Motives for acquisition through financial performance: PT Goto Gojek Tokopedia Tbk

This research aims to evaluate and assess the performance motives of PT GOTO after acquiring PT Tokopedia two years ago. The research examined the company's financial performance, comparing liquidity, solvency, performance, and profitability ratios before and after the acquisition. This research uses secondary data from the financial reports of PT Tokopedia and PT GOTO Gojek Tokopedia Tbk obtained from the Indonesian Stock Exchange. The data was processed using descriptive statistical analysis and the Mann-Whitney Test to determine whether there was a significant difference in company performance after the acquisition compared to before the acquisition. A robustness test and content analysis were used to strengthen the findings and assist in interpreting acquisition motives. The analysis results show that there were significant differences and a decrease in the solvency ratio after the acquisition. These results indicate that the acquisition did not focus on financial synergy because the company's activities relied more on its capital than debt. Other findings show significant differences and decreases in liquidity ratios, which are reflected in the absence of significant differences in profitability and performance ratios. These results show no difference in PT GOTO's operations and sales strategy after the acquisition. This research concludes that the motive for the acquisition of PT GOTO is revenue synergy and horizontal integration.