Singapore-headquartered ride-hailing and delivery company Grab said on Monday it was not in any talks on a potential deal with Indonesia-based GoTo Group.

“There have been media reports that we are engaged in discussions for a potential transaction with PT GoTo Gojek Tokopedia Tbk. The parties are not involved in any discussions at this time and Grab has not entered into any definitive agreements,” the company said in a stock exchange filing on Monday.

Grab’s filing came after Bloomberg‘s report on Friday. Quoting sources, Bloomberg reported that Indonesia’s sovereign wealth fund Danantara was considering a role in Grab’s planned $7 billion acquisition of GoTo.

“We will continue to maintain a high hurdle rate when deploying our capital, and will have a balanced approach to investing for organic, profitable growth, and be highly selective on inorganic opportunities, in line with our capital allocation framework,” Grab added in the filing.

“Indonesia continues to be an important country in serving our mission as we continue to outserve our Indonesian customers, driver- and merchant-partners,” it added.

Reuters reported last month that NASDAQ-listed Grab was looking to strike a deal to buy GoTo in the second quarter and had hired advisers to work on the proposed deal, citing two sources with knowledge of the matter.

A deal could value GoTo at around $7 billion, according to a separate source.

Grab Co-Founder and CEO Anthony Tan declined to comment to TNGlobal‘s query on Grab-GoTo merger news when asked at GrabX event in April.

Grab has held on-and-off talks with GoTo for years, according to earlier media reports. But a merger never materialized, partially due to antitrust concerns likely to arise from combining Southeast Asia’s two dominant ride-hailing and food-delivery groups.

US-based ride-hailing company Uber left the region in 2018, in exchange for a stake in Grab. Smaller competitors have not eaten significantly into Grab and GoTo’s market share in Indonesia and Singapore, according to earlier reports.

Grab started as a ride-hailing services and now has grown into a so-called super app offering ride-hailing services, deliveries, financial services, among others.

GoTo, whose investors include SoftBank and Taobao China Holding, described itself as Indonesia’s largest digital ecosystem that provides e-commerce services and banking services. Both Grab and GoTo are backed by Softbank.

Indonesia’s wealth fund Danantara weighs role in $7B Grab-GoTo deal – report