EQT Private Capital Asia to acquire PropertyGuru for US$1.1b

The transaction is expected to close in Q4 2024 or Q1 2025.

EQT Private Capital Asia will acquire PropertyGuru for $1.4b (US$1.1b) through BPEA Private Equity Fund VIII Ltd., part of EQT’s Asia investment platform.

PropertyGuru’s major shareholders, including TPG and KKR, which hold 56% of the company’s ordinary shares, have agreed to support the merger.

Each ordinary share of the company issued and outstanding immediately before the effective time will be canceled and automatically converted into the right to receive $8.77 (US$6.70) per share in cash, without interest.

The merger consideration represents a 52% premium to PropertyGuru’s closing share price on 21 May, as well as a 75% and 86% premium to the company’s 30-day and 90-day volume-weighted average share prices, respectively, for the period ending 21 May.

The transaction is set to close in Q4 2024 or Q1 2025, subject to customary closing conditions, including approval by PropertyGuru’s shareholders and receipt of regulatory approvals. The transaction is not subject to a financing condition.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange, and the company will become private. PropertyGuru’s headquarters will remain in Singapore.