Grab Holdings Ltd. is moving forward with its attempt to take over GoTo Group, according to people familiar with the matter. The Singaporean ride and delivery firm has begun due diligence on its Indonesian rival. Grab has been evaluating GoTo’s accounts, contracts, and operations. Grab, GoTo, and their shareholders have also been assessing the potential structure and value of an agreement. Talks are ongoing and may not lead to a transaction. Grab, which is backed by Uber Technologies Inc., has held on-and-off talks with GoTo, but a merger never materialized, partly because of antitrust concerns likely to arise from combining two dominant Southeast Asian tech companies. Uber left the region in 2018 in exchange for its stake in Grab, and smaller competitors haven’t eaten significantly into Grab and GoTo’s market share. Shares of GoTo, whose investors include SoftBank Group Corp., rose 5.1% to 83 rupiah in Jakarta while the broader Indonesian stock market plunged the most since 2011 on concerns about a weakening economy. GoTo’s shares are up 19% this year, giving the company a market value of 99 trillion rupiah ($6 billion). Grab, with a market capitalization topping $18 billion, advanced as much as 7.9% in US pre-market trading. Representatives for Grab and GoTo declined to comment. Grab is considering a valuation of more than $7 billion for GoTo, with one scenario being an all-stock purchase at over 100 rupiah a share. Discussions have intensified and the two see 2025 as an opportune year for a deal. A Grab-GoTo combination would effectively control 60-70% of Southeast Asia’s on-demand services market, with a stronger grip in Indonesia, GoTo’s home base. That, and potential staff cuts, might convince the regulator to block the purchase. Growth for both Grab and GoTo has cooled dramatically from triple-digit rates as consumers in Southeast Asia curtail spending to cope with elevated inflation and interest rates.