On Wednesday, Uber Technologies, Inc ( UBER ) Singaporean rival Grab Holdings ( GRAB )  discussed raising a loan of up to $2 billion to back its potential takeover of Indonesian rival GoTo Group.

The bridge loan could have a tenor of about 12 months, Bloomberg reported, citing unnamed sources familiar with the matter.

GoTo offers mobility and food delivery services.

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Grab is moving ahead with due diligence and is in talks about the structure of a deal that could fetch over $7 billion. It’s also eyeing a bond or equity takeout after the firm bags the bridge loan.

Autonomous Vehicles: Grab collaborated with four autonomous technology companies from China, the U.S., and South Korea to explore self-driving solutions across Southeast Asia. The partner companies included China's WeRide Inc ( WRD )  and Zelos, Boston's Motional, and South Korea's Autonomous A2Z.

Grab reported fourth-quarter fiscal 2024 revenue growth of 17% to $764.00 million, beating the consensus of $757.61 million. EPS of 1 cent beat the consensus loss of 1 cent.

Grab projects revenue between $3.33 billion and $3.4 billion compared to a consensus of $3.398 billion, signifying caution around a Southeast Asian ride-hailing and food delivery market. 

Grab went public in 2020 after merging with a special purpose acquisition company (SPAC). The company’s valuation is roughly $18.3 billion.

Price Action: GRAB stock is up 1.76% at $4.62 premarket at the last check on Wednesday.

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