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Collin Furtado · · 1 min readSources: Gojek, Tokopedia nearing merger as they seek investor approval
“Indonesian ride-hailing and payments company Gojek and the country’s leading ecommerce business Tokopedia are close to sealing their proposed merger as they prepare to seek formal shareholder approval,” reported Reuters, citing three sources close to the matter.
Details:
- The companies have agreed on the terms of the merger, which is now awaiting shareholder approval. They will move to finalize the deal within the next few weeks once they get the greenlight, according to the sources.
- The merger is estimated at US$18 billion and would create a tech giant that would offer ride-hailing, food delivery, courier services, online shopping, among other services.
Context:
- Some of the common investors of Gojek and Tokopedia include Temasek, Google, and Sequoia Capital. While Alibaba has backed Tokopedia, Warbug Pincus has invested in Gojek.
- In March, it was reported that the Gojek and Tokopedia had signed conditional sales and purchase agreements for the merger. This included Gojek’s shareholders getting a 60% stake in the new entity.
Editing by Eileen C. Ang
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