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Southeast Asia’s leading property technology company, has announced it will be acquired by EQT Private Capital Asia in an all-cash transaction valued at approximately USD 1.1 billion. The acquisition marks a significant milestone for PropertyGuru, which has established itself as a dominant player in the region’s PropTech landscape.
PropertyGuru, established in 2007, has grown into a leading PropTech company in Southeast Asia, offering a range of services from property listings to mortgage marketplaces and home services. EQT’s acquisition is set to enhance PropertyGuru’s capabilities and drive further innovation in the property technology sector.
Under the definitive merger agreement, PropertyGuru shareholders will receive USD 6.70 per share, a 52% premium over the company’s closing share price on May 21, 2024. This represents a substantial increase from the company’s 30-day and 90-day volume-weighted average share prices, which are up 75% and 86%, respectively. Major shareholders, including TPG and KKR, have expressed their support for the transaction. Hari V. Krishnan, CEO & MD of PropertyGuru, expressed enthusiasm about the partnership, highlighting the company’s transformative growth supported by TPG and KKR. “We are excited to enter this new chapter with EQT,” said Krishnan. “Their global expertise and commitment to sustainable growth will further strengthen our vision of powering communities to thrive in tomorrow’s cities.”
Janice Leow, Partner in EQT Private Capital Asia, praised PropertyGuru for its strong foundation and talented team. “We believe our offer provides compelling value and certainty for shareholders while strategically positioning PropertyGuru to fully harness its long-term growth potential,” Leow stated.
The merger is expected to close in Q4 2024 or Q1 2025, pending shareholder and regulatory approvals. Upon completion, PropertyGuru will become a private company, and its shares will cease to be traded on the New York Stock Exchange. The company’s headquarters will remain in Singapore.
The transaction involves several advisors: Moelis & Company LLC and Freshfields Bruckhaus Deringer LLP are advising the Special Committee of PropertyGuru’s Board, while Morgan Stanley Asia (Singapore) Pte. and Ropes & Gray LLP are serving EQT Private Capital Asia. J.P. Morgan Securities Asia Private Limited and Latham & Watkins LLP are advising KKR and TPG.
For further details, the company will provide updates via a proxy statement and other filings with the SEC, available on the SEC’s website.