PropertyGuru nearing US$1.8b merger with Richard Li, Peter Thiel-backed SPAC

Published Tue, Jul 20, 2021 · 05:50 AM


SINGAPORE'S online real estate firm PropertyGuru Pte is nearing a deal to go public through a merger with Bridgetown 2 Holdings, the blank-cheque company backed by billionaires Richard Li and Peter Thiel, according to people with knowledge of the matter.

A transaction could value the combined entity at about US$1.8 billion, the people said, asking not to be identified because the matter is private. The deal will also include a private investment in public entity, or PIPE, of about US$100 million to US$150 million, anchored by institutional investors including Australia's Rea Group, the people said.

The parties are hammering out the final details and an announcement could come as early as this week, the people said. Discussions could still face delays or even fall apart, they added. Representatives for PropertyGuru and Bridgetown 2 declined to comment, while a representative for Rea Group didn't immediately respond to requests for comment.

Bridgetown 2 has been in talks to merge with PropertyGuru, Bloomberg News first reported in June. The special purpose acquisition company (SPAC) raised about US$300 million in a US initial public offering in January and its shares were trading close to their debut price of US$10 last week. The blank-cheque firm set out in its prospectus that it will focus on targets in the so-called "new economy sectors" including technology, financial services or media in South-east Asia.

Founded by entrepreneurs Steve Melhuish and Jani Rautiainen in 2007, PropertyGuru has become a household name in property-crazed Singapore. The real estate marketplace also has operations in countries including Vietnam, Indonesia, Malaysia and Thailand.

Tuesday, 12 pm
Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

The company scrapped plans for an initial public offering on the Australian stock exchange back in 2019 over valuation concerns. In September, it announced US$300 million in new funding from investors including existing backers KKR & Co and TPG Capital. BLOOMBERG

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to

Companies & Markets


Get the latest coverage and full access to all BT premium content.


Browse corporate subscription here