E-WALLET M&A Corporate Action

SHARE TRANSACTIONS AND CORPORATE VALUATION OF OVO AND DANA

Research Report | Digital Wallet Acquisitions | Share Transfers | Investment Valuation

OVO & DANA

Research period: 2017–12 October 2026
Primary focus: Acquisition prices, disclosed transaction values, ownership changes, and estimated company valuations.
Presentation language: English.

Research disclaimer: This article distinguishes reported transaction values from estimates and mathematical illustrations. A share purchase price is not necessarily the value of an entire company. All figures should be checked against the underlying corporate disclosures and original reporting before being used in financial, legal, or investment decisions.

PROMPT QUESTION 1

Transactions Related to the Buying and Selling of OVO and DANA E-Wallet Shares

Investigate the transactions related to the buying and selling of shares in the OVO and DANA electronic-wallet businesses in Indonesia.

PROMPT ANSWER 1

1. Understanding the Nature of the Transactions

OVO and DANA are Indonesian digital-wallet services. To understand transactions involving their shares, it is necessary to distinguish four different concepts:

1. Corporate acquisition: The purchase of shares or control in a company.
2. Secondary share sale: An existing shareholder sells shares to another investor.
3. Investment in a parent company: An investor acquires shares in a holding company rather than directly in the wallet operator.
4. Payment transactions: Ordinary payments conducted using an e-wallet application. These are not share transactions.

Buying shares in a company that owns an interest in OVO or DANA is not necessarily equivalent to buying shares directly in the company operating the digital wallet.

2. OVO: Corporate Ownership and Share Transactions

2.1. Background

OVO is an Indonesian digital-wallet brand associated with PT Visionet Internasional and a broader corporate ownership structure involving strategic investors.

During its development, OVO attracted investment and strategic participation from companies including Grab, Tokopedia, and other investors. Its ownership structure subsequently changed through share transfers and corporate restructuring.

2.2. Reported Ownership Transactions

Period	Transaction or Development	Financial Information
2017–2019	OVO developed its investor and strategic-partner network.	Individual transaction prices require separate verification.
February 2020	Media reports described Lippo Group's reduction of its OVO stake.	Some reporting indicated that Lippo retained approximately 30% at that time. The precise entity and transaction date should be checked against the original report.
October 2021	Grab acquired additional OVO shares from Tokopedia and Lippo Group.	The exact final purchase price was not established from the public sources reviewed.
October 2021	Emtek was reported to have entered the post-restructuring ownership structure.	Reported percentages must be read in the context of the relevant legal entity and transaction date.

2.3. What Was the Acquisition Price of OVO?

Reported media estimate

US$500 million–US$1 billion

Reported estimate of the value associated with the acquisition. This is not a verified official closing price.

Reported company valuation

Approximately US$2 billion

Historical media estimate of OVO's valuation around the 2021 transaction period.

Using an illustrative exchange rate of Rp15,000 per US$1:

Reported or Estimated Item	USD	Illustrative IDR Equivalent
Estimated acquisition value	US$500 million	Rp7.5 trillion
Estimated acquisition value	US$1 billion	Rp15 trillion
Estimated company valuation	US$2 billion	Rp30 trillion

Important distinction: These amounts are historical media estimates converted using an illustrative exchange rate. They are not an official purchase price, a verified closing statement, or a current market valuation.

2.4. Ownership After the 2021 Transactions

Reports described a post-restructuring ownership structure in which Grab held approximately 79.5%, Emtek approximately 12.4%, IDE Teknologi Indonesia approximately 3.2%, and Cakra Finansindo Investama approximately 4.7%.

These figures should not be combined indiscriminately with other ownership percentages reported at different dates. A proper reconciliation requires the legal names of the entities, the share classes, and the applicable corporate records.

3. DANA: Corporate Ownership and Share Transactions

3.1. Background

DANA is an Indonesian digital-wallet service operated by PT Espay Debit Indonesia Koe. Its corporate ownership structure has involved entities associated with Emtek, LazadaPay, and Sinar Mas.

Some significant transactions involved PT Elang Andalan Nusantara (EAN), a company within the ownership structure associated with DANA. The transaction must therefore be understood as a share transfer involving a specific legal entity, rather than automatically as a direct purchase of the DANA brand or operating company.

