Bridgetown 2 Holdings Limited (BTNB) Shareholders Approve PropertyGuru Deal
Bridgetown 2 Holdings Limited (NASDAQ:BTNB) announced this morning that its shareholders have voted to approve its combination with Asian proptech firm PropertyGuru.
Redemptions removed about $177.4 million from the transaction, but this nonetheless counts as a victory for both the SPAC and the transaction in the current market. This amounted to a redemption rate of 59.3%, and only two of the 23 SPACs that have hit the finish line in 2022 have completed with a lower redemption rate.
The SPAC had not been immune to the strong headwinds whipping across the sector to start the year and it entered the day of its redemption deadline at $8.91. But, it also secured non-redemption agreements from two large shareholders.
The combined company’s shares are expected to begin trading on the NYSE on March 18 under the ticker symbol “PGRU.” The Bridgetown team’s larger vehicle, Bridgetown (NASDAQ:BTWN), which listed four months earlier, remains in the searching column but has its own transaction deadline coming up on October 20, 2022.
The parties initially announced their $1.35 billion combination last year on July 23. Kuala Lumpur-based PropertyGuru runs a series of rental and homebuying marketplaces throughout Southeast Asia, hosting more than 2.8 million real estate listings.
The combination passed overwhelmingly at the special meeting but some measures on the ballot received as much as 2.6% dissenting votes. For the full results of the vote click here.
ADVISORS
- Merrill Lynch (Singapore) Pte. Ltd. is serving as exclusive financial advisor to PropertyGuru.
- Latham & Watkins LLP and Allen & Gledhill LLP are serving as legal advisors to PropertyGuru.
- Merrill Lynch (Singapore) Pte. Ltd., Citigroup Global Markets Inc., KKR Capital Markets Asia Limited and TPG Capital BD, LLC are serving as placement agents to Bridgetown 2.
- Skadden, Arps, Slate, Meagher & Flom LLP and Rajah & Tann Singapore LLP are serving as legal advisors to Bridgetown 2.