ByteDance-owned TikTok has agreed to invest $1.5bn in a unit of Indonesia’s GoTo in a deal designed to rescue its shopping business in the country two months after the introduction of regulation threatening its ecommerce app.
TikTok will take a controlling 75.01 per cent stake in Tokopedia, an ecommerce unit of Jakarta-listed technology group GoTo, said the companies on Monday. As part of the transaction, Tokopedia will acquire TikTok Shop’s Indonesia business for $340mn, enlarging its ecommerce platform.
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