The Latest SPAC News and Rumors: July 19, 2021
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: PropertyGuru nears merger with Bridgetown 2, and Rover booms following lifted COVID rules
PropertyGuru Is Said to Near $1.8 Billion Merger With Thiel SPAC
Singapore’s online real estate firm PropertyGuru Pte is nearing a deal to go public through a merger with Bridgetown 2 Holdings Ltd., the blank-check company backed by billionaires Richard Li and Peter Thiel, according to Bloomberg.
A transaction could value the combined entity at about $1.8 billion and will also include a PIPE of about $100 million to $150 million, anchored by institutional investors including Australia’s REA Group Ltd.
READDog-Walking App Booms as Workers Return to the Office and Travel
A Place for Rover Inc. said its business connecting pet owners to walkers and groomers is growing rapidly, closely tracking the rebound in airline trips. It’s one of myriad of real-time indicators of which places are opening up first and also shows some changes in behavior that may stick long after the last coronavirus rules are lifted, according to Bloomberg.
To profit from the wave of “pandemic puppies” adopted during lockdowns, in February, Rover agreed to a blank-check “SPAC” deal with Nebula Caravel Acquisition Corp. that valued the platform at $1.63 billion.
READSPACs Hit the Road to Washington
SPACs now have a trade group in Washington. The SPAC Association will include investors, sponsors, investment banks, auditors and others, Politico reported on Thursday. But with too many competing interests inside the tent, the new group’s influence on the Hill could be dulled.
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