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Gojek exits Thai market, sells business to AirAsia
The Jakarta-based firm has sold its Thai business to Malaysian budget carrier Air Asia Group in a stock swap, an exchange that will give Gojek a 4.76 percent stake in the airline’s lifestyle app, AirAsia SuperApp.
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Two months after its merger with e-commerce giant Tokopedia, ride-hailing and payments firm Gojek has announced it will quit the Thai market and begin focusing on two markets where it has gained the upper hand: Singapore and Vietnam.
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wo months after its merger with e-commerce giant Tokopedia, ride-hailing and payments firm Gojek has announced it will quit the Thai market and begin focusing on two markets where it has gained the upper hand: Singapore and Vietnam.
The Jakarta-based firm has sold its Thai business to Malaysian budget carrier Air Asia Group in a stock swap, an exchange that will give Gojek a 4.76 percent stake in the airline’s lifestyle app, AirAsia SuperApp.
In a joint appearance with Gojek chief executive officer (CEO) Kevin Aluwi on Wednesday to announce the move, AirAsia chief executive Tony Fernandes said his company would acquire Gojek's business in return for $50 million worth of shares in AirAsia SuperApp, valuing the division at around $1 billion.
AirAsia SuperApp’s value is greater than the COVID-19-hit budget carrier’s current market value of $868 million. The app offers travel, e-commerce and financial services and is one of three companies under the AirAsia Digital group. The others are logistics venture Teleport and fintech firm BigPay.
Fernandes said that by acquiring Gojek’s Thai business, the company would be able to “turbo-charge” its ambitions in the region.
“I am thrilled that we can short-circuit this through the acquisition of Gojek. When setting up AirAsia, I learned from the success of pioneers like Southwest Airlines. Gojek is one of those pioneers, one of the most successful in Southeast Asia,” Fernandes said at a press briefing.
Read also: Gojek, Tokopedia merge to form GoTo Group
