Bridgetown 2 Holdings Limited scheduled a March 15 meeting for shareholders to vote on the proposed merger with PropertyGuru Group Limited, a PropTech company in Southeast Asia. The SPAC’s registration statement has been declared effective.
Bridgetown 2 is backed by billionaires Richard Li and Peter Thiel. A successful merger with PropertyGuru would give the combined company an equity value of about $1.78 billion.
As announced in July, 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.
PropertyGuru investors KKR, TPG Group and REA Group will roll 100% of their equity into the combined company. Read more.
