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Indonesian Travel Startup Is Said to Weigh $2 Billion SPAC Deal

Indonesian online travel company Tiket.com is exploring going public through a merger with a special purpose acquisition company as it seeks to expand its business, according to people with knowledge of the matter.

The startup is in talks with COVA Acquisition Corp. for a deal that would value the combined entity at about $2 billion, according to the people, who asked not to be identified because the talks are private. Goldman Sachs Group Inc. is advising Jakarta-based Tiket, which is valued at more than $1 billion and owned by diversified Indonesian conglomerate Djarum Group, they said.

The startup may also pursue a traditional initial public offering, a merger or an acquisition to expand, the people said. Negotiations between the two firms aren’t finalized and it’s possible discussions may not result in a deal, they said.

Tiket joins a slew of Southeast Asian internet companies considering SPAC listings or initial public…

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