Indonesia’s two most valuable startups, ride-hailing giant Gojek and e-commerce provider PT Tokopedia, are finalizing terms for their merger and aiming to reach an agreement as early as this month, according to people familiar with the matter.

The two companies are discussing a variety of scenarios with the goal of ultimately listing the combined entity in both Jakarta and the US, said the people, asking not to be identified because the negotiations are private. The target valuation in the public markets is between US$35 billion ($46.49 billion) and US$40 billion, one of the people said.

Representatives of Gojek and Tokopedia declined to comment.

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