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Indonesia’s Gojek, Tokopedia merge in country’s biggest deal By Reuters

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© Reuters. FILE PHOTO: Gojek driver helmets are seen during Go-Food festival in Jakarta, Indonesia, October 27, 2018. REUTERS/Beawiharta

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SINGAPORE (Reuters) – Indonesian ride-hailing and payments firm Gojek and e-commerce leader Tokopedia announced a merger on Monday in a transaction that would create a technology powerhouse in the country’s largest deal.

Sources familiar with the situation had earlier said the companies were seeking a $18 billion merger. Neither firm confirmed a valuation for the merged group, named GoTo.

The deal comes as Gojek and Tokopedia seek to boost profitability some 10 years after they were founded by offering a bouquet of services under a single platform, extending a regional trend.

Alibaba (NYSE:) Group Holding and SoftBank Group Corp are among Tokopedia’s investors, while Gojek’s include Warburg Pincus and Tencent Holdings (OTC:).

Last month, Southeast Asia’s biggest ride-hailing and food delivery firm, Grab, clinched a $40 billion merger with a special purpose acquisition company. Meanwhile Singapore-based regional internet firm Sea Ltd, which operates e-commerce platform Shopee, is also muscling into food delivery and financial services.

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