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PropertyGuru Completes Acquisition of iProperty Malaysia and thinkofliving Thailand
August 3, 2021 GMT
SINGAPORE (BUSINESS WIRE) Aug 3, 2021
PropertyGuru Group (“PropertyGuru” or “the Group”), Southeast Asia’s leading property technology (“PropTech”) company 1, today announced that it has successfully completed the acquisition of iProperty Malaysia and thinkofliving, following its initial announcement on 31 May 2021.
PropertyGuru now owns all of the shares in REA Group Limited’s (ASX:REA, “REA”) entities in Malaysia and Thailand, which include iProperty.com.my and Brickz.my in Malaysia and thinkofliving.com and Prakard.com in Thailand. In exchange, REA now has an approximate 18% 2 equity interest in PropertyGuru.
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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.
PropertyGuru set to go public in $1.7B SPAC deal ZDNet 12 hrs ago © ZDNet PropertyGuru set to go public in $1.7B SPAC deal
PropertyGuru has agreed to a merger deal with special purpose acquisition company (SPAC) Bridgetown 2 Holdings, which will see the Singapore-based online property marketplace list on the New York Stock Exchange. The combined entity is expected to have an equity value of $1.78 billion at closing.
The merger is projected to close in the fourth quarter of 2021 or first quarter of 2022, subject to regulatory and stockholder approvals, said PropertyGuru in a statement over the weekend.
It added that the merged entity would have an enterprise value of some $1.35 billion.
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