News Corp-backed real estate portal PropTiger said on Tuesday that Mumbai-based will merge with it in an all stock deal, and that it will receive $50 million in fresh funds from News Corp.’s REA Group Ltd and $5 million from SoftBank Group.

The deal values the SoftBank-backed Housing, which has raised north of $120 million since 2012, at about $70-$75 million, according to two people familiar with the development. PropTiger Reality Pvt. Ltd was valued at $200-$210 million taking the stock swap ratio to about 3:1, the people said. This takes the valuation of PropTiger after the merger to close to $270-$285 million. Existing investors in Housing will be given stake in PropTiger’s Singapore entity. Horizon Ventures, an existing investor in PropTiger is likely to exit.

reported Mint.

The Economic Times reported was valued at $70m.

IndusLaw acted for Elara Technologies, the parent company of PropTiger, led by partner Srinivas Katta, principal associate Anindya Ghosh, associate Kriti Bhatia, associate Saumya Ramakrishnan. senior associate Anubha Sital assisted on due diligence, partner Avik Biswas on employment law issues, and partner Avimukt Dar on competition law.

Shardul Amarchand Mangaldas acted for NewsCorporation, an investor of PropTiger, led by partner Shuva Mandal, principal associate Aayush Kapoor, senior associate Vasundhara Garg, principal associate designate Sayak Maity.

AZB & Partners acted for SoftBank led by partner Srinath Dasari, partner Nanditha Gopal, senior associate Annie Philip, associate Rutunjay Singh, associate Aparajitha Lath.

Rajah & Tann acted as Singapore counsel for PropTiger, advising led by partner Regina Liew, senior associate Benjamin Liew, partner Danny Ong, partner Sheila NG .

Khaitan & Co acted for REA Group led by partner Aakash Choubey, partner Ganesh Prasad, senior associate Radhika Agarwal, associate Siddharth Anand, senior associate Vidushi Gupta.

Nishith Desai Associates acted for Nirvana Digital Investment Holding Ltd and Nirvana Digital India Fund, investors of Housing led by Karan Kalra and Rishabh Sharma.

Morrison Foerster acted as counsel for SoftBank, led by Tokyo partner Noah Carr and new partner Amit Kataria in Hong Kong.

Goodwin Procter acted as counsel for Flacon Edge, investors of Housing, led by Hong Kong partner Yash A Rana and associate Abhishek Krishnan.

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Like +0 Object -4 Bold 11 11 Jan 17, 14:00
Why is Sayak Maity's name after Vasundhara? Sayak is a Principal Associate Designated and Vasundhara is a senior associate. Ladies first?
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Like +1 Object -0 Hmmm 11 Jan 17, 22:31
that is such a Amarchand statement. Principal Associate Designate - joke!
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Like +2 Object -0 Alias 11 Jan 17, 14:53
Yes because PA designate is just a humorous way to say SA
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Like +0 Object -0 kianganz 11 Jan 17, 17:28
Not sure, are they both on the same team? Happy to change the order by seniority if there is no reason to the contrary :)
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Like +0 Object -0 Hmmm 12 Jan 17, 23:25
Ya, its sad. Such useless and nonsensical designations should be done away with -the 2 Chand's do this just to make sure they pay a little less to deserving lawyers and stagger their growth.
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Like +1 Object -1 Bold12 11 Jan 17, 15:40
Great work, Siddharth!
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Like +0 Object -0 PLODT 11 Jan 17, 22:42
PLOGS is killing it!!
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Like +0 Object -0 ErinBrocovich 11 Jan 17, 23:56
Congrats Aayush & Vasu!
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Like +0 Object -0 Jaaved 14 Jan 17, 12:23
Indus law staffed senior associates on due diligence and the associates on the transaction! Yeh Kya logic hai?
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