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Grab, Gojek Close In on Terms for Merger

  • Rising competition from Sea Ltd. helping drive talks
  • Investors looking for combination to help trim operating costs
gojek Go-Jek
Photographer: Dimas Ardian/Bloomberg
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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.