TikTok to invest $1.5 billion in Indonesia shop pact with GoTo

News Snapshot:

ByteDance Ltd.’s TikTok agreed to invest $1.5 billion in a joint venture with Indonesia’s GoTo Group, part of a pact that lets the Chinese company restart its shopping app in its biggest online-retail market. The social media giant will combine its Indonesian TikTok Shop business with GoTo’s e-commerce unit Tokopedia, the companies said in a statement Monday. TikTok gets a controlling 75% stake in that combination, which will run the shopping features of TikTok’s social media app in Indonesia. The deal is designed to address regulatory hurdles and let TikTok revive its online-shopping service in Southeast Asia’s largest retail arena....