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Gojek in talks with Tokopedia for US$18b merger: sources

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[SINGAPORE] Indonesia's ride-hailing and payments giant Gojek is in advanced discussions about merging with local e-commerce pioneer Tokopedia, ahead of a planned initial public offering (IPO) of the combined entity, according to people with knowledge of the matter. Read more at The Business Times.

Mr Son, who had been a steadfast supporter of Mr Tan in the past, is losing patience with the Grab co-founder's reluctance to cede some control and is now supporting a merger between Gojek and SoftBank-backed Tokopedia, the people said. The two home-grown tech pioneers have common investors, including Google, Temasek Holdings and Sequoia Capital India.The firms are valued at about US$10.5 billion and about US$7.

A deal between Gojek and Tokopedia is likely to face less regulatory opposition than the deal previously under consideration. The combination of Grab and Gojek would reduce competition in ride hailing, delivery and digital payments in South-east Asia, a prospect over which government officials have already expressed reservations.

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