PropertyGuru Pte., a PropTech company operating in Southeast Asia, plans to merge with Bridgetown 2 Holdings. The transaction values PropertyGuru at an enterprise value of approximately $1.35 billion and an equity value of approximately $1.78 billion. The deal announcement had been expected for nearly two months.
If approved, upon closing the combined company is expected to trade on the NYSE.
The transaction is expected to deliver up to $431 million of gross proceeds through $299 million of cash held in Bridgetown 2’s trust account, a concurrent $100 million PIPE anchored by Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’s largest asset managers, and an additional $32 million equity investment from REA Group.
KKR, TPG Group and REA Group will roll 100% of their equity into the combined company.
The transaction is expected to close in the fourth quarter or early 2022. Read more.
