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TikTok Finds Its Way Back Into Indonesia’s Booming E-Commerce Market

Yasuyoshi CHIBA / AFP

Chinese-owned TikTok announced on Monday that it is taking over 75% stake in Tokopedia, the Indonesian e-commerce unit of GoTo’s super-app ecosystem. The company said that it will spend a total of $1.5 billion and that the transaction will be completed by the first quarter of next year.

“As part of the agreement, Tokopedia and TikTok Shop Indonesia’s businesses will be combined under the existing Tokopedia entity in which TikTok will take a controlling stake,” TikTok said in the statement. “The shopping features within the TikTok app in Indonesia will be operated and maintained by the enlarged entity.”

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