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Indonesia's Traveloka to suspend merger talks with a SPAC

The unicorn's plan shaken by waning SPAC market

An employee works at Traveloka's headquarters in Jakarta, Indonesia. The company is now likely to go public via a traditional IPO in the U.S., raising up to $400 million.   © Reuters

CEBU, Philippines -- Indonesian unicorn Traveloka has decided not to pursue talks to list in the U.S. through a merger with Bridgetown Holdings, a special purpose acquisition company (SPAC) backed by billionaires Richard Li and Peter Thiel, DealStreetAsia has learnt. The news was first reported by Bloomberg.

The development comes as enthusiasm in the SPAC market has reportedly waned after more than 400 blank check companies raised over $115.6 billion this year, mainly on Wall Street.

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