February 1 News - According to the latest disclosed transaction details, Indonesia's tech leader GoTo has announced to the world that TikTok has successfully completed the acquisition announced last December. Specifically, TikTok invested $840 million to acquire a 75.01% stake in GoTo's e-commerce business, Tokopedia.
After the completion of this acquisition, TikTok Shop's operations in Indonesia will be fully merged with Tokopedia. The newly merged entity, PT Tokopedia, will be controlled by TikTok, and TikTok has also committed to investing over $1.5 billion in PT Tokopedia in the future to support its long-term development.
Patrick Walujo, CEO of GoTo, expressed his approval of the partnership: "The smooth completion of this cooperation with TikTok will bring substantial benefits to Indonesia and its local small and micro businesses."
According to ITBEAR Tech News, TikTok had previously temporarily withdrawn from the Indonesian e-commerce market due to local policies but returned during the "Indonesia Online Shopping Day" on December 12 last year. Jerry Sambuaga, Deputy Minister of Trade of Indonesia, also clearly stated that as long as TikTok complies with relevant Indonesian regulations and procedures, it has the right to freely choose to cooperate with any e-commerce platform.
However, it is worth noting that in late September 2023, Indonesian Trade Minister Zulkifli Hasan proposed a new viewpoint, stating that "social media and e-commerce should be separated to ensure algorithms are not fully manipulated and to prevent personal data from being commercially exploited." This view may have a certain impact on the future cooperation between TikTok and GoTo.
Source: ITBEAR Tech News
February 1 News - According to the latest disclosed transaction details, Indonesia's tech leader GoTo has announced to the world that TikTok has successfully completed the acquisition announced last December. Specifically, TikTok invested $840 million to acquire a 75.01% stake in GoTo's e-commerce business, Tokopedia.
After the completion of this acquisition, TikTok Shop's operations in Indonesia will be fully merged with Tokopedia. The newly merged entity, PT Tokopedia, will be controlled by TikTok, and TikTok has also committed to investing over $1.5 billion in PT Tokopedia in the future to support its long-term development.
Patrick Walujo, CEO of GoTo, expressed his approval of the partnership: "The smooth completion of this cooperation with TikTok will bring substantial benefits to Indonesia and its local small and micro businesses."
According to ITBEAR Tech News, TikTok had previously temporarily withdrawn from the Indonesian e-commerce market due to local policies but returned during the "Indonesia Online Shopping Day" on December 12 last year. Jerry Sambuaga, Deputy Minister of Trade of Indonesia, also clearly stated that as long as TikTok complies with relevant Indonesian regulations and procedures, it has the right to freely choose to cooperate with any e-commerce platform.
However, it is worth noting that in late September 2023, Indonesian Trade Minister Zulkifli Hasan proposed a new viewpoint, stating that "social media and e-commerce should be separated to ensure algorithms are not fully manipulated and to prevent personal data from being commercially exploited." This view may have a certain impact on the future cooperation between TikTok and GoTo.
Source: ITBEAR Tech News
