Grab is in the homestretch in its bid to acquire a controlling stake in Indonesian rival GoTo Group, two sources familiar with the situation said.

The deal could be announced by 3Q25, they said.

Jefferies is working with Grab on this potential acquisition, the sources added. GoTo is being advised by Goldman Sachs,  as reported by this news service in February.

Grab, with a market cap of USD 19.8bn, will buy out GoTo shareholders to own more than a 50% stake in the company, triggering a mandatory tender offer, the first source said.

GoTo’s current market cap is IDR 94.67trn (USD 5.75bn).

Grab has been in talks with several banks to arrange a jumbo loan to fund such potential acquisition, as flagged by Mergermarket in March.

A spokesperson for Jefferies declined to comment. Grab and GoTo did not respond to requests for comments.

At least 82.95% of GoTo’s total shares are held by the public, as disclosed on the Indonesia Stock Exchange (IDX). The remaining shares are held by SoftBank subsidiary SVF GT Subco (Singapore) (8.51%), Taobao China Holding (8.27%), former Commissioner Garibaldi Thohir (0.10%), Hans Patuwo (0.05%), Catherine Hindra Sutjahyo (0.05%), CEO Patrick Waulijo (0.03%), former Director Pablo Malay (0.03%), and Agus Dermawan Wintarto Martowardojo (0.02%).

Thohir and Malay tendered their resignations on 2 May, joining Director Nila Marita Indreswari and Vice President Director Thomas Kristian Husted, who resigned on 30 April, as disclosed by the company. It is unclear if they have divested their shares in GoTo.

GoTo’s stock has surged by 16.9% year-to-date (YTD), significantly outperforming the IDX Composite (IHSG), which is down by 3.7% YTD. In contrast, Grab’s stock has increased by 2.97% YTD, compared to the S&P 500’s decline of 3.93% YTD.