Early-stage talks with the companies were still active this year, as GoTo lowered the amount it sought amid muted investor interest and reduced funding needs, said the people, who asked not to be identified because the information is private. BlackRock was among investors who passed on the deal, the people said.
GoTo Group has ended talks to raise funds through a US$500 million ($668.5 million) convertible bond issue, abandoning months of negotiations as it focuses its attention on hitting profitability targets.
Having already downscaled its ambitions from US$1 billion, the Jakarta-based company has called off talks with potential investors, according to people familiar with the matter. Companies that GoTo had been in discussions with included BlackRock Inc., private equity firm PAG and the World Bank’s International Finance Corp., the people said.
