Indonesia’s Considers $2Billion SPAC Deal

Indonesian online travel company is considering going public through a merger with a special purpose acquisition company, people with knowledge of the matter say.

The startup is in talks with COVA Acquisition Corp. for a deal that would value the combined entity at about $2 billion.

Goldman Sachs Group Inc. is advising Jakarta-based Tiket, which is valued at more than $1 billion and owned by diversified Indonesian conglomerate Djarum Group, the people confirmed.

The startup may also pursue a traditional initial public offering, a merger or an acquisition to expand, the people said.

Negotiations between the two firms aren’t finalized and it’s possible discussions may not result in a deal.

As part of the deal, Tiket could raise about $200 million in a private investment in public equity, or PIPE, that often accompanies a SPAC merger. was founded in 2011, a year before Traveloka. Djarum acquired Tiket in 2017 and put it under the leadership of Chief Executive Officer George Hendrata, previously Djarum’s director of business development and diversification.

Tiket’s platform lets consumers buy tickets for flights, trains as well as concerts and other events. Users can also book hotel and rental cars in Indonesia. It has a network of more than 90 airlines, 2.8 million hotels and other lodgings, and more than 400 corporate partners.

Tiket’s sales of plane tickets and hotel bookings surged more than 300% in the first three months of 2021 compared with the second quarter of 2020, when business was hurt by the onset of the coronavirus pandemic, according to the company’s press release in April.

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