Gojek, Tokopedia said to be finalising terms of mega merger ahead of a dual listing

Severan Rault, Gojek CTO

Indonesia’s two most valuable startups, ride-hailing giant Gojek and e-commerce provider PT Tokopedia, are finalizing terms for their merger and aiming to reach an agreement as early as this month, according to people familiar with the matter.

The two companies are discussing a variety of scenarios with the goal of ultimately listing the combined entity in both Jakarta and the US, said the people, asking not to be identified because the negotiations are private. The target valuation in the public markets is between $35 billion and $40 billion, one of the people said.

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