Thiel-backed Bridgetown eyes merger with Tokopedia

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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