3.2. Reported Transaction Timeline

Period	Transaction	Reported Value	Interpretation
2017	Early investment and development of the DANA business.	No verified initial acquisition price established here.	Initial investment must be distinguished from subsequent share sales.
End of 2020	Reported sale of 6% of EAN shares by an Emtek-associated entity.	Rp75 billion	A historical transaction value reported by the media.
10 August 2022	PT Kreatif Media Karya (KMK), an Emtek-associated entity, transferred shares in EAN to LazadaPay Holdings Pte. Ltd.	US$304.5 million	A reported transaction value, not automatically the valuation of 100% of DANA.
August 2022	An entity associated with Sinar Mas invested in EAN through PT DSST Dana Gemilang.	US$200 million	A separate reported investment transaction.
February 2026	Media reporting described a potential long-term IPO strategy for DANA.	No verified IPO offer price established here.	A reported IPO consideration does not mean that a public offering has taken place.

3.3. The US$304.5 Million Share Sale

Reports described an August 2022 share-transfer transaction in which KMK transferred 202 Series A shares and 4,792,986 Series B shares in EAN to LazadaPay Holdings Pte. Ltd. The reported transaction value was US$304.5 million.

At an illustrative historical exchange rate of Rp14,875 per US$1, the conversion is:

US$304.5 million × Rp14,875
= approximately Rp4.53 trillion

The transaction value does not by itself establish the total valuation of DANA or EAN. The percentage of the company's total equity represented by the transferred shares, the share classes, and the applicable economic rights must also be established.

3.4. The Separate US$200 Million Sinar Mas Investment

Reports described a separate investment of approximately US$200 million by a Sinar Mas-associated entity in EAN in 2022.

Using the same illustrative historical exchange rate:

US$200 million × Rp14,875
= approximately Rp2.975 trillion

Do not combine the two transactions as if they were one acquisition. The US$304.5 million share sale to LazadaPay and the reported US$200 million Sinar Mas investment were separate transactions with different structures and economic purposes.

3.5. Historical Valuation Illustration from the 2020 Transaction

If the reported sale of 6% of EAN for Rp75 billion is assumed to represent a proportional price for all shares, a simple mathematical extrapolation produces the following result:

Implied 100% equity value

= Transaction value ÷ Percentage sold

= Rp75 billion ÷ 0.06

= Rp1.25 trillion

Illustrative implied valuation

Rp1.25 trillion

Status: Mathematical estimate only.

This calculation assumes that the 6% stake was priced proportionally to all outstanding equity. It is not an official valuation of DANA as a business, nor proof of the market value of the entire company.

A transaction involving a minority stake may include discounts, premiums, different share rights, or other contractual terms. Consequently, a simple percentage-based extrapolation can differ materially from a formal company valuation.

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PROMPT QUESTION 2

Comprehensive Research into OVO and DANA Share Transactions

Investigate the share-purchase and share-sale transactions involving the OVO and DANA digital-wallet businesses over their entire transaction histories through October 2026.

Research objectives:

1. Identify acquisition prices and disclosed transaction values.
2. Estimate company valuations where the evidence supports a defensible calculation.
3. Distinguish officially disclosed values from media estimates and mathematical illustrations.
4. Explain ownership changes, parent-company investments, and share transfers.
5. Use verifiable sources and identify important information gaps.

PROMPT ANSWER 2

4. Comparative Executive Summary

OVO — 2021

US$500M–US$1B

Reported media estimate of acquisition value associated with Grab's purchase of additional OVO shares.

Not a verified official closing price.

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~US$2B

Reported historical estimate of OVO's company valuation.

DANA — 2022

US$304.5M

Reported value of the share transfer from an Emtek-associated entity to LazadaPay.

The transaction alone does not establish the value of 100% of DANA.

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US$200M

Separately reported Sinar Mas-associated investment in EAN.

5. How to Interpret Acquisition Prices and Valuations

5.1. Transaction Value Versus Company Valuation

The value paid for a particular shareholding is not necessarily the value of the entire company. The distinction can be expressed as follows:

Implied Equity Valuation

= Value of Shares Transferred ÷ Fraction of Equity Transferred

This formula is only a useful approximation when the transaction price is proportional to the value of the entire equity. It may be misleading when the transaction involves control premiums, minority discounts, preferred shares, different economic rights, or other contractual adjustments.

5.2. Illustrative Valuation Calculator

The following calculator demonstrates the mathematical relationship between a transaction price and an assumed percentage of equity sold. It does not assert that any selected percentage was the actual stake transferred in an OVO or DANA transaction.

Transaction value (US$ million) Assumed percentage of equity sold (%)

Illustrative valuation: US$1,522.5 million

The initial result assumes a transaction value of US$304.5 million and an assumed equity stake of 20%. Change either input to explore different scenarios.

The calculator provides a mathematical illustration only. Its result must not be described as the official valuation of OVO, DANA, EAN, or any other company without the relevant transaction evidence.

