Indonesia based digital payment technology and multiservice platform Gojek and fellow technology focusing on e-commerce Tokopedia also based in Indonesia, announced a merger deal which will automatically make them a tech giant in the Southeast Asia country.
This goes down as the country’s largest ever merge deal, the merged multi-billion company will be called GoTo.
The merged company will be providing services including ride-hailing, food delivery, courier services and online shopping among other services in Indonesia which is the largest economy in Southeast Asia.
In addition, the company will be listed on the Indonesia and United States stocks markets respectively later in the year. This U.S listing is set to go down on record as the largest ever by a Southeast Asia company.
In a public joint statement issued on May 17, the two companies said they have a combined market valuation of $18 billion.
“Our business model is now even more diverse, stable and sustainable. We have Gojek’s high volume, high frequency mobility transactions, combined with Tokopedia’s high value, medium frequency e-commerce transactions,” said the president of Tokopedia, Patrick Cao.
Involved sources have revealed that Gojek’s shareholders will own 58% stake of the merged company while those of Tokopedia will own the remaining 42%.