Gojek and Tokopedia reportedly reached an initial agreement for the merger. The two parties signed a conditional share sale and purchase agreement.
Launching from DealStreetAsia, Tuesday (9/3/2021) two Indonesian unicorns, namely Gojek and Tokopedia, have signed a Conditional Sales and Purchase Agreement (CSPA) or a conditional share purchase agreement. This leak was conveyed by the D-Insight platform.
This initial agreement is the latest news from the planned merger that was already hot in the news. D-Insights said that after the merger, Gojek will hold 60% of the shares. Meanwhile, Tokopedia will hold the rest.
The two unicorns combined will yield a valuation of USD 35-40 billion, according to the report. This valuation will be the third largest market capitalization in Indonesia after PT Bank Central Asia Tbk and PT Bank Rakyat Indonesia Tbk.
DealStreetAsia reported last month that Gojek had appointed Goldman Sachs as an advisor for the merger negotiations with Tokopedia. This merger, if confirmed, will be the largest merger in Indonesia in the technology sector.
The two unicorns have the same investors, including Google, Temasek Holdings and Sequoia Capital India. With this merger, Tokopedia and Gojek will have wider access to the market by combining ride-hailing and e-commerce.
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