AirAsia buys Gojek’s Thai business, prepares to list local airline unit

AirAsia ventures into the digital space

Malaysian budget carrier AirAsia Group will buy the Thai business of Indonesian ride-hailing and e-commerce firm Gojek for $50 million, paid in shares of the airline’s digital business, both companies said on July 7.

The deal will give Gojek a 4.76% stake in AirAsia SuperApp, valuing the division at around $1 billion, more than the pandemic-hit airline’s current market value of $868 million at a time when it has been looking to raise more capital.

Gojek’s operations in Thailand include ride-hailing, food delivery and payments. So far, it had been loss-making since its launch in 2019.

“By taking on Gojek’s well-established Thai business, we’ll be able to turbo charge our ambitions in this space to become a leading ASEAN challenger super app,” AirAsia group chief executive officer Tony Fernandes said in a statement.

SuperApp for travel, e-commerce and financial services

Gojek’s business will be moved to AirAsia SuperApp, a lifestyle platform for travel, e-commerce and financial services and one of three companies under the AirAsia Digital group. The others are logistics venture Teleport and the BigPay fintech business. Fernandes plans to launch the SuperApp in August in Thailand.

Gojek will focus on increasing investment in Vietnam and Singapore after the deal is completed, the statement said.

Thai AirAsia IPO in a few months, digital business could list in US

Meanwhile, the process for the planned initial public offering of Thai AirAsia on the Stock Exchange of Thailand will take about three to four more months, Fernandes said, noting that progress was “nicely.”

In a separate interview with Reuters, Fernandes on July 7 said that AirAsia Group was considering a listing of its digital arm via a special-purpose acquisition company, or SPAC, in the US to raise at least $300 million.



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AirAsia ventures into the digital space Malaysian budget carrier AirAsia Group will buy the Thai business of Indonesian ride-hailing and e-commerce firm Gojek for $50 million, paid in shares of the airline’s digital business, both companies said on July 7. The deal will give Gojek a 4.76% stake in AirAsia SuperApp, valuing the division at around $1 billion, more than the pandemic-hit airline's current market value of $868 million at a time when it has been looking to raise more capital. Gojek’s operations in Thailand include ride-hailing, food delivery and payments. So far, it had been loss-making since its launch...

AirAsia ventures into the digital space

Malaysian budget carrier AirAsia Group will buy the Thai business of Indonesian ride-hailing and e-commerce firm Gojek for $50 million, paid in shares of the airline’s digital business, both companies said on July 7.

The deal will give Gojek a 4.76% stake in AirAsia SuperApp, valuing the division at around $1 billion, more than the pandemic-hit airline’s current market value of $868 million at a time when it has been looking to raise more capital.

Gojek’s operations in Thailand include ride-hailing, food delivery and payments. So far, it had been loss-making since its launch in 2019.

“By taking on Gojek’s well-established Thai business, we’ll be able to turbo charge our ambitions in this space to become a leading ASEAN challenger super app,” AirAsia group chief executive officer Tony Fernandes said in a statement.

SuperApp for travel, e-commerce and financial services

Gojek’s business will be moved to AirAsia SuperApp, a lifestyle platform for travel, e-commerce and financial services and one of three companies under the AirAsia Digital group. The others are logistics venture Teleport and the BigPay fintech business. Fernandes plans to launch the SuperApp in August in Thailand.

Gojek will focus on increasing investment in Vietnam and Singapore after the deal is completed, the statement said.

Thai AirAsia IPO in a few months, digital business could list in US

Meanwhile, the process for the planned initial public offering of Thai AirAsia on the Stock Exchange of Thailand will take about three to four more months, Fernandes said, noting that progress was “nicely.”

In a separate interview with Reuters, Fernandes on July 7 said that AirAsia Group was considering a listing of its digital arm via a special-purpose acquisition company, or SPAC, in the US to raise at least $300 million.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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