Gojek closes in on deal to acquire 5% stake in Indonesian taxi operator Blue Bird

A Go-Jek motorcycle taxi driver and a passenger travel along a road in Jakarta, Indonesia, on Saturday, Aug. 4, 2018. Photographer: Dimas Ardian/Bloomberg

Gojek, the Indonesian all-purpose supper app provider, is nearing an agreement to buy 5% of top local taxi operator PT Blue Bird, according to people familiar with the matter.

Gojek would pay about $30 million, the people said, asking not to be named discussing a private matter. That implies a price of more than 20% above what Blue Bird closed at in Jakarta on Monday and would value the company at about $600 million.

The deal would build on an existing partnership — closely held Gojek already offers taxi reservations for Blue Bird’s taxis on its app — as the companies face mounting competition from Singapore-based Grab Holdings Inc. It would also mark as one of the latest investments for Gojek, which at $10 billion is the country’s most valuable startup, as it expands in areas such as food delivery and digital payments.

Asked to comment, Gojek said it doesn’t comment on market speculation. A Blue Bird representative couldn’t immediately comment.

Blue Bird shares fell 4.8% on Monday, their biggest drop since September 2018, after rallying a record 29% during the final two trading days of last week.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.