Singapore – Skadden Advises Bridgetown 2 On Its Business Combination With Singapore Based PropertyGuru – Expected To Result In A Combined Equity Value Of Approximately US$1.78

29 July 2021

 

• To be listed on the New York Stock Exchange
   

• Transaction includes a fully committed US$100 million PIPE and an additional US$32 million investment
   

Skadden is advising Bridgetown 2 Holdings Limited ("Bridgetown 2"), a special purpose acquisition company (SPAC), in its business combination with Singapore based PropertyGuru Group Limited ("PropertyGuru"), and proposed listing on the New York Stock Exchange ("NYSE"). The transaction values PropertyGuru at an enterprise value of approximately US$1.35 billion and an equity value of approximately US$1.78 billion.  The transaction includes a fully committed US$100 million private investment in public equity (PIPE) with participation from Baillie Gifford, REA Group and Naya.  The REA Group has also committed to an additional US$32 million investment in connection with the business combination. The combined company is expected to be listed on the NYSE.

 

PropertyGuru is Southeast Asia’s #1 digital property marketplace with leading positions in Singapore, Vietnam, Malaysia and Thailand.  Bridgetown 2 (NASDAQ: BTNB) is a blank check company formed by Pacific Century Group and Thiel Capital LLC.

 

The proposed transactions are expected to close in the fourth quarter of 2021 or first quarter of 2022, subject to regulatory and stockholder approvals, and other customary closing conditions.

 

The global Skadden team is led by partners Jonathan Stone, Gregg Noel and Rajeev Duggal, with a Singapore and Hong Kong-based team including Andrew Cohn, Zachary Levine, Arthur Chan, Sonia Char, and Jasmine Yang, corporate; Hong Kong, Beijing and Shanghai associates Siyu Zhang, Simon Song and Weiran (Rachel) Yang, regulatory; New York partner, Victor Hollender, with associate Joshua Lin, tax; Palo Alto partner, Joseph Yaffe with associate Cassie Routh, executive compensation and benefits; and New York partner, Bruce Goldner with associate Kelly Nabaglo, intellectual property and technology.