Grab Holdings Inc. and Gojek have made substantial progress in working out a deal to combine their businesses in what would be the biggest internet merger in Southeast Asia, according to people with knowledge of the talks.

The region’s two most valuable startups have narrowed their differences of opinion, though some parts of the agreement still need to be negotiated, said the people, asking not to be named because the talks are private. The final details are being worked out among the most senior leaders of each company with the participation of SoftBank Group Corp.’s Masayoshi Son, a major Grab investor, one of the people said.

Under one structure with substantial support, Grab co-founder Anthony Tan would become the chief executive officer of the combined entity, while Gojek executives would run the new combined business in Indonesia under the Gojek brand, the people said. The two brands may be run separately for an extended period of time, one of the people said. The combination is ultimately aimed at becoming a publicly listed company.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook