Indonesian super app Gojek and local e-commerce giant PT Tokopedia are in advanced talks about a merger that could result in a dual-listing in the US and Indonesia, according to Bloomberg, citing people familiar with the matter.
A deal between two of the country’s most successful startups would value the combined entity at more than USD 18 billion.
Both parties are eager to close the merger as soon as possible, the report said, and have signed an agreement to conduct due diligence on each other’s businesses.
Earlier discussions about an alliance between Gojek and the Singapore-based ride-hailing and delivery app Grab have stalled over several differences and the unwillingness of Grab founder Anthony Tan to cede control, according to sources.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.