Report: Gojek, Tokopedia sign conditional sales agreement for merger deal

Details:

• Gojek shareholders will hold a 60% stake in the company, while Tokopedia will own the rest of the merged firm, the report noted.
• The combined entity, which could be valued between US$35 billion to US$40 billion, is also said to be planning to list its shares on the Indonesia Stock Exchange (IDX).
• Nuraini Razak, Tokopedia’s vice president of corporate communications, says that “the news is inaccurate and purely speculative. If there is any corporate action, we will inform the media accordingly.”

Context:

• The two Southeast Asian giants were supposedly finalizing terms for their merger and aiming to reach an agreement as early as February.
• If the merged entity’s listing goes through, it will be the third-largest company on the IDX in terms of market capitalization, according to the report.