Gojek Nears Tokopedia Merger Ahead of Public Listing
- Indonesia startups could reach a deal as soon as this month
- Companies to target valuation of $35 billion to $40 billion
The latest terms under discussion call for Gojek shareholders to own about 60% of the combined entity while Tokopedia’s investors hold 40%, said the people.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
Indonesia’s two most valuable startups, ride-hailing giant Gojek and e-commerce provider PT Tokopedia, are finalizing terms for their merger and aiming to reach an agreement as early as this month, according to people familiar with the matter.
The two companies are discussing a variety of scenarios with the goal of ultimately listing the combined entity in both Jakarta and the U.S., said the people, asking not to be identified because the negotiations are private. The target valuation in the public markets is between $35 billion and $40 billion, one of the people said.