PropertyGuru to go public in merger with SPAC backed by Richard Li, Peter Thiel

PropertyGuru

23/07/2021 20:26

July 23 (Reuters) - Southeast Asian online realty company
PropertyGuru on Friday agreed to go public through a merger with
a blank-check firm backed by billionaires Richard Li and Peter
Thiel, giving the combined company an equity value of about
$1.78 billion.
    The deal with Bridgetown 2 Holdings  BTNB.O , a special
purpose acquisition company (SPAC), is expected to fetch
proceeds of $431 million, including a private investment of $100
million from Baillie Gifford, Naya, REA Group  REA.AX  and
Akaris Global Partners. 
    One of Malaysia's largest asset managers, REA Group has also
committed to an additional $32 million investment, PropertyGuru
said.
    Founded in 2007, PropertyGuru currently hosts more than 2.8
million monthly real estate listings. It also serves 37 million
property seekers a month and 49,000 active property agents
across Indonesia, Malaysia, Singapore, Thailand and Vietnam.
    The company offers digital property marketplaces to match
buyers and tenants with sellers and landlords, as well as
digital marketing for property agents and developers.
    "The market for property is probably the oldest market in
the world, and only now is it beginning to change rapidly," said
Peter Thiel, president of Thiel Capital. 
    "As PropertyGuru spearheads that change in Southeast Asia,
Bridgetown 2 will provide capital and expertise to accelerate it
even further," he said.
    The combined company will have an enterprise value of about
$1.35 billion. The deal is expected to close in the fourth
quarter of 2021 or the first quarter of 2022. 
    Merrill Lynch (Singapore) Pte Ltd is serving as exclusive
financial advisor to PropertyGuru on the deal.

 (Reporting by Noor Zainab Hussain in Bengaluru; Editing by
Devika Syamnath)
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