PropertyGuru Pte. Ltd., one of Southeast Asia’s leading property technology companies, and Bridgetown 2 Holdings Ltd., a special purpose acquisition company formed by Pacific Century Group and Thiel Capital LLC, announced on July 24 that they have entered into a business combination agreement.
In Vietnam, PropertyGuru is the parent group of Batdongsan.com.vn, one of the leading property sites in Vietnam.
Upon closing, the combined company is expected to begin trading on the New York Stock Exchange.
|The combined company will have an enterprise value of approximately $1.35 billion and an equity value of approximately $1.78 billion at closing |
The transaction is expected to deliver up to $431 million of gross proceeds through the contribution of up to $299 million of cash held in Bridgetown 2’s trust account, a concurrent $100 million private investment in private equity of common stock anchored by Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’s largest asset managers, priced at $10.00 per share.
REA Group has also committed to an additional $32 million investment. KKR, TPG Group, and REA Group will roll 100 per cent of their equity into the combined company, demonstrating their continued commitment to the company’s growth strategy.
The transaction is expected to close in the fourth quarter of 2021 or the first quarter of 2022, subject to regulatory and stockholder approvals and other customary closing conditions.
PropertyGuru’s management team, led by CEO and managing director Hari V. Krishnan and CFO Joe Dische will continue to lead the public company after the completion of the transaction.
Hari V. Krishnan said that the company has established a market leadership position in the Southeast Asian property ecosystem and a track record of revenue growth.
“Much of our success is the result of our investment in technology over the years and capturing strategic growth opportunities in recent times. We have a story to be told and found the right partner to help us tell it to public market investors. We are delighted to partner with Bridgetown 2 as we accelerate our mission to be the trusted advisor for property. This process of becoming a public company will provide us with greater financial resources to do what we do best – helping people find, finance, and own their homes in an efficient and transparent manner. We believe the strategic, proactive steps that we have taken over the past 18 months will enable us to stay ahead of the market’s evolving needs, which are increasingly being shaped by the growth of affluent and digitally-enabled populations living in cities across Southeast Asia,” said Krishnan.
Founded in 2007, PropertyGuru has grown to become Southeast Asia’s No.1 digital property marketplace with leading positions in Singapore, Vietnam, Malaysia, and Thailand.
The company currently hosts more than 2.8 million monthly real estate listings and serves 37 million monthly property seekers and 49,000 active property agents across the five largest economies in Southeast Asia – Indonesia, Malaysia, Singapore, Thailand, and Vietnam.