PropertyGuru Group CEO and MD Hari Krishnan
NYSE-listed PropertyGuru Group announced today it has agreed to be acquired by BPEA Private Equity Fund VIII Limited (EQT Private Capital Asia) for US$1.1 billion in an all-cash transaction.
The Singapore-based group’s Board of Directors has unanimously approved the deal.
Also Read: How PropertyGuru plans to help the real estate industry become more environmentally sustainable
The transaction is expected to close in Q4 2024 or Q1 2025, subject to customary closing conditions, including approval by the proptech firm’s shareholders and receipt of regulatory approvals.
The group’s major shareholders, TPG and Epsilon Asia (an entity managed by KKR), which hold a combined 56 ordinary shares outstanding, have also supported the deal.
Launched in 2007, PropertyGuru is Southeast Asia’s leading proptech company that empowers property seekers by providing more than 2.1 million real estate listings across Singapore, Malaysia, Thailand, and Vietnam. It claims to connect 28 million property seekers with over 46,000 agents monthly.
In the last 17 years, PropertyGuru has ventured into mortgaging, home services, and a host of proprietary enterprise solutions under DataSense, ValueNet, awards, events, and publications across Asia.
According to Tracxn, the company has to date raised US$690 million in total funding over eight rounds from investors, including KKR, TPG, Square Peg Ventures, Emtek, and REA Group.
In 2022, the firm acquired Sendhelper, a Singapore home services technology company, to enter the home management and maintenance services space.
EQT is a purpose-driven global investment organisation with EUR 246 (US$270) billion in total assets under management within two business segments: private capital and real assets.
Also Read: PropertyGuru ceases the operations of its Indonesian marketplace Rumah.com, SaaS product FastKey
EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.
Meanwhile, Halper Sadeh, an investor rights law firm, said in an announcement that it is investigating whether the sale of the group to EQT for US$6.70 per share is fair to PropertyGuru shareholders. The investigation concerns whether the group and its board of directors violated the US federal securities laws and/or breached their fiduciary duties to shareholders by failing to obtain the best possible consideration for its shareholders, determine whether EQT is underpaying for PropertyGuru, and disclose all material information necessary for PropertyGuru shareholders to assess and value the merger consideration adequately.
On behalf of PropertyGuru shareholders, Halper Sadeh may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct.
The post EQT Private Capital Asia to acquire PropertyGuru for US$1.1B appeared first on e27.