Indonesian tech giant GoTo announced today that TikTok has officially completed the transaction announced in December last year, spending $840 million to acquire 75.01% of the shares in GoTo’s e-commerce subsidiary, Tokopedia.
GoTo CEO Patrick Walujo said, “Today marks the completion of our partnership with TikTok, which will benefit Indonesia and local small and medium-sized enterprises.”
The two parties announced a strategic partnership in December last year. TikTok’s e-commerce business, which had once bid farewell to the Indonesian market due to local policies, was also relaunched on “Indonesia Online Shopping Day” on December 12.
Indonesia’s Deputy Minister of Trade, Jerry Sambuaga, had stated that as long as TikTok complies with applicable Indonesian laws and procedures, it can freely collaborate with any e-commerce platform.
In late September 2023, Indonesian Minister of Trade Zulkifli Hasan said, “Social media and e-commerce must be separated so that algorithms are not completely controlled and personal data can be prevented from being used commercially.”
SEE ALSO: ByteDance CEO Liang Rubo Expresses Concern about ByteDance Becoming Mediocre
Sign up today for 5 free articles monthly!
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Pandaily – https://pandaily.com/tiktok-officially-takes-majority-stake-in-local-tech-giant-tokopedia/
