Grab Holdings (GRAB) is looking to buy its Indonesian rival GoTo Group in Q2, Reuters reported Wednesday, citing two unnamed sources familiar with the situation.

Grab has hired advisers to work on the proposed takeover and is in discussions with banks to secure financing, one of the sources told Reuters.

Grab is considering purchasing GoTo's businesses for nearly $7 billion, a separate source with knowledge of the matter told Reuters.

The proposed deal would involve GoTo selling its international unit in Singapore to Grab, while in Indonesia, GoTo would sell its entire operations to Grab, with the exception of its finance arm, the report said.

Neither Grab nor GoTo immediately responded to requests for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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