Insight - Unicorn marriage is brilliant but risky

On the go: A Go-Jek driver riding a motorcycle on a street in Jakarta. Gojek has over 190 million app downloads across the region. — Reuters

AN US$18bil merger between Indonesia’s transportation king Gojek and e-commerce giant PT Tokopedia would create the kind of champion South-East Asia’s largest nation deserves. The real synergies may be hidden below the surface, just like the landmines they face.

Both are ready for a possible deal, with a view toward an initial public offering, Bloomberg News wrote yesterday. Term sheets have been signed and due diligence is next, according to the report. A Jakarta listing is a near certainty to show patriotism, while an overseas sale – perhaps in New York – is also likely.