Swedish investment firm EQT AB has announced its acquisition of PropertyGuru, a Singapore-based online real estate platform, in an all-cash transaction valued at $1.1 billion.
Under the terms of the agreement, PropertyGuru’s shareholders will receive $6.70 per share, reflecting a 7% premium over the company’s last closing price on Thursday.
PropertyGuru, which has been publicly traded since 2022, will be acquired by EQT Private Capital Asia, the Asia-focused division of EQT’s private equity arm.
The offer from EQT represents a 52% premium compared to PropertyGuru’s closing price on May 21, the day before Bloomberg News reported on the potential buyout discussions involving private equity firms TPG and KKR.
TPG and KKR hold significant stakes in PropertyGuru, with ownership of 29.58% and 26.52%, respectively, making them the platform’s largest shareholders.
REA Group, an Australian real estate company, owns over 17% of PropertyGuru and expects to gain approximately A$286 million ($189.6 million) from the sale.
Founded in 2007, PropertyGuru operates online real estate search services in markets including Thailand, Vietnam, and Singapore.
In a related development, EQT raised $1.6 billion in May as part of its strategy to expand in Asia’s mid-market private equity sector. Additionally, the Swedish firm recently agreed to acquire KJ Environment, a Seoul-based company, from Genesis Private Equity.
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By Proptechbuzz
By Ravi Kumar
