Gojek and Tokopedia are in advanced talks on $18 billion merger

Indonesian ride-hailing and payments firm Gojek and e-commerce leader Tokopedia are in advanced talks to seal a $18 billion merger ahead of a potential dual listing in Jakarta and the United States.

Common investors in the pair, which are Indonesia’s most valuable start-ups, include Temasek, Sequoia Capital and Google. Alibaba Group and SoftBank Group are among Tokopedia’s investors, while Gojek’s include Warburg Pincus LLC and Tencent Holdings.

The people said Gojek was last valued at just over $10 billion and Tokopedia at around $7 billion. The combined entity would figure in the top 10 Indonesian companies by market value and become one of the largest Southeast Asian tech companies.

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