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TikTok to invest $1.5 billion in Indonesia's GoTo

Tan KW
Publish date: Mon, 11 Dec 2023, 11:52 AM
Tan KW
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JAKARTA - TikTok will take a controlling stake in an e-commerce unit of Indonesia's biggest tech firm PT GoTo Gojek Tokopedia, a partnership that will see the short video app invest $1.5 billion over the long term, the two companies said on Monday.

Under the deal, Tokopedia will purchase TikTok Shop assets worth $340 million, while TikTok will buy a 75.01% stake in GoTo's PT Tokopedia via a new share issuance worth $840 million, according to a stock exchange filing by GoTo.

 


  - Reuters

 

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