Indonesia’s two largest unicorns, e-commerce platform Tokopedia and ride-hailing and payments behemoth Gojek are planning to merge in the coming months, according to global media sources. It would be the country's largest ever deal. The blockbuster transaction will result in GoTo, a regional technology powerhouse valued at $18 billion. The combined entity aims to list in the US and Indonesia later this year.
GoTo would cover a wide spectrum of tech businesses, from online shopping, logistics and food delivery to ride-hailing and online payments. It would be the largest, privately held tech firm in the region.
Both unicorns have been backed by heavyweight investors over the years. Alibaba Group, Softbank Group and Singapore sovereign wealth fund GIC are several of Tokopedia’s investors. Gojek’s include Google, Warburg Pincus and Tencent Holdings.
Advising Gojek are Assegaf Hamzah & Partners and Davis Polk & Wardwell. Tokopedia is being represented by Ginting & Reksodiputro in association with Allen & Overy. Two major shareholders of Tokopedia are being counselled by Hiswara Bunjamin & Tandjung and Herbert Smith Freehills.