Grab

S&P Global Ratings has affirmed Singapore-based mobility, delivery, and digital financial services provider Grab Holdings 'BB-' rating with stable outlook as it sees the firm can absorb $1.5 billion bond issuance.

With Grab’s announcement to raise $1.5 billion through a convertible note, its net cash position is expected to rise to $7.7 billion, Maybank Investment Bank said Tuesday.

Grab Holdings Limited announced Wednesday the pricing of an upsized offering of $1.5 billion aggregate principal amount of zero coupon convertible senior notes due 2030.

Grab said it will issue convertible bonds that mature in June 2030, partly to fund potential acquisitions.

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.

Danantara has started preliminary discussions with GoTo to acquire a minority stake in a combined entity, according to people familiar with the matter, the report said.

Global payment firm Visa announced last Friday that it is in explorations with Ant International, Grab and Tencent to grow artificial intelligence (AI) commerce by enabling a secure and seamless checkout experience.

While there have been numerous media reports of a potential merger between Grab and GoTo, analyst has seen a real risk of the regulator objecting to a Grab-Gojek merger in Singapore.

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 Singapore last month.

Grab, Southeast Asia’s superapp, announced Monday leadership appointments in Singapore and Vietnam, effective July 1, 2025.