TikTok to Spend $1.5 Billion Acquiring Goto’s Indonesian Business

The Chinese company ByteDance Ltd.’s TikTok has reached an agreement to spend $1.5 billion in a joint venture that it will manage with Indonesia’s GoTo Group.

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This move enables the Chinese company to revive its shopping app in its largest online retail market.

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The social media behemoth said on Monday that it will merge its TikTok Shop operation in Indonesia with GoTo’s Tokopedia e-commerce division.

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For ByteDance, which is essentially assuming control of a well-known local online retailer in a significant international market

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GoTo’s stock dropped 5.6% in Jakarta as investors evaluated the effects of TikTok taking over its e-commerce division.

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GoTo’s stock dropped 5.6% in Jakarta as investors evaluated the effects of TikTok taking over its e-commerce division.

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