EQT Private Capital Asia has completed its acquisition of PropertyGuru Group Limited, a leading property technology company in Southeast Asia. The transaction, carried out through BPEA Private Equity Fund VIII, valued PropertyGuru at approximately $1.1 billion, with shareholders receiving $6.70 per share in cash.
As part of the transaction, PropertyGuru’s shares were delisted from the New York Stock Exchange on December 13, and the company transitioned to a privately held entity. PropertyGuru also announced that, until January 12, 2025, each unexercised and outstanding warrant can be exchanged for $0.7526 per warrant upon valid exercise.
Hari V. Krishnan, CEO of PropertyGuru, expressed satisfaction with the completion of the acquisition and welcomed EQT as a partner. “Over the past seventeen years, our growth has been driven by strong partnerships with shareholders like TPG and KKR. We are proud to deliver a solid financial exit for our long-term investors,” said Krishnan.
Janice Leow, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia, praised PropertyGuru’s innovative role in the PropTech sector. “PropertyGuru has redefined property technology in Southeast Asia. Leveraging EQT’s expertise in technology-driven businesses, we aim to support the company’s next growth phase and enhance its offerings,” Leow added.
Founded in 2007 and headquartered in Singapore, PropertyGuru is a leading property technology platform in Southeast Asia. The platform connects over 31 million property seekers with more than 50,000 agents across Singapore, Malaysia, Thailand, and Vietnam monthly. Its offerings include real estate listings, data-driven insights, and services such as PropertyGuru Finance and enterprise solutions under PropertyGuru for Business.
EQT’s investment in PropertyGuru aims to accelerate its technological advancements, expand its market reach, and improve operational efficiency. The firm plans to draw on its experience with other digital marketplaces, such as Idealista and Casa.it, to strengthen PropertyGuru’s leadership in the PropTech sector. EQT’s strategy aligns with growth opportunities arising from urbanization, middle-class expansion, and digitalization across Southeast Asia.
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By Proptechbuzz
By Ravi Kumar
