Gojek, Tokopedia Seek Shareholder Approval After Finalizing Merger Terms: Bloomberg

Indonesian ride-hailing company Gojek and e-commerce company Tokopedia finalized their merger terms and sought investor approval for a possible deal completion by summer, Bloomberg reports.
The companies had discussed multiple scenarios to list the combined entity in Jakarta and the U.S. at a possible $40 billion valuation. Interestingly, Indonesia supports dual listing for unicorn IPOs.
The Indonesian companies have common backers, including Alphabet Inc GOOG GOOGL Google, Temasek Holdings Pte, and Sequoia Capital India. Tokopedia is also sponsored by Alibaba Group Holding Ltd BABA, which has its e-commerce unit in Lazada.
Gojek’s merger deal with SoftBank Group Corp SFTBF SFTBY-sponsored Indonesian ride-hailing company Grab Holdings did not materialize over regulatory concerns.
Grab is set for a U.S. listing via Altimeter Capital’s SPAC Altimeter Growth Corp AGC, with a $40 billion valuation.
Indonesia’s Traveloka is eyeing a $5B U.S. listing via SPAC merger with Bridgetown Holdings BTWN.