UPDATED : Para Group Acquire Indonesia’s Online Media Giant Detikcom
Amir Karimuddin - 28 June 2011
We just received a breaking news that Para Group, one of business conglomerates in Indonesia owned by Chairul Tanjung and has business sectors in banking (Bank Mega), media, and entertainment (TransCorp) , has acquired Indonesia’s online media giant. Most likely the media giant will become a part of TransCorp media’s arm.
This could be the largest and high profile acquisition in Indonesian startup history. We will give you more updates the soonest we get further information.
Detik finally confirm the acquisition today, even though we didn’t mention any names earlier, seems like you guys can figure which company we were talking about. Just a few days ago, Detik announce the acquisition internally and today the news went public via newspaper (photo via tommyprass).
Bisnis.com states that Detikcom’s backers Tiger Investment (owned 39%) and Mitsui & Co. (2%) wanted to exit the company and that acquisition is the best way for all parties. Detik has been rumored to be looking for potential buyers since last year with Telkom rumored to be one of the bidder and when the negotiation with Telkom didn’t went well they decided to negotiate with TransCorp via its parent company Para Group.
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There’s also an anonymous rumor saying that Detikcom was valued around US$60 million when they went to negotiate with Telkom, so it’s more likely that they’re selling the company slightly below that number to Para Group.