TikTok to Invest Over $1.5 Billion in Deal With Indonesia’s GoTo Group

Bytedance’s TikTok will invest more than $1.5 billion in a deal to merge its Indonesia business with GoTo Group’s e-commerce platform, a move that will allow the Chinese video-sharing app to resume retail operations in the populous Southeast Asian nation.

The companies said Monday that TikTok Shop Indonesia and GoTo’s Tokopedia arm will be combined under the existing Tokopedia entity, with TikTok taking a controlling stake. TikTok plans to invest more than $1.5 billion into the venture over time, they said.