. This move is seen as a way to address the Indonesian government’s concerns about a foreign firm, specifically Grab, owning the country’s largest technology company. The sovereign wealth fund’s involvement could help maintain some national influence in the merged entity.
Last month, Indonesia’s antitrust regulator began examining the potential risks of the merger, though neither Grab nor GoTo have officially confirmed talks about combining their businesses. Sources told Reuters that Grab hopes to finalize the deal in the second quarter of 2025.
While progress has been made on the deal’s structure, negotiations have slowed recently due to expected regulatory hurdles. Danantara, launched in February 2025, is designed to invest in a broad range of sectors including metal processing and artificial intelligence.
It also manages government stakes in state-owned enterprises and is modeled after Singapore’s Temasek Holdings.
