JAKARTA (Reuters) – 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.
(Reporting by Ananda Teresia: Editing by Neil Fullick)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.
Source: The Print
