Grab to take majority stake in Indonesia e-wallet OVO

FILE PHOTO: A sign of OVO payment is seen at a mall in Jakarta, Indonesia, November 8, 2018. Picture taken November 8, 2018. REUTERS/Beawiharta/File Photo

SINGAPORE (Reuters) - Southeast Asian ride-hailing and payments firm Grab will more than double its stake in Indonesian e-wallet OVO to 90%, the Indonesian firm said on Monday, pending approval from regulators.

Three sources with knowledge of the deal told Reuters that Grab had purchased the stakes of Indonesian conglomerate Lippo, which launched OVO, and e-commerce platform Tokopedia.