EQT completes S$1.4B PropertyGuru acquisition

SINGAPORE: EQT has completed its US$1.1 billion (S$1.4 billion) acquisition of PropertyGuru, a leading property platform in Southeast Asia, which was made through the BPEA Private Equity Fund VIII, as reported by Singapore Business Review.

The acquisition comes with a 52% premium to PropertyGuru’s closing share price on May 21. It also includes a 75% premium over the company’s 30-day average share price and an 86% premium over the 90-day average share price, both ending on May 21.

Following the deal’s completion, PropertyGuru’s common shares were no longer traded, and the company was delisted from the New York Stock Exchange on Dec 13. It will now operate as a privately owned company. 

EQT plans to support PropertyGuru’s strategy, strengthen its position in Southeast Asia’s PropTech industry, and drive growth in fast-developing markets shaped by urbanisation, a growing middle class, and digitalisation.

Janice Leow, head of EQT Private Capital Southeast Asia and a partner in EQT’s Private Capital Asia advisory team, expressed confidence in the deal, saying that EQT’s experience in technology-driven businesses would help PropertyGuru explore new opportunities and strengthen its position in Southeast Asia’s property market. /TISG

Read also: PropertyGuru to be acquired by EQT Private Capital Asia in US$1.1B all-cash deal