Report: AirAsia to acquire Gojek’s Thailand business for $50m

Details:

• Regulators have greenlit AirAsia’s proposed acquisition, according to a source in the Malaysian government. A company filing shows that AirAsia will buy Gojek units Velox Technology and Velox Fintech for US$40 million and US$10 million, respectively.
• The deal will reportedly involve a share swap between the two companies. In return for its Thailand arm, Gojek will get a stake in AirAsia’s super-app business. The potential acquisition will also allow Gojek to focus its resources in its Vietnam and Singapore units.

Dive deeper:

• The acquisition will fuel AirAsia’s super-app ambitions – the company already offers services such as transportation, logistics, food and beverage, media, and retail. In February, the company launched its food delivery service in Singapore, and just yesterday it also introduced its grocery delivery service to be launched in the city-state.
• The sale of Gojek’s Thailand arm – and its subsequent focus on Vietnam – comes as companies like Alibaba are also betting on a cashless future for Vietnam. The country’s economy grew by 2.9% last year despite the Covid-19 pandemic, and the number of middle class households is expected to reach 17 million by 2030.