GOTO Stock Turns Green After TikTok Completes Tokopedia Acquisition

PT GoTo Gojek Tokopedia Tbk. (GOTO) shares have shown a three-day upward trend, according to data compiled by Yahoo Finance.

At the close of trading on Monday, January 29, 2024, the share price was Rp78 per share. The share price then surged to Rp87 per share on Tuesday, January 30, 2024.

A further, albeit slight, increase occurred on Wednesday, January 31, 2024, reaching Rp88 per share. Finally, the latest data on Thursday, February 1, 2024, shows a rise to Rp90 per share.

Based on RTI Business data, the trading volume of GOTO shares reached 5.44 billion shares with a frequency of 16,000 times today. The transaction value reached Rp491.67 billion, and the market capitalization reached Rp108.13 trillion.

The upward momentum of GOTO shares coincides with the completion of TikTok's acquisition of Tokopedia.

Katadata reported that TikTok officially became the controlling shareholder of Tokopedia. The total value of the transaction amounted to US$2.18 billion, or approximately Rp34 trillion, assuming an exchange rate of Rp15,700 per US$ on Wednesday, January 31, 2024.

The transaction was divided into three schemes. First, Tokopedia purchased TikTok Shop's assets operating in Indonesia for US$340 million, equivalent to Rp5.3 trillion.

Second, TikTok, through TikTok Nusantara (SG) Pte. Ltd., acquired a 75.01% stake in newly issued Tokopedia shares worth US$840 million, or approximately Rp13.2 trillion.

(Read also: [Gojek and Tokopedia Transactions Decline Until Q3 2023](https://databoks.katadata.co.id/datapublish/2023/11/01/transaksi-gojek-dan-tokopedia-turun-hingga-kuartal-iii-2023-apa-penyebabnya))

Third, Tokopedia will receive Promissory Notes from TikTok worth US$1 billion, or approximately Rp15.7 trillion, which will be used as working capital.

GoTo Group's President Director, Patrick Walujo, stated that this transaction is a significant step for GoTo Group after successfully achieving positive adjusted EBITDA in the fourth quarter of 2023.

"We will accelerate our growth, including through support and cooperation with the company's business partner ecosystem," he said.

Meanwhile, TikTok Indonesia's Executive Director of E-commerce, Stephanie Susilo, said this moment marks a significant achievement in realizing the company's commitment to contributing further to Indonesia, MSMEs, and digital economic growth together with GoTo as a partner.

(Read more: [Tokopedia Appoints New CEO](https://katadata.co.id/syahrizalsidik/finansial/65bb16501b236/saham-goto-melesat-usai-tiktok-tuntaskan-akuisisi-tokopedia?page=2))