SINGAPORE, July 24 (Bloomberg): Singapore’s online real estate firm PropertyGuru Pte agreed to go public through a merger with Bridgetown 2 Holdings Ltd., the blank-check company backed by billionaires Richard Li and Peter Thiel, seeking to spur growth as its domestic property market sizzles.
The combined entity is set to have a market value of about $1.78 billion, the companies said in a statement on Saturday. The deal will include a private investment in public equity, or PIPE, of about $100 million from investors including Baillie Gifford, Naya, REA Group Ltd., Akaris Global Partners and one of Malaysia’s largest asset managers. REA Group also committed to invest an additional $32 million, according to the statement.
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