Real-estate SPAC deal pushes valuation boundary

PropertyGuru

26/07/2021 06:53

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Jennifer Hughes
    HONG KONG, July 26 (Reuters Breakingviews) - Peter Thiel and
Richard Li’s blank-cheque firm is buying Southeast Asia-focused
PropertyGuru in a tie-up worth $1.8 bln. That’s roughly double
its failed 2019 IPO and a roof-raising 52 times EBITDA. Rupert
Murdoch’s REA is also involved. The price is high for this
neighbourhood.
    Full view will be published shortly.
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    CONTEXT NEWS
    - PropertyGuru on July 23 agreed to go public via a merger
with a blank-cheque firm backed by billionaires Richard Li and
Peter Thiel. 
    - The Southeast Asian online property company will get about
$431 million in proceeds from its union with Bridgetown 2
Holdings, including a private investment of $100 million from a
series of institutional investors and $16 billion Australian
property specialist REA Group, an existing backer.
    - The combined group will have an equity value of about
$1.78 billion and an enterprise value of $1.35 billion, the two
said.     
    - For previous columns by the author, Reuters customers can
click on  HUGHES/ 
 

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PropertyGuru to go public in merger with SPAC backed by Richard
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 (Editing by Antony Currie and Katrina Hamlin)
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