Peter Thiel SPAC Bridgetown 2 Holdings Could Be Buying An Online Singapore Real Estate Company

A SPAC from two billionaires targeting the Southeast Asia market could announce a deal soon, according to a new Bloomberg report.

What Happened: TPG Capital and KKR & Co Inc KKR backed PropertyGuru Pte is nearing a deal to go public with the Bridgetown 2 Holdings Ltd BTNB SPAC.

PropertyGuru is an online real estate firm in Singapore that is a well-known brand in the market and is seeing strong growth and demand for homeownership.

The company also has operations in Vietnam, Indonesia, Malaysia and Thailand. PropertyGuru recently acquired REA Group, which gave it additional exposure to Malaysia and Thailand.

PropertyGuru had plans to do an IPO in Australia in 2019 before scrapping the plans due to valuation.

Bridgetown 2 Holdings is a second SPAC from Richard Li and Paypal Holdings Inc PYPL and Palantir Technologies Inc PLTR co-founder Peter Thiel.

A deal could value PropertyGuru at $2 billion and be announced in July, according to sources.

Related Link: Satellite Company BlackSky Gets Backing From Peter Thiel, SPAC Merger Deal: What Investors Should Know

Why It’s Important: Bridgetown 2 Holdings raised $300 million in January as a SPAC targeting “new economy sectors” including technology, financial services and media in Southeast Asia.

The first SPAC from Li and Thiel, Bridgetown Holdings Ltd BTWN, is rumored to be working on a deal with Indonesian travel company Traveloka.

The rumor gave shares of BTWN a huge premium, trading all the way up to $25.84 pre-deal announcement. Shares of BTWN were trading at $10.37 on Tuesday morning.

BTNB Price Action: Shares of Bridgetown 2 Holdings shares are up to $10.19 on Tuesday at publication. Shares spiked 6% in pre-market trading.

Over the last 52 weeks, BTNB shares have traded between $9.79 and $14.

Related Link: Don't forget to watch the Benzinga YouTube show, "SPACs Attack" with co-hosts Mitch Hoch and Chris Katje.

(Photo by Zhu Hongzhi on Unsplash)