UPDATE 1-TikTok to invest $1.5 bln in GoTo’s Indonesia e-commerce business

TikTok will take a controlling stake in an e-commerce unit of Indonesia's biggest tech firm PT GoTo Gojek Tokopedia, a partnership that will see the short video app invest $1.5 billion over the long term, the two companies said on Monday. The deal comes after Indonesia in October banned online shopping on social media platforms to protect smaller merchants and users' data, forcing TikTok to close its e-commerce service TikTok Shop. Under the deal, TikTok will buy 75.01% of GoTo's PT Tokopedia, Indonesia's biggest e-commerce platform, for $840 million and inject TikTok Shop's Indonesia business into the enlarged Tokopedia entity.