(Corrects to SoftBank Group Corp in third paragraph, not SoftBank Corp)
Dec 15 (Reuters) - Blank-check acquisition firm Bridgetown Holdings Ltd is considering a merger with Indonesian e-commerce firm PT Tokopedia, Bloomberg News reported here on Tuesday, citing people familiar with the matter.
A special purpose acquisition company (SPAC) is Tokopedia’s possible option, a source with knowledge of the matter told Reuters.
The company, backed by SoftBank Group Corp, had declared plans earlier this year to start preparing for a public listing but is facing increasing competition from SEA’s Shopee, the biggest e-commerce platform in Southeast Asia.
Tokopedia, which raised $350 million from Google and Singapore state investor Temasek in November, had not met its aim of raising at least half a billion in its latest round, the Reuters source said.
Tokopedia could be valued between $8 billion and $10 billion in a deal, the Bloomberg report said. Deliberations are at a preliminary stage and Bridgetown could still look at other potential targets, it added.
Founded in 2009, Tokopedia provides an online marketplace that allows individuals and businesses in Indonesia to open their own online stores.
According to public documents, Tokopedia is also a major shareholder in OVO, one of Indonesia’s largest e-wallets.
Bridgetown, backed by billionaires Peter Thiel and Richard Li, declined to comment while Tokopedia did not immediately respond to a Reuters request for comment.
Bridgetown’s shares soared 25% in premarket trading after the Bloomberg report. (Reporting by Ayanti Bera in Bengaluru and Fanny Potkin in Singapore; Editing by Maju Samuel)