NEW YORK, January 24, 2026, 07:31 EST — The market has closed.
- Grab shares ended Friday at $4.58, gaining roughly 0.7% following a two-day rally.
- A report highlighted a new obstacle in Grab’s potential acquisition of Indonesia’s GoTo, linked to Telkomsel’s stake.
- GRAB’s next big event: fourth-quarter results, set for Feb. 11 after U.S. markets close.
Grab Holdings Limited shares edged up on Friday, even as new reports suggested its planned acquisition of Indonesian rival GoTo has encountered obstacles.
U.S. markets remain closed over the weekend, setting up Monday’s open as the next checkpoint for how merger rumors will impact GRAB.
The timing is crucial since any merger would shake up Southeast Asia’s ride-hailing and food delivery sectors—and force regulators to weigh in directly on the deal. Traders, meanwhile, are bracing for Grab’s upcoming earnings report, where the company must demonstrate clearer strides toward profitability.
Talks have hit a roadblock over Indonesian wireless carrier Telkomsel’s roughly 2% stake in GoTo, the Straits Times reported. It values Grab at around $18.5 billion and GoTo at about $4.2 billion by market cap. Majority-owned by state-controlled Telkom Indonesia, Telkomsel is said to resist selling at current prices, having invested far more, including a $300 million injection in 2021 and a $150 million convertible bond a year earlier, according to the report. Discussions reportedly cover an alternative structure to buy out Telkomsel, while antitrust issues and a draft ride-hailing decree on commissions and insurance remain concerns. Both Grab and GoTo declined to comment. (The Straits Times)
GRAB ended Friday’s session at $4.58, marking a 0.66% gain after swinging between $4.52 and $4.64 during the day. After-hours quotes showed the stock edging up to $4.60, per Investing.com. Trading volume hit roughly 62.5 million shares. Despite a 3.4% rise on Thursday, GRAB’s shares are still down about 9% year-to-date. (Investing)
In November, Reuters reported that Indonesia’s government shifted to back a potential Grab-GoTo merger, after previously opposing it. Talks included a “golden share” for a state fund—a special stake with veto powers. According to Euromonitor International data cited by Reuters, the combined company would dominate over 91% of Indonesia’s ride-hailing and food-delivery market. (Reuters)
Grab’s latest quarterly results highlighted the fine line it’s walking between growth and profitability. In November, the company surpassed revenue expectations for Q3 and upped the bottom end of its full-year revenue forecast to $3.38 billion. It also boosted its adjusted EBITDA outlook to a range of $490 million to $500 million, a cash-earnings metric that excludes interest, taxes, and certain one-time costs, according to Reuters. CFO Peter Oey told Reuters that the deliveries segment is seeing “more engagement” from budget options, with a significant number of users upgrading to standard products. (Reuters)
Traders face a straightforward dilemma: can Grab boost its margins further without turning to discounts that might drive customers away in this fiercely competitive market?
A GoTo deal would also spark debate over pricing power and driver wages. In ride-hailing, “commission” refers to the share platforms take from each trip, and stricter caps would squeeze those take rates.
Still, this might fall apart. If they hit a deadlock with a major shareholder or face stricter regulatory demands, investors will shift their attention back to organic growth and upcoming earnings. The stock has proven it can swing quickly on news like that.
When the market reopens Monday, January 26, traders will be on the lookout for updates on the deal’s structure and financing, plus any hints from Jakarta about a tougher or softer position.
Grab announced it will release unaudited Q4 and full-year 2025 results after U.S. markets close on Feb. 11. A conference call is set for 7:00 p.m. Eastern. (Grab)
