(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 at the combined company a net worth of about $ 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, Akaris Global Partners and the one of the biggest in Malaysia. asset managers.
Australias REA Group has also committed to an additional investment of $ 32 million, PropertyGuru said.
The combined company will be listed on the New York Stock Exchange once the deal is finalized, PropertyGuru said in a statement.
The transaction is a major development for PropertyGuru which had planned to list in Australia in October 2019 when it attempted to raise around A $ 380 million.
A listing never took place, however, and the float was withdrawn, which the company attributed to uncertain market conditions at the time.
Founded in 2007, PropertyGuru hosts more than 2.8 million monthly real estate listings. It 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 possibly the oldest market in the world, and only now is it starting to change rapidly, said Peter Thiel, chairman of Thiel Capital.
As PropertyGuru spearheads this change in South East Asia, Bridgetown 2 will provide 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.
Merrill Lynch, Citigroup, KKR Capital Markets and TPG Capital were the placement agents of Bridgetown 2.
Report by Noor Zainab Hussain in Bengaluru; additional reporting Scott Murdoch in Hong Kong, edited by Devika Syamnath, Robert Birsel
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