Eileen Yu
for By The Way
| July 26, 2021 — 00:48 GMT (01:48 BST)
| Topic: Start-Ups
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.
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Eileen Yu
for By The Way
| July 26, 2021 — 00:48 GMT (01:48 BST)
| Topic: Start-Ups