6. Comparative Analysis of OVO and DANA

Research Indicator	OVO	DANA
Key transaction reviewed	Grab's purchase of additional shares in 2021.	LazadaPay's acquisition of shares in EAN in 2022.
Reported transaction value	US$500 million–US$1 billion, reported as an estimate.	US$304.5 million, reported for the share transfer.
Historical valuation reference	Approximately US$2 billion, according to media reporting.	No reliable full-company valuation can be established from the 2022 transaction value alone.
Additional historical transaction	Ownership restructuring and additional strategic investment.	Reported 2020 sale of 6% of EAN for Rp75 billion.
Mathematical valuation illustration	No separate calculation established here from a verified stake and purchase price.	Rp1.25 trillion, obtained by extrapolating the 2020 6% share transaction.
IPO status in the reviewed reporting	No verified OVO IPO offer price established here.	An IPO was reported as a long-term strategic consideration in February 2026; no verified offer price established here.

7. DANA and the IPO Question

February 2026 media reporting described a possible IPO for DANA as a longer-term strategic objective, subject to market conditions. An IPO consideration is not equivalent to a completed listing or an announced public offering price.

For an IPO valuation to be evaluated reliably, researchers would need information such as:

• A formal prospectus or equivalent official disclosure.
• The exact legal entity being listed.
• The number of shares offered and total shares outstanding.
• The proposed price range and share classes.
• Financial statements, liabilities, cash balances, and material risks.
• The ownership structure immediately before and after the offering.

As-of-date limitation: The source material reviewed for this report does not establish a verified OVO or DANA IPO price as of 12 October 2026. This should not be interpreted as proof that no subsequent corporate announcement exists; any later announcement must be independently verified.

8. Final Findings

1. OVO: The 2021 Grab transaction is associated with media estimates of US$500 million–US$1 billion for the acquisition and approximately US$2 billion for OVO's valuation. These figures should not be represented as an officially confirmed purchase price.
2. DANA: The reported US$304.5 million share transfer to LazadaPay in 2022 is a transaction value associated with shares in EAN. It does not automatically represent the value of the entire DANA business.
3. Sinar Mas: The separately reported US$200 million investment in EAN should not be combined with the LazadaPay transaction as though both formed one acquisition.
4. Historical valuation: The Rp1.25 trillion estimate for EAN is a simple extrapolation from a reported Rp75 billion transaction for 6% of its shares in 2020. It is not a formal valuation of DANA.
5. Investment interpretation: Investors must distinguish direct shares in an operating company from shares in a parent or holding company and should not infer a company's total value solely from a partial share sale.

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9. References and Verification Links

The following links were identified in the preceding research. They provide starting points for checking the reported transactions. Where a source is a media report rather than an official corporate filing, its figures should be described as reported information.

1. Bloomberg — Grab's reported increase in its OVO stake.
   Read the Bloomberg report
2. The Jakarta Post — Grab, Tokopedia, and Lippo's OVO shares.
   Read the report
3. Katadata — Indonesian startup valuations and the OVO transaction.
   Read the Katadata article
4. Katadata — Emtek's DANA-related share transfer to Lazada.
   Read the Katadata report
5. Bisnis.com — Emtek's divestment history involving DANA.
   Read the Bisnis.com report
6. Katadata — DANA's corporate ownership and possible IPO strategy.
   Read the February 2026 report

Verification recommendation: For formal valuation work, supplement media reporting with relevant company announcements, audited financial statements, stock-exchange disclosures from listed parent companies, and legally available corporate transaction documents. Confirm the exact legal entity, transaction date, share percentage, and currency before making comparisons.

10. Key Terminology

Term	Meaning
Acquisition price	The consideration paid to acquire a specified business, asset, or shareholding.
Transaction value	The reported value of a particular deal; it may concern only a fraction of a company's equity.
Equity valuation	The estimated value of the shareholders' equity in a company.
Enterprise value	A measure of the value of the operating business, generally incorporating equity value, debt, and cash adjustments.
Secondary share sale	A transaction in which an existing shareholder sells shares to a buyer.
Primary investment	An investment in which a company issues new shares and receives the proceeds.
IPO	An initial public offering through which a company offers shares to public investors in connection with a listing.
Implied valuation	A mathematical estimate extrapolated from a transaction price and an assumed percentage of equity.

END OF RESEARCH DOCUMENT

Subject: OVO and DANA E-Wallet Share Transactions
Format: Paired Prompt Questions and Prompt Answers
Language: English
Research cutoff requested: 12 October 2026

This document is for informational and research purposes only. It is not investment advice, a valuation opinion, or a representation that all historical transaction terms have been publicly disclosed.