The deal, which has been in the works for several months, comes after Gojek spent several quarters exploring a merger with Grab. Tokopedia, meanwhile, was in talks late last year to pursue a public listing this year. Gojek and Tokopedia began talking earlier this year and last month moved to seek approval from their respective investors. During their talks, the proposed valuation of GoTo was $18 billion.

The companies, which have together raised about $8.2 billion over the years (according to research firm Tracxn), didn’t comment on the final valuation Monday nor did they disclose any other financial terms of the deal.

The friendship of Gojek and Tokopedia founders may have helped close this deal. The two companies first began working together in 2015 to accelerate e-commerce deliveries using Gojek’s local network of drivers.

Nikkei Asia weekly reported that this merger will reshape the entire technology playing field of Southeast Asia. This area will have three big players, Sea, Grab and GoTo competing directly with each other.

The Gojek-Tokopedia deal was announced in the context of the technology competition in Southeast Asia heating up, especially since Sea has gone deeper into the areas of strength of both Gojek and Tokopedia.

According to TechCrunch