PropertyGuru agrees to go public in merger with SPAC backed by Richard Li, Peter Thiel

Photo: PropertyGuru

Southeast Asian online realty company PropertyGuru on Friday agreed to go public through a merger with a blank-check firm backed by billionaires Richard Li and Peter Thiel, giving the combined company an equity value of about $1.78 billion.

The deal with Bridgetown 2 Holdings, a special purpose acquisition company (SPAC), is expected to fetch proceeds of $431 million, including a private investment of $100 million from Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’s largest asset managers.

Australia’s REA Group has also committed to an additional $32 million investment, PropertyGuru said.

Founded in 2007, PropertyGuru currently hosts more than 2.8 million monthly real estate listings. It also serves 37 million property seekers a month and 49,000 active property agents across Indonesia, Malaysia, Singapore, Thailand and Vietnam.

The company offers digital property marketplaces to match buyers and tenants with sellers and landlords, as well as digital marketing for property agents and developers.

“The market for property is probably the oldest market in the world, and only now is it beginning to change rapidly,” said Peter Thiel, president of Thiel Capital.

“As PropertyGuru spearheads that change in Southeast Asia, Bridgetown 2 will provide capital and expertise to accelerate it even further,” he said.

The combined company will have an enterprise value of about $1.35 billion. The deal is expected to close in the fourth quarter of 2021 or the first quarter of 2022.

Merrill Lynch (Singapore) Pte Ltd is serving as an exclusive financial advisor to PropertyGuru on the deal.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.