Benzinga | Apr 9, 2021 12:26PM EDT

Gojek, Tokopedia Seek Shareholder Approval After Finalizing Merger Terms: Bloomberg

* Indonesian ride-hailing company Gojek and e-commerce company Tokopedia finalized their merger terms and sought investor approval for a possible deal completion by summer, Bloomberg reports.

* The companies had discussed multiple scenarios to list the combined entity in Jakarta and the U.S. at a possible $40 billion valuation. Interestingly, Indonesia supports dual listing for unicorn IPOs.

* The Indonesian companies have common backers, including Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, Temasek Holdings Pte, and Sequoia Capital India. Tokopedia is also sponsored by Alibaba Group Holding Ltd (NYSE: BABA), which has its e-commerce unit in Lazada.

* Gojek's merger deal with SoftBank Group Corp (OTC: SFTBF) (OTC: SFTBY)-sponsored Indonesian ride-hailing company Grab Holdings did not materialize over regulatory concerns.

* Grab is set for a U.S. listing via Altimeter Capital's SPAC Altimeter Growth Corp (NASDAQ: AGC), with a $40 billion valuation.

* Indonesia's Traveloka is eyeing a $5B U.S. listing via SPAC merger with Bridgetown Holdings (NASDAQ:BTWN).