Business
PropertyGuru to go private in US$1.1 billion deal with EQT Private Capital Asia
PropertyGuru will be acquired by EQT Private Capital Asia in a US$1.1 billion all-cash deal, taking the company private. Shareholders will receive US$6.70 per share, a 52% premium. The acquisition, set to close by Q1 2025, will see PropertyGuru delisted from the New York Stock Exchange.
Singapore-based PropertyGuru Group, a prominent player in Southeast Asia’s property technology sector, is set to be acquired by EQT Private Capital Asia in a significant all-cash transaction valued at approximately US$1.1 billion (S$1.5 billion).
The acquisition, announced on Friday, 16 August 2024, will lead to PropertyGuru’s departure from the New York Stock Exchange, where it has been listed since March 2022.
This move will transition PropertyGuru into a privately held company, with shareholders receiving US$6.70 per share.
This offer represents a notable 52% premium over the company’s closing share price on 21 May 2024, the last day before speculation about the acquisition began circulating. Additionally, the offer stands 75% and 86% above the company’s 30-day and 90-day average share prices, respectively, as of the same date.
The agreement has garnered the unanimous support of PropertyGuru’s board of directors, who have recommended that shareholders approve the deal. The acquisition is anticipated to close between the fourth quarter of 2024 and the first quarter of 2025, pending standard regulatory and shareholder approvals.
Once the transaction is finalized, PropertyGuru will maintain its headquarters in Singapore, continuing to serve its primary markets, including Indonesia and Malaysia. The company, which was launched in Singapore in 2007 as an online property marketplace, has since diversified into various sectors, including mortgage services and home-related platforms.
EQT Private Capital Asia, a part of the global investment firm EQT AB, brings extensive experience in the technology and marketplace sectors. Janice Leow, a partner at EQT Private Capital Asia, emphasized the firm’s plans to leverage this experience to further enhance PropertyGuru’s offerings. “We see immense potential in PropertyGuru and are committed to driving its next phase of growth, focusing on innovation and deeper engagement with its users and stakeholders,” Leow stated.
PropertyGuru has seen substantial growth over the years, boasting more than 2.8 million property listings and serving over 34 million property seekers monthly. However, the company has also faced challenges, including a recent round of layoffs in February 2024, which saw 79 employees being let go as part of a strategic review of its operations.
Notice to Our Readers: Moving Back to The Online Citizen
Construction worker dies in Changi worksite accident; Driver arrested
Consumers Association of Singapore fined S$20,000 for PDPA breaches following two data security incidents
Singapore’s Yip Pin Xiu secures historic three-peat at Paris Paralympics
Jamus Lim on Minister Chee Hong Tat’s remarks on fiscal policy: Calls for genuine debate over rhetoric
Philippine migrant group in SG hosts successful blood donation drive
China’s ex-convict jailed six years in Singapore for S$6.7M crypto scam
Chee Hong Tat’s call for fiscal prudence rings hollow amid contradictory government spending
UN food agency halts operations in Gaza after vehicle shot by Israeli forces
KL City Hall cancels National Day event following sinkhole incident
Swiss court convicts 2 executives for embezzling S$1.8 billion from 1MDB
Tan Suee Chieh: Sacrificing NTUC Income’s values for short-term gains undermines its foundation
-
Politics2 weeks agoJamus Lim on Minister Chee Hong Tat’s remarks on fiscal policy: Calls for genuine debate over rhetoric
-
Community2 weeks agoToast Box faces backlash and boycott calls amid price increases
-
Media1 week agoNotice to Our Readers: Moving Back to The Online Citizen
-
Singapore2 weeks agoSingapore introduces new scheme in April 2025 offering up to S$6,000 in financial support for retrenched workers
-
Politics2 weeks agoJamus Lim raises concerns over high cost of living and its impact on Singaporeans’ sense of belonging
-
Opinion2 weeks agoChee Hong Tat’s call for fiscal prudence rings hollow amid contradictory government spending
-
Singapore2 weeks agoTan Suee Chieh: Sacrificing NTUC Income’s values for short-term gains undermines its foundation
-
Comments2 weeks agoNetizens raise skepticism over Inclusiveness of Singapore’s new Jobseeker Support scheme
We need anti trust laws to prevent companies from working together to control prices unfairly or to create a monopoly. Singapore PAP through Temasek,GIC and many companies control many Singapore big companies like NTUC to suck people money and now prices of many products are high. We need to break them all up. Many people go to Malaysia, Johor Bahru to buy grocery see the truth about Singapore prices. Singapore companies are making money and profit but they raise prices on consumers. To reduce prices and create a competitive market, we need anti trust laws to make prices competitive. Break… Read more »
Every month start earning more than $12,000 by doing very simple Online job from home. I’m doing this job in my part time i sd1 have earned and received $12429 last month .I’m now a good Online earner and earns enough cash for my needs. Every person can get this Online job pop Over…
Here This Site—>>> Www.NetPay1.Com
Their Cult Serve the Rich and the Exes. It is not a system for the people BUT for them to hold onto power!
Since there’s no REAL public housing per se in SillyPore’, …… when’ll HDB go private !!!
Chresa: Obviously they dun serve the people BUT their Elite Cronies with their never ending Cult Practice just like their DBS Bank!
REPLY to Chresa
Something fishy going on. When THEIR next “charbor” kaki CEO takes over.
Going to withdraw ALL $$$ till amt. left that’ re insured.
Is the property sector sustainable in SG? Can the million-dollar HDB resale flats be sustainable? That’s why the pappies need new population to continue fueling the property market. Then the question becomes: is the policy to continual importing new population sustainable?
Fantastic work Since I presently earn over $46K a month from just legal internet activities, I enjoy your job. I am aware that you are now making a sizeable amount of money online with just $38K, and that these are straightforward administrative jobs.
Detail Here——————>>> Www.yourjobs1.online
Start now making every month extra $19k or more by just doing an easy online job from home. Last month I earned and received $16650 from this job by giving only 3 hrs. a day. Every person can now get this job and start earning online by:-
Open This…. Www.yourjobs1.online
Fantastic work Since I presently earn over $46K a month from just legal internet activities, I enjoy your job. I am aware that you are now making a sizeable amount of money online with just $38K, and that these are straightforward administrative jobs.
Detail Here——————>>> Www.NetPay1.Com
Chresa: When is Singtel the corrupt entity going to close shop?!? Please my nokia does support 4G so dun need to divert me to buy your Samsung which I will never buy again due to: REPLY to Chresa: First they tell you to change SIM card to 4G. That’s OK. Next they tell you to change phone or else cannot make call. When I want to terminate their service they make me go all the way to Jurong not Orchard. Next they terminate my Email w/o warning. All incoming mails cannot access. So I won’t touch anything related to Singtel… Read more »
When is Singtel the corrupt entity going to close shop?!? Please my nokia does support 4G so dun need to divert me to buy your Samsung which I will never buy again due to:
1) explosion issue
2) corrupt my data issue
3) lousy service center that service nothing but ask you to pay more
4) Political Sam corrupt entity
Dun need to harrass me again. Even if I buy another phone … It will NOT be a Samsung!!!