Southeast Asian online realty company PropertyGuru has 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.
The combined company will be listed on the New York Stock Exchange once Friday’s 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 tried to raise…
