PropertyGuru Successfully Completes Business Combination with Bridgetown 2 Holdings

PropertyGuru Pte. Ltd. ("PropertyGuru" or "the Company"), <\/span>Southeast <\/span>Asia's leading<\/span>^{1<\/span><\/sup> property technology ("PropTech") company, today announced the successful completion of its previously disclosed business combination with Bridgetown 2 Holdings Limited ("Bridgetown 2") (NASDAQ: BTNB), a special purpose acquisition company established by Pacific Century Group ("Pacific Century") and Thiel Capital LLC ("Thiel Capital"). The business combination was approved by Bridgetown 2 stockholders during an Extraordinary General Meeting held on March 15, 2022.<\/span><\/span><\/p>}

PropertyGuru Group Limited's ("PubCo") ordinary shares are set to begin trading on the New York Stock Exchange ("NYSE") on March 18, 2022, under the ticker symbol <\/span>"PGRU".<\/span><\/p>

"We are excited to have successfully completed our business combination with Bridgetown 2, which provides us with additional capital to pursue both organic and strategic growth, and will enhance our ability to access capital markets as we strive to deliver world-class solutions for our customers,<\/span>" said Hari V. Krishnan, Chief Executive Officer and Managing Director of PropertyGuru Group.<\/span><\/strong> "Over the past 15 years, PropertyGuru has played a pivotal role in shaping the PropTech industry in Southeast Asia, introducing numerous first-of-their-kind solutions for property seekers, agents, and developers that have facilitated the digitalization of the property sector. Our 23% revenue increase in 2021 is a testament to the significant momentum we are carrying into our next post-Covid growth phase.<\/span><\/span><\/p>

"Looking ahead, we will continue to invest in technology and expand our services and offerings to strengthen our leading positions in Singapore, Vietnam, Malaysia, and Thailand. Southeast Asia's real estate market is beginning to recover from the pandemic, and as the region's increasingly affluent and digitally savvy population migrates to urban centers, PropertyGuru is well-positioned to capitalize on these long-term trends."<\/span><\/p>

Southeast Asia is projected to become the world's fourth largest economy by 2030, driven by favorable long-term macroeconomic trends, creating significant opportunities for PropertyGuru, which has an addressable market valued at US$8.1 billion according to Frost & Sullivan. Through ongoing investments, the Company aims to stay ahead of evolving market demands and maintain its leadership position as the region's property markets recover from the pandemic.<\/span><\/p>

"PropertyGuru is digitally transforming a traditional real estate market in Southeast Asia to create a trusted and transparent online property marketplace,<\/span>" said Matt Danzeisen, Chairman of Bridgetown 2.<\/span><\/strong> "We believe PropertyGuru is just beginning to tap into the potential of the world's most dynamic and fastest-growing region, and we are excited to partner with Hari and his talented team to create lasting value for our shareholders, employees, customers, and partners."<\/span><\/p>

Transaction Details<\/span><\/strong><\/span><\/p>

The completion of the business combination values PropertyGuru at an enterprise value of approximately US$1.36 billion and an equity value of around US$1.61 billion.<\/span><\/span><\/p>

PropertyGuru received approximately US$254 million in gross proceeds through the contribution of US$122 million in cash held in Bridgetown 2's trust account, along with a concurrent US$100 million private placement ("PIPE") of common stock led by Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia's largest asset managers, priced at US$10.00 per share. REA Group also invested an additional US$32 million. Additionally, KKR, TPG Group, and REA Group rolled 100% of their equity into PropertyGuru, demonstrating their ongoing commitment to the Company's growth strategy.<\/span><\/span><\/p>

Advisors<\/strong><\/span><\/p>

Merrill Lynch (Singapore) Pte. Ltd. acted as the exclusive financial advisor to PropertyGuru. Latham & Watkins LLP and Allen & Gledhill LLP served as legal advisors to PropertyGuru.<\/span><\/p>

Merrill Lynch (Singapore) Pte. Ltd., Citigroup Global Markets Inc., KKR Capital Markets Asia Limited, and TPG Capital BD, LLC acted as placement agents for Bridgetown 2. Skadden, Arps, Slate, Meagher & Flom LLP and Rajah & Tann Singapore LLP served as legal advisors to Bridgetown 2.<\/a><\/span><\/p>

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