Thiel-backed Bridgetown targets Indonesia's Tokopedia for merger - source (updated)

MoneyHero

15/12/2020 16:06

(Recasts with sourcing, adds details)
    By Anshuman Daga and Fanny Potkin
    SINGAPORE, Dec 15 (Reuters) - Indonesia's largest e-commerce
firm Tokopedia has received a merger approach from blank-check
acquisition firm Bridgetown Holdings Ltd  BTWN.O , but hasn't
decided whether to pursue a deal, a source with knowledge of the
matter told Reuters. 
    Bridgetown has also held talks with other Southeast Asian
companies in the last few months, but hasn't finalised a merger,
said the source, who declined to be identified as he was not
authorised to speak about the matter.
    Bridgetown, backed by Asian tycoon Richard Li and Silicon
Valley billionaire Peter Thiel, raised $595 million in an
upsized U.S. initial public offering in October.
    It joined a frenzy of fund raisings by so-called
blank-check, or special purpose acquisition companies (SPACs),
which raise money and then aim to acquire private companies,
helping them go public.
    A SPAC deal is a possible option for Tokopedia, said another
source with knowledge of the matter.
    Tokopedia could be valued between $8 billion and $10 billion
as Bridgetown considers a merger with the company, Bloomberg
News reported earlier.
    Bridgetown declined to comment while Tokopedia did not
respond to a Reuters request for comment. Bridgetown's shares
jumped 18%.
    Tokopedia, backed by SoftBank Group Corp  9984.T  and
Alibaba Group Holding  BABA.N , declared plans earlier this year
to start preparing for a public listing but is facing increasing
competition from SEA's  SE.N  Shopee, the biggest e-commerce
platform in Southeast Asia.
    Tokopedia, which raised $350 million from Google  GOOGL.O 
and Singapore state investor Temasek Holdings in November, had
not met its aim of raising at least half a billion in its latest
round, according to the second source.
    Founded in 2009, Tokopedia provides an online marketplace
that allows individuals and businesses in Indonesia to open
their own online stores. 
    According to public documents, Tokopedia is also a major
shareholder in OVO, one of Indonesia's largest e-wallets.

 (Reporting by Anshuman Daga and Fanny Potkins; Additional
reporting by Ayanti Bera in Bengaluru; Editing by Maju Samuel,
Sumeet Chatterjee and Mark Potter)
 ((anshuman.daga@thomsonreuters.com))