Alibaba Group, SoftBank Group and Singapore sovereign wealth fund GIC are among Tokopedia's investors, while Gojek's include Google, Warburg Pincus and Tencent.
Sources familiar with the situation had earlier said the companies were seeking a US$18 billion merger.In a joint statement, the firms did not give a current value of the merged GoTo Group, but said that based on historical fundraising of the companies, the combined past valuation was US$18 billion. Gojek chief executive Andre Soelistyo will lead the combined business as GoTo's CEO, while Tokopedia president Patrick Cao will become president of GoTo.
"Our business model is now even more diverse, stable and sustainable. We have Gojek's high volume, high frequency mobility transactions, combined with Tokopedia's high value, medium frequency e-commerce transactions," said Cao.with a special purpose acquisition company .
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