Indonesia’s Traveloka has halted talks to go public through a deal with Bridgetown Holdings Ltd., a blank cheque company backed by billionaires Richard Li and Peter Thiel, according to people familiar with the matter. 

The board of directors of the Southeast Asian online travel giant has decided not to pursue a listing via a special purpose acquisition company now as the enthusiasm in the SPAC market has waned, the people said, asking not to be named as the matter is private. The Southeast Asian online travel company will likely explore going public via a traditional initial public offering in the U.S. instead, the people said. 

If the market recovers, Traveloka may revisit talks with Bridgetown or a different SPAC, one person said. The two sides will continue to monitor the situation in the coming weeks, this person said.

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