Skadden, Arps, Slate, Meagher & Flom and Davis Polk & Wardwell are advising on an e-commerce unit sale by PT GoTo Gojek Tokopedia Tbk to social media platform, TikTok.
As part of the agreement, TikTok, which is owned by parent company ByteDance Ltd. founded by Chinese entrepreneurs, will acquire most of Indonesian technology conglomerate GoTo’s e-commerce unit for $840 million. It has also committed to further investing up to $660 million into the acquired unit, taking the total sum to $1.5 billion.
