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Indonesia's Traveloka Eyes $5B US Listing Via SPAC Merger With Bridgetown Holdings: Bloomberg

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  • Indonesian travel unicorn Traveloka is in advanced talks for public listing via special purpose acquisition company (SPAC) merger with billionaires Richard Li and Peter Thiel sponsored Bridgetown Holdings Ltd (NASDAQ: BTWN) in a deal worth $5 billion, Bloomberg reports.

  • The fundraise could range between $500 million and $750 million via a private investment in public equity (PIPE).

  • Bridgetown shares rose close to 6% in premarket trading, extending their 13% gain on Thursday.

  • SoftBank Group Corp (OTC: SFTBF) (OTC: SFTBY)-sponsored Singapore’s ride-hailing and financial services start-up Grab is ready for a U.S. listing via Altimeter Capital’s SPAC Altimeter Growth Corp (NASDAQ: AGC), with a $40 billion valuation.

  • Traveloka was valued at around $2.75 billion in 2020.

  • Bridgetown had raised roughly $595 million in October initial public offering (IPO) backed by Thiel’s Los Angeles-based personal investment vehicle Thiel Capital and Li’s Hong Kong-based investment company Pacific Century Group.

  • Representatives for Bridgetown and Traveloka declined to comment to Bloomberg.

  • Traveloka has expanded its base across six Southeast Asian nations, including Australia, enabling consumer flight and hotel reservations across countries. Traveloka gradually diversified its offerings into finance apart from travel, lifestyle, and accommodation booking portfolio.

  • Traveloka’s sponsors include Expedia Group Inc (NASDAQ: EXPE), Rocket Internet SE (OTC: RCKZF), East Ventures, Li’s FWD Group Ltd., and Singapore’s GIC Pte.

  • Price action: BTWN shares traded higher by 3.06% at $12.48 in the premarket session on the last check Friday.

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