AirAsia has finalised the deal to acquire Gojek’s business in Thailand. The Malaysian budget airline will acquire Gojek's business in return for $50 million worth of shares in AirAsia SuperApp, valuing the division at around $1 billion. It is worth more than AirAsia’s current market value of $868 million at a time when it has been looking to raise more capital.

As reported by Nikkei Asia, Gojek and AirAsia announced an all-share deal on Wednesday (7 July) that will see the Indonesian tech group take a 4.76% stake in AirAsia's own "superapp" business, in newly issued shares, in exchange for its Thai business.

Two months after its merger with Tokopedia, Gojek began to focus on two markets where it has gained the upper hand: Singapore and Vietnam. Meanwhile, Air Asia just applied for a digital banking licence in Malaysia, signaling a shift in focus towards digital business as air travel has plummeted due to the coronavirus restrictions.

“By taking on Gojek's well-established Thai business, we will be able to turbo-charge our ambitions in this space," AirAsia Chief Executive Tony Fernandes said in a statement.

Gojek CEO Kevin Aluwi said at an online conference that the deal will enable Gojek to pivot their focus on international markets towards Vietnam and Singapore, which will provide Gojek the best return on investment and strategic growth opportunities.

“When we realised that we couldn't properly commit the right resources to Thailand, we ensured we could find the right partner with the commitment and resources…but we remain as committed as ever to growing our markets outside of Indonesia,” Aluwi added.

Gojek's app in Thailand will run until the end of July. AirAsia plans to have its superapp available and running in August.