Gojek closes in on deal to buy 5 percent of Indonesia taxi operator Blue Bird: Sources

Gojek driver. Sketched by the Pan Pacific Agency.

JAKARTA, Dec 17, 2019, The Business Times. Gojek, the Indonesian all-purpose super app provider, is nearing an agreement to buy 5 per cent of top local taxi operator PT Blue Bird, according to people familiar with the matter, The Business Times reported.

Gojek would pay about US$30 million, the people said, asking not to be named discussing a private matter. That implies a price of more than 20 per cent above what Blue Bird closed at in Jakarta on Monday and would value the company at about US$600 million.

The deal would build on an existing partnership — closely held Gojek already offers taxi reservations for Blue Bird’s taxis on its app — as the companies face mounting competition from Singapore-based Grab Holdings Inc. It would also mark as one of the latest investments for Gojek, which at US$10 billion is the country’s most valuable startup, as it expands in areas such as food delivery and digital payments.

Asked to comment, Gojek said it doesn’t comment on market speculation. A Blue Bird representative couldn’t immediately comment.

“The stake acquisition should bring further synergies,” Jessica Pratiwi, an analyst at RHB Sekuritas Indonesia, said in a note to clients. Bookings through Gojek account for about 20 per cent of Blue Bird’s regular taxi orders, she said.

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