(Bloomberg) -- EQT AB agreed to buy New York-listed PropertyGuru Group Ltd. in an all-cash deal valuing the online property search company at $1.1 billion.
The agreement amounts to $6.70 per share — a 52% premium to PropertyGuru’s close on May 21, which the company said was the last unaffected day of trading before reports on a potential transaction, according to a statement on Friday. Bloomberg News reported at the time that KKR & Co. and TPG Inc., which together own about 56% of PropertyGuru, were working with an adviser to gauge interest from investors in a buyout.
The transaction is expected to close in the fourth quarter this year or first quarter of 2025, after which PropertyGuru will become a private company and no longer trade on the New York Stock Exchange. KKR and TPG support the merger agreement with EQT, according to the statement. EQT is doing the deal via its BPEA Private Equity Fund VIII Ltd., also known as EQT Private Capital Asia.
Singapore-based PropertyGuru’s shares have climbed 42% since May 21, closing Thursday at $6.26. They’ve jumped 16% in the past three days alone.
“Our offer provides shareholders with compelling value and certainty, while strategically positioning PropertyGuru to fully harness its long-term growth potential,” said Janice Leow, head of EQT Private Capital Southeast Asia.
EQT said Thursday it is planning to raise $12.5 billion for its next Asia fund. That would be one of the biggest-ever pools of private equity in the region. EQT Private Capital Asia, which was formed in 2022 when EQT acquired Baring Private Equity Asia, will manage the fund.
PropertyGuru was established in 2007 and provides online property search services in markets including Singapore, Malaysia, Vietnam and Thailand.
“We are pleased to embark on this new chapter with EQT,” the company’s Chief Executive Officer Hari V. Krishnan said in Friday’s statement.
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