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Gojek, Tokopedia Reportedly Talking Merger

By  |  February 10, 2021

Indonesian digital giants Gojek and Tokopedia are reportedly in the midst of hammering out a merger deal which could include going public on both the U.S. and Jakarta markets.

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    Sources told Bloomberg that the companies are finalizing terms of a merger agreement that would result in a combined company that would offer a wide range of services, including digital payments, ride-hailing and grocery delivery.

    Gojek and Tokopedia declined to comment, Bloomberg said.

    Under the proposed deal, which is still under discussion, Gojek shareholders would hold a 60 percent stake in the new company, with Tokopedia shareholders owning the remaining 40 percent.

    The companies are also reportedly mulling how to take the new company public. One scenario calls for Tokopedia to list first on the Jakarta exchange, then merge with Gojek and seek a listing for the combined entity on the U.S. market. A second scenario would have the companies merge first, then list on the Jakarta and U.S. markets concurrently. The market target valuation is between $35 billion and $40 billion, according to  Bloomberg.

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