Shareholders today approved the merger of PropertyGuru Pte. and blank-check company Bridgetown 2 Holdings, Bloomberg reports. The vote paves the way for the online real estate marketplace to start trading in New York.
The proposal passed at a special shareholder meeting of Bridgetown 2, the SPAC backed by billionaires Richard Li and Peter Thiel. The combined entity will start trading Friday on the New York Stock Exchange under the ticker PGRU, the company said in a regulatory filing.
The Bloomberg report did not mention redemptions, if any, and the SPAC has yet to file details of the shareholder vote with the SEC.
As announced last July, the transaction is expected to deliver up to $431 million of gross proceeds, less any redemptions, 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 are expected to roll 100% of their equity into the combined company. Read more.
