Singapore’s PropertyGuru To List Via $1.8 Billion Deal With SPAC Backed By Billionaires Richard Li, Peter Thiel

PropertyGuru agreed to merge with Nasdaq-listed Bridgetown 2 Holdings—a blank-check company controlled by billionaires Richard Li and Peter Thiel—as the Singapore-based online real estate marketplace seeks to tap booming property demand across Southeast Asia.

The combined entity will be valued at $1.78 billion and listed on the New York Stock Exchange, the companies said in a joint statement. PropertyGuru will raise gross proceeds of $431 million from the transaction, of which $299 million will be contributed by Bridgetown 2.

Investors including Baillie Gifford, Naya, REA Group, Akaris Global Partners and one of Malaysia’s largest asset managers will contribute $100 million. REA Group, an existing shareholder of PropertyGuru, has committed to inject an additional $32 million. The transaction is expected to close by the fourth…