JAKARTA (Reuters) -Indonesia’s antitrust agency has given its “conditional” blessing to last year’s takeover of the country’s biggest e-commerce platform Tokopedia by TikTok after ending its probe into potential monopoly risks, it said on Wednesday.
TikTok, owned by China’s ByteDance, completed a deal in January 2024 to buy 75.01% of Tokopedia for $840 million from GoTo.
The antitrust agency (KPPU) said it had given conditional approval to the deal after Tokopedia and TikTok agreed to comply with all the requirements asked of them.
During a previous investigation process, the agency found a significant increase in market concentration and the possibility of post-acquisition price increases due to market dominance.
The agency then listed several requirements for TikTok and Tokopedia, including guaranteed open methods for payment and logistics and measures to prohibit predatory pricing.
A TikTok spokeperson said they respect and appreciate KPPU’s decision on the conditional approval.
“Fair competition principles have been part of our approach from the start, and we remain committed to implementing them consistently to support a fair and inclusive digital ecosystem,” the spokesperson said.
Tokopedia did not immediately respond to a request for comment.
The agency will continue to monitor whether the requirements are being implemented until June 17, 2027, it said in a press release.
The antitrust agency has the power to investigate and determine violations of competition law and impose fines or issue administrative sanctions, based on their findings.
(Reporting by Dewi Kurniawati; Editing by David Stanway)
