Indonesia’s Gojek, Tokopedia to merge as GoTo Group

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SINGAPORE (AP) — Indonesian ride hailing company Gojek and e-commerce firm Tokopedia said Monday that they are merging, in the largest ever deal in the country’s history. The new company, called GoTo Group, will provide services from ride-hailing and financial services to e-commerce. GoTo is backed by investors including Alibaba Group, BackRock, Tencent and Temasek Holdings. The merger comes a month after Gojek’s largest rival, Singapore-based Grab Holdings, said it would list in the United States via a merger with a special public acquisition company (SPAC) that valued the company at $40 billion. Gojek co-CEO Andre Soelistyo will lead the new company, while Tokopedia’s President Patrick Cao will retain his title in the combined entity.

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