Indonesia-based digital payment companies OVO and Dana have agreed in principle to merge after a deal signing was delayed due to the coronavirus outbreak, Bloomberg News reported June 12, citing people familiar with the matter.

PT. Visionet Internasional, which does business as OVO, is backed by Singapore-based ride-hailing company Grab Holdings Inc., which in turn is backed by SoftBank Group Corp. Dana is backed by Alibaba Group Holding Ltd.'s affiliate Ant Financial Services Group and Indonesia's PT Elang Mahkota Teknologi Tbk, or Emtek Group.

One of the sources said the proposed structure of the merged entity would allow Ant Financial to remain a shareholder, while some of the major existing shareholders would see a reduction in their stakes. A deal could be finalized soon, sources said, adding that its terms and timing could change or the potential deal may still fall through.

Representatives for Grab, OVO, Dana and Ant Financial declined to comment, Bloomberg added.