Indonesian e-commerce company Tokopedia and ride-hailing and payments app Go-Jek have confirmed their proposed merger, creating a new company called GoTo.
Go-Jek shareholders will own 58 per cent of the merged entity, Tokopedia’s owners the balance, according to early details reported by Bloomberg. The merged entity would be valued in the region of US$18 billion, according to estimates earlier this month, offering online shopping, courier services, ride-hailing, food delivery and other services.
Go-Jek CEO Andre Soelistyo will lead the combined business once the merger is complete.
Documentation is being prepared for shareholders of the two companies who will be asked to vote on the proposed merger soon. Common investors in the two companies include Sequoia Capital, Google and Singapore state investor Temasek Holdings.
Reuters reported back in January that Gojek and Tokopedia were in advanced merger talks ahead of a potential dual listing in Jakarta and the US.
This story will be updated as further details come to light.