Singapore-based online property marketplace inks a merger deal with Bridgetown 2 Holdings, a special purpose acquisition company backed by Richard Li and Peter Thiel, which will see PropertyGuru list on the New York Stock Exchange before early-2022.
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. Bridgetown 2 was established by Pacific Century Group, a private investment group founded by Hong Kong entrepreneur Richard Li, and Thiel Capital, which was founded by German-American entrepreneur, Peter Thiel. PropertyGuru, founded in 2007, has operations in Singapore, Vietnam, Malaysia, Indonesia, and Thailand. Its online platforms currently have more than 2.8 million real estate listings a month, serving 37 million property seekers and 49,000 active property agents. The company said it clocked an average annual revenue growth rate of 25% over the four years before the COVID-19 pandemic, and expected its revenue to have a compound annual growth rate of 29% between 2020 and 2025.
