SoftBank Group Corp.’s Masayoshi Son is stepping up pressure on Grab Holdings Inc. co-founder Anthony Tan to work out a ceasefire with archrival Gojek, according to people familiar with the matter.
Southeast Asia’s two most valuable startups are actively engaged on regular Zoom calls after months of off-and-on discussions and are making progress toward an agreement, said the people, asking not to be identified because the talks are private. A key sticking point remains whether the two companies merge all operations or whether Grab acquires Gojek’s business only in Indonesia.
Tan, Grab’s chief executive officer, prefers the narrower acquisition, which would give him more control after the deal and allow him to run the Indonesia business as a subsidiary of Grab, the people said. The 38-year-old would also face less dilution of his personal stake.