Throughout 2020, there have been rumours circulating about a merger between Gojek (1379371D IJ) and Grab (0967655D SP) . Towards the latter part of 2020, several news reports had stated that Grab and Gojek have agreed in principal to merge their operations and Grab has offered Gojek a 30% stake in the merged entity. Gojek and its shareholders were however pushing for a larger stake on account of the company’s extensive presence in Indonesia (which is Southeast Asia’s largest market), whereby the deal is yet on hold.
On the other hand, on December 17th 2020, several news media outlets reported that Tokopedia PT (1087142D IJ) has appointed US banks Morgan Stanley and Citibank as advisors for its IPO as it seeks to carry out plans to go public. Tokopedia had also been approached by Bridgetown Holdings (a special purpose acquisition company (Spac) backed by the Hong Kong businessman Richard Li and the Silicon Valley investor Peter Thiel). However, on 5th January 2021, Bloomberg reported that Gojek is now in talks with Tokopedia for a merger which would be carried out prior to a planned IPO of the combined entity, which is to list in the US and Indonesia.