EQT Private Capital Asia has completed the $1.1 billion acquisition of Southeast Asia’s leading property technology firm PropertyGuru Group Limited, resulting in its delisting from the New York Stock Exchange.
The transaction, executed by BPEA Private Equity Fund VIII, valued PropertyGuru at $6.70 per share in cash.
Trading of PropertyGuru’s common shares ceased ahead of market open on December 13, 2024.
The company, headquartered in Singapore, will now operate as a privately held entity. Warrants outstanding through January 12, 2025, will be exchangeable for $0.7526 per warrant upon valid exercise.
PropertyGuru, founded in 2007, serves over 31 million property seekers monthly across Singapore, Malaysia, Thailand, and Vietnam, connecting them with more than 50,000 agents.
The platform offers real estate listings, market insights, mortgage services, and enterprise solutions under its PropertyGuru for Business segment.
EQT’s investment aims to accelerate PropertyGuru’s technology development, expand its market presence, and enhance operational efficiencies.
EQT brings experience from similar investments in digital marketplaces, such as Idealista and Casa.it, and intends to strengthen PropertyGuru’s foothold in Southeast Asia’s PropTech sector, driven by urbanization, middle-class growth, and digital adoption.
The acquisition marks an exit for PropertyGuru’s previous investors, including TPG and KKR, who have supported the company’s growth trajectory over the past 17 years.
Business News Asia
