99 Group Raises Funds After Carousell Takeover Talks Collapse

Carousell Pte’s bid to buy property portal 99 Group fell through after the online classifieds marketplace ended talks to go public via a merger with a blank-check company, according to a person familiar with the matter.

99 Group terminated the talks after Carousell failed to reach a merger agreement with L Catterton Asia Acquisition Corp., a key part of the deal, the person said, asking not to be named as the matter is private. Representatives for Carousell and 99 Group declined to comment.