TikTok Strikes $1.5bn Deal with GoTo to Restart E-commerce in Indonesia

The joint venture will integrate TikTok Shop's Indonesia business with the country's largest e-commerce platform, Tokopedia, following regulatory hurdles.

TikTok has agreed to invest $1.5 billion in a joint venture with Indonesian tech giant GoTo, acquiring a controlling stake in the country's largest e-commerce platform, Tokopedia.
The deal comes after TikTok had to shut down its online shopping service in Indonesia in October, following new regulations banning online shopping on social media platforms.
The partnership will allow TikTok to restart its e-commerce operations in Indonesia, which is TikTok's largest online retail market.
The joint venture will see TikTok Shop's Indonesia business integrated with Tokopedia, with the new entity operating and maintaining the shopping features within the TikTok app in Indonesia.
The deal is expected to close in the first quarter of 2024, with TikTok planning to invest over time, without additional dilution to GoTo.

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