Gojek and Tokopedia in advanced talks to seal a $18 billion merger, sources say

People familiar with the matter said on Tuesday that ride-hailing and payment company Gojek and e-commerce company PT Tokopedia are in advanced $18 billion merger talks, Bloomberg reported.

The two companies agreed on the due diligence of each other’s business in late December, according to the sources.

“These are amicable conversations between mutually trusted partners. The broad terms are largely agreed,” said one of the sources. 

According to two people, talks between Gojek and Tokopedia started in 2018 but did not materialise in a deal. Negotiations started in November following months-long merger talks between Gojek and Grab started faltering, they said.

“An international listing for a regional internet group will showcase that Southeast Asia isn’t a one-hit wonder. It’ll pave the way for global growth and exits for several other high-growth startups from the region,” said Varun Mittal, head of emerging markets fintech business at E&Y.