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TikTok to invest $1.5 billion in Indonesia’s GoTo

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

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