On Friday, EQT Private Capital Asia and PropertyGuru Group Limited announced the completion of the acquisition of the property tech (proptech) company by BPEA Private Equity Fund VIII for US$6.70 per share in cash in a transaction that values PropertyGuru at an equity value of approximately US$1.1 billion.
In connection with the closing, PropertyGuru’s common shares ceased trading before the market open on December 13 and the company has been delisted from the New York Stock Exchange.
Following this move, PropertyGuru will operate as a privately held company. According to a statement, following the merger through January 12, 2025, each unexercised and outstanding warrant will be, upon valid exercise, exchangeable for US$0.7526 per warrant.
Hari V. Krishnan, Chief Executive Officer, PropertyGuru Group, said, “We are pleased to announce the successful completion of this transaction and we welcome EQT to PropertyGuru. Over the past seventeen years, our growth has been enabled by strong partnerships with our shareholders, led by TPG and KKR. On behalf of everyone at PropertyGuru, I want to thank them for their support and I am proud that we have delivered a solid financial exit for our long-term investors.”
Also Read: EQT Private Capital Asia to acquire PropertyGuru for US$1.1B
“On behalf of our group leadership team, I thank our Gurus for their hard work and the wonderful business we have built together, and our customers and partners for their continued trust and partnership. EQT shares our commitment to our continued sustainable growth, and we look forward to working with them towards our Group’s vision to power, communities to live, work and thrive in tomorrow’s cities.”
Founded in 2007 and headquartered in Singapore, PropertyGuru is one of the notable proptech platforms in Southeast Asia (SEA). The company said that it connects over 31 million property seekers with more than 50,000 agents across Singapore, Malaysia, Thailand and Vietnam each month.
Its services included extensive real estate listings, data-driven insights, and mortgage solutions such as PropertyGuru Finance and enterprise client solutions under PropertyGuru for Business.
According to a statement, EQT’s investment in PropertyGuru aims to support the company’s ongoing progress by providing resources and expertise to accelerate technology development, expand market reach, and improve operational efficiency.
“Leveraging its experience with leaders in the digital marketplace and real estate classifieds sectors –-including companies such as Idealista and Casa.it-– EQT seeks to advance PropertyGuru’s strategic initiatives, strengthen its position in SEA’s proptech sector, and drive growth in dynamic markets influenced by urbanisation, middle-class expansion, and digitalisation.”
The news about this acquisition was first announced in August this year.
—
Image Credit: PropertyGuru
The post EQT completes PropertyGuru acquisition, seeks to strengthen its position in SEA proptech sector appeared first on e27.