COVA - Indonesia's Tiket said to consider merger with Blibli after SPAC deal falters

Tiket.com, an Indonesian online and travel booking firm, is said to be evaluating a merger with e-commerce platform Blibli after a deal to go public through a SPAC fell apart. Tiket may join with PT Global Digital Niaga, the formal name for Blibli, ahead of planned IPO in Indonesia, according to a Bloomberg report. An IPO may raised about $1 billion for the combined company. The report comes after Bloomberg reported in May that SPAC Cova Acquisition (NASDAQ:COVA) was said to be in talks to to take Indonesian online travel company Tiket.com public in a deal that would valued combined company at about $2B. Tiket.com is not the first travel-related Indonesian SPAC deal to collapse. Indonesia’s Traveloka reportedly halted talks to go public through Bridgetown Holdings (BTWN), a SPAC led by billionaires Richard Li and Peter Thiel, in September.

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Indonesia's Tiket said to consider merger with Blibli after SPAC deal falters