PropertyGuru, the top proptech company in Southeast Asia, will be acquired by Hong Kong-based Asian investment firm EQT Private Capital Asia for a sum of $1.1 billion.
PropertyGuru announced in a statement , that it had signed a plan of merger and an agreement with affiliates of BPEA Private Equity Fund VIII Limited, a global investment organization with a purpose-driven organization called EQT AB. As a result, the company will be acquired by EQT Private Capital Asia in an all-cash deal with an estimated equity value of $1.1 billion.
The Board of Directors of PropertyGuru has unanimously agreed to recommend that its shareholders approve the merger, following the advice of a special committee inside the board.
According to the terms of the merger agreement, each common share of the business that was issued and outstanding immediately before the merger’s effective time will be automatically cancelled and converted into the right to receive USD 6.70 per share in cash, interest free.
The merger consideration is a 52 percent premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day before media speculation, and a 75 percent and 86 percent premium to the company’s 30-day and 90-day volume-weighted average share price, respectively.
TPG Asia VI SF Pte. Ltd. and TPG Asia VI SPV GP LLC, in its capacity as general partner of TPG Asia VI Digs 1 L.P. (collectively, TPG), and Epsilon Asia Holdings II Pte. Ltd., managed by global investment fund KKR (KKR), which hold 56% of ordinary shares outstanding, have entered into voting and support agreements with the company and EQT Private Capital Asia to support the merger.
“We are pleased to embark on this new chapter with EQT. This partnership follows years of transformative growth, supported by TPG and KKR, which has established us as Southeast Asia’s leading PropTech platform, As we continue to innovate and deliver value to our consumers, customers, and stakeholders across the region, EQT’s global expertise in building marketplaces and commitment to sustainable growth will further strengthen our vision to power communities to live, work, and thrive in tomorrow’s cities,” said Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group.
The deal is anticipated to close in the first or fourth quarter of 2025, pending the satisfaction of customary closing requirements, which include regulatory approvals and shareholder and shareholder approvals of PropertyGuru.
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PropertyGuru will become a private business upon the completion of the transaction, and its shares will no longer be traded on the New York Stock Exchange. The head office of PropertyGuru will continue to be in Singapore.
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A proptech company called PropertyGuru matches over 46,000 agents with 28 million prospective homeowners each month to help them discover their ideal house. Across Singapore, Malaysia, Thailand, and Vietnam, the company provides its services with over 2.1 million real estate listings.
Janice Leow, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia, said PropertyGuru has firmly established itself as the leading property marketplace platform in Southeast Asia, and they are deeply impressed by the strong foundation it has built over the past 17 years as well as with its talented team.We believe our offer provides shareholders with compelling value and certainty, while strategically positioning PropertyGuru to fully harness its long-term growth potential, With EQT’s significant experience in the technology, online classifieds and marketplace sectors, we aim to further strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its consumers, customers and stakeholders,” she added.
EQT is a mission-driven international investment firm that operates in two business segments: real assets and private capital, with a total of assets under management of EUR 246 billion ($271 billion). Europe, Asia-Pacific, and the Americas are home to the firm’s portfolio firms and assets.
About PropertyGuru
PropertyGuru Group is Asia’s top online property company, helping 28 million property seekers find their dream home each month. In Singapore, Malaysia, Thailand, and Vietnam, the Group provides property seekers with more than 2.1 million listings, in-depth data, and solutions to make confident property decisions.
About EQT Private
EQT is a purpose-driven global investment firm with nearly 30 years of consistent performance across locations, industries, and strategies.
