AirAsia Acquires Gojek’s Thai Operations in US$50 Million Stock Swap
Malaysian airline AirAsia recently revealed a deal with Indonesian courier and motorcycle ride-hailing services company Gojek, acquiring its entire Thai operations in exchange for a 4.76% stake in AirAsia's Super App business.
The deal, which was regarded as a win for both companies, will allow AirAsia to expand its Super App in Thailand, replacing Gojek's services with theirs. The AirAsia Super App is valued at more than US$1 billion, while Gojek’s 4.76% stake will come out to about US$50 million. Gojek, meanwhile, will be able to increase its investments in its Vietnam and Singapore operations.
This move by the company is part of its efforts to realign its international strategy due to the two countries being marked as strong sources of growth for Gojek going forward. The company is planning on increasing driver and merchant acquisition initiatives, enhancements to user experience and the launching of new products and services.
Both companies will also be able to explore additional opportunities for collaboration and synergies in the ASEAN region, thanks to the strong foundation the deal provides.
Gojek CEO Kevin Aluwi called the deal "a testament to the accomplishments" of the company's team in Thailand while praising their efforts on growing the business from its humble beginnings. AirAsia Group CEO Tony Fernandes, meanwhile, mentioned that by taking over Gojek’s operations in Thailand, AirAsia will be able to "turbocharge" its ambition to become a leading challenger super app in the ASEAN region.
"We already have a complete digital economy system... Now it's time to take to the next level," Fernandes said. "In response to overwhelming regional demand, we are setting our sights on bringing our Super App offerings to all of our key markets, following the successful rollout in Thailand."
Gojek app users will still be able to use the app until 31 July 2021, when the transition period between the companies ends. This is done to ensure the transition's stability and for Gojek's many drivers and merchants who will receive invitations to join the AirAsia Super App in the coming weeks.
Written by John Paul Joaquin