Toyota Motor's (TYO:7203) Asia unit has acquired a 40% stake in PT Astra Digital Mobil (ADMO) for $120 million, valuing the deal at about 2 trillion rupiah, according to a Tuesday company statement.
Astra retains a 60% stake via its digital arm.
ADMO owns OLX.co.id and used-car platform OLXmobbi, which operates over 30 outlets across 10 Indonesian cities.
The partnership aims to tap into Indonesia's fragmented used-car market by combining Astra's automotive ecosystem with Toyota's technology and reach.
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