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TikTok’s logo is displayed on a mobile phone screen in Ankara, Turkiye on December 5, 2023.
Didem Mente | Anadolu | Getty Images
TikTokĀ will take a controlling stake in an e-commerceĀ unit ofĀ Indonesia’s biggest tech firm PT GoTo Gojek Tokopedia, a partnership that will see the short video appĀ investĀ $1.5 billion over the long term, the two companies said on Monday.
The deal comes afterĀ IndonesiaĀ in October banned online shopping on social media platforms to protect smaller merchants and users’ data, forcingĀ TikTokĀ to close its e-commerceĀ serviceĀ TikTokĀ Shop.
Under the deal,Ā TikTokĀ will buy 75.01% ofĀ GoTo’sĀ PT Tokopedia,Ā Indonesia’s biggest e-commerceĀ platform, for $840 million and injectĀ TikTokĀ Shop’sĀ IndonesiaĀ businessĀ into the enlarged Tokopedia entity.
“The strategic partnership will commence with a pilot period carried out in close consultation with and supervision by the relevant regulators,” the two firms said in a joint statement.
Many ofĀ Indonesia’s over 270 million population are active social media users, andĀ TikTokĀ has 125 million users in the country.
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