PropertyGuru to go private in US$1.1 billion deal with EQT Private Capital Asia

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.