Southeast Asia\u2019s 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\u2019s PropTech landscape.<\/p>\n
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\u2019s acquisition is set to enhance PropertyGuru\u2019s capabilities and drive further innovation in the property technology sector.<\/p>\n
Under the definitive merger agreement, PropertyGuru shareholders will receive USD 6.70 per share, a 52% premium over the company\u2019s closing share price on May 21, 2024. This represents a substantial increase from the company\u2019s 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\u2019s transformative growth supported by TPG and KKR. \u201cWe are excited to enter this new chapter with EQT,\u201d said Krishnan. \u201cTheir global expertise and commitment to sustainable growth will further strengthen our vision of powering communities to thrive in tomorrow\u2019s cities.\u201d<\/p>\n
Janice Leow, Partner in EQT Private Capital Asia, praised PropertyGuru for its strong foundation and talented team. \u201cWe believe our offer provides compelling value and certainty for shareholders while strategically positioning PropertyGuru to fully harness its long-term growth potential,\u201d Leow stated.<\/p>\n
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\u2019s headquarters will remain in Singapore.<\/p>\n
The transaction involves several advisors: Moelis & Company LLC and Freshfields Bruckhaus Deringer LLP are advising the Special Committee of PropertyGuru\u2019s 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.<\/p>\n
For further details, the company will provide updates via a proxy statement and other filings with the SEC, available on the SEC\u2019s website.<\/p>\n","protected":false},"excerpt":{"rendered":"
PropertyGuru Group Limited has entered into a definitive merger agreement to be acquired by EQT Private Capital Asia for approximately USD 1.1 billion. <\/p>\n","protected":false},"author":409,"featured_media":31956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[5014,18242,13482,8197,18241,10472,18243,2904],"class_list":["post-31954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-singapore","tag-acquisition","tag-eqt-private-capital-asia","tag-financial-news","tag-merger","tag-propertyguru","tag-proptech","tag-real-estate-technology","tag-southeast-asia"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts\/31954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/users\/409"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/comments?post=31954"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/posts\/31954\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/media\/31956"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/media?parent=31954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/categories?post=31954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/asia\/wp-json\/wp\/v2\/tags?post=31954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}