Tokopedia denies report on sales agreement with Gojek

INDONESIAN e-commerce platform Tokopedia is denying a media report that it has signed a sales agreement as part of ongoing merger efforts with Gojek.

On March 2, media outlet D-Insights reported, citing information it had obtained, that Tokopedia and Gojek had signed a conditional sales and purchase agreement as part of their planned merger.

Addressing the report, Tokopedia's vice-president for corporate communications Nuraini Razak said in a statement: "The news is inaccurate and purely speculative. If there is any corporate action, we will inform the media accordingly."

Gojek declined to comment on the matter.

Last month, Bloomberg reported that Tokopedia and Gojek are finalising the terms of their merger, with the ultimate goal of pursuing an initial public offering in Indonesia and the US.

The report said that discussions involved Gojek owning 60 per cent of the merged entity, with Tokopedia holding the remainder. The target valuation at listing was said to be between US$35 billion and US$40 billion.

The discussions came after Gojek's negotiations with Grab on a merger reportedly fell through as the two tech giants failed to reach an agreement.

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