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Singapore-based real estate technology company PropertyGuru – one of the largest in Southeast Asia – has agreed to a merger with special purpose acquisition company (SPAC) Bridgetown 2 Holdings.
The merger is set to close within the fourth quarter of 2021 or early 2022, will form a new combined entity set to be worth US$1.78 billion. The new entity will also be listed publicly on the New York Stock Exchange (NYSE).
PropertyGuru, which was founded in Singapore in 2007, has since grown to become a leading real estate services company serving millions of potential buyers or renters each month across countries such as Singapore, Malaysia, Vietnam, Thailand, and Indonesia.
Details 26 July 2021
PropertyGuru is merging with special purpose acquisition company (SPAC) Bridgetown 2 Holdings, to go public on the New York Stock Exchange. The combined company will have an enterprise value of about US$1.35 billion and an equity value of approximately US$1.78 billion at closing. PropertyGuru, backed by KKR, TPG Capital and REA Group, will retain over 70% ownership of the listed company. At the same time, KKR, TPG Group and REA Group will roll 100% of their equity into the combined company.
PropertyGuru’s management team, led by CEO and MD Hari V. Krishnan (pictured) and CFO Joe Dische will continue to lead the public company after the completion of the transaction. According to PropertyGuru, the transaction is expected to deliver up to US$431 million of gross proceeds, including a US$100 million private placement from investors including Baillie Gifford, REA Group, Naya, Akaris Global Partners, and one of Malaysia’s larg