Indonesian e-commerce unicorn Tokopedia has announced a merger with fellow unicorn and ride-hailing giant GoJek to create a new company called GoTo Group.
The deal marked the largest merger in the country to date, with a combined value of USD18 billion.
Indonesian law firm Hiswara Bunjamin & Tandjung and its associated international firm, Herbert Smith Freehills, advised two major shareholders of Tokopedia, while another local firm, Ginting & Reksodiputro, and its associate international firm, Allen & Overy, advised Tokopedia. Assegaf Hamzah & Partners and Davis Polk & Wardwell advised Gojek.
Hiswara Bunjamin & Tandjung’s team in Jakarta was led by partner Sakurayuki and assisted by associate Adiguna Randitya. The Herbert Smith Freehills team in Singapore was led by partner Mark Robinson with the help of associates Sophie Lenox and Nang Su Wai.
Separately, Hiswara’s Jakarta team advised another major Tokopedia shareholder, led by senior international counsel David Dawborn and assisted by legal counsel Brandon Van Slyke and associate Astri Widita Kusumowidagdo.
“Southeast Asia’s tech innovators are now firmly playing on the world stage,” said Robinson. “With this transaction, Grab’s recent SPAC-listing deal, and Sea’s market capitalisation, we’re witnessing a coming-of-age for companies in which we’ve been involved since startup.
“Interest and investment in the Indonesian tech sector, and particularly e-commerce, has boomed since the pandemic began, and the merger of two of the country’s most successful new companies is an important milestone for the entire industry,” he said.
Sakurayuki, in Jakarta, said that both unicorns had grown from local startups to unicorn giants in just over 10 years.
Ginting & Reksodiputro’s team advising Tokopedia in Jakarta was led by partner Sugianto Osman with the help of senior associate Sam Samid and associates Niki Satyapeni, Rosy Madian, Kevin Johnson and Trysa Arifin. In Singapore, senior associate Tom Jokelson led Allen & Overy’s team with the assistance of partners Christopher Moore and Brendan Hannigan, and senior associates Catriona Chau and Adarsh Chhabria.
Assegaf Hamzah and Partner’s team in Jakarta was led by partners Bono Daru Adji and Indira Yustikania with the help of associates Fanissa Runalita and Wyncent Halim. The Davis Polk corporate team in Hong Kong was led by partner Miranda So, counsel Sam Kelso, and associates Samuel Kang and Park Joo.