PropertyGuru to go public in merger with SPAC backed by Richard Li, Peter Thiel
July 23 (Reuters) – Southeast Asian online real estate firm PropertyGuru on Friday agreed to go public through a merger with a blank check company backed by billionaires Richard Li and Peter Thiel , giving the combined company a net worth of around $ 1.78 billion.
The deal with Bridgetown 2 Holdings, a special purpose acquisition company (SPAC), is expected to bring in $ 431 million, including a $ 100 million private investment from Baillie Gifford, Naya, REA Group 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 over 2.8 million monthly real estate listings. It also serves 37 million property seekers per month and 49,000 real estate agents active in Indonesia, Malaysia, Singapore, Thailand and Vietnam.
The company offers digital real estate markets to match buyers and tenants with sellers and owners, as well as digital marketing for realtors and developers.
“The real estate market is probably the oldest market in the world, and it’s only now that it is starting to change rapidly,” said Peter Thiel, president of Thiel Capital.
“While PropertyGuru is spearheading this change in South East Asia, Bridgetown 2 will provide the capital and expertise to accelerate it even further,” he said.
The combined company will have an enterprise value of approximately $ 1.35 billion. The deal is expected to be finalized in Q4 2021 or Q1 2022.
Merrill Lynch (Singapore) Pte Ltd is serving as exclusive financial advisor to PropertyGuru on the transaction. (Reporting by Noor Zainab Hussain in Bangalore; Editing by Devika Syamnath)