Go-Jek reportedly in merger talks with e-commerce giant Tokopedia
Indonesian ride-hailing firm Go-Jek is reportedly trying to tie up a merger with local e-commerce firmTokopedia.
News of the $18 billion merger talks comes just weeks after Go-Jek was apparently in talks for a merger with its biggest rival, Singapore based Grab.
If it happens it would be one of the country’s biggest deals.
Go-Jek and Tokopedia last month agreed to conduct due diligence of each other’s business, according to people familiar with the matter, Reuters reports.
"These are amicable conversations between mutually trusted partners. The broad terms are largely agreed," said one source.
Initial talks date back to 2018, and gained steam again in November when negotiations with Grab broke down, Reuters says.
Based on most recent valuations, Gojek is worth more than $10 billion and Tokopedia is valued at about $7 billion.
A combined business would then become one of the largest Southeast Asian tech companies.
Written by Ray Montgomery, Asia Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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