Gojek in advanced discussions with Tokopedia over $18b merger, IPO

Gojek driver helmets are seen during Go-Food festival in Jakarta, Indonesia, October 27, 2018. REUTERS/Beawiharta

Indonesia’s ride-hailing and payments giant Gojek is in advanced discussions about merging with local e-commerce pioneer PT Tokopedia, ahead of a planned initial public offering of the combined entity, according to people with knowledge of the matter.

The country’s two most valuable startups have signed a detailed term sheet to conduct due diligence of each other’s business, said the people, who asked not to be named as the discussions are private. Both sides see potential synergies and are keen to close the deal as soon as possible in coming months, they said.

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