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Thiel-backed Bridgetown eyes merger with Tokopedia

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BRIDGETOWN Holdings Ltd, the blank-cheque company backed by billionaires Peter Thiel and Richard Li, is considering a potential merger with Indonesia's e-commerce giant PT Tokopedia, according to people with knowledge of the matter. Read more at The Business Times.

Hong Kong tycoon Li, whose investment firm Pacific Century Group also owns companies including insurer FWD Group Ltd, is already a minority investor in Tokopedia, the people said. Representatives for Bridgetown and Tokopedia declined to comment.

Bridgetown raised US$550 million in a US initial public offering in October, following other so-called blank-cheque companies such as those associated with billionaire investor Bill Ackman and former US House Speaker Paul Ryan. A potential merger with Tokopedia would also be in line with the strategy that Bridgetown set out in its prospectus: to focus on a target in the technology, financial services or media sectors in South-east Asia.

 

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