EQT AB to Acquire PropertyGuru for $1.1 Billion in Cash

Singapore-based online property platform PropertyGuru Group Ltd. (PGRU) entered a merger agreement on August 16, 2024, to be acquired by Swedish investment firm EQT AB in an all-cash deal valued at $1.1 billion.

Deal Structure:

As per the mutually agreed terms, EQT Private Capital Asia, which is part of EQT AB, will acquire PropertyGuru for $6.70 per share in cash, representing a 7.03% premium from the stock’s last close.

Company Profile:

PropertyGuru is Southeast Asia’s top property technology company, helping people find homes and connect with real estate agents and developers across Singapore, Malaysia, Thailand, Vietnam, and Indonesia.

EQT AB is a global investment company that manages over 246 billion euros in assets, helping businesses across Europe, Asia-Pacific, and the Americas grow sustainably and improve their operations.

Deal Details and Timeline:

The major shareholders, TPG and KKR (KKR), who together own 56% of the company, have agreed to support the merger. They have signed voting and support agreements with PropertyGuru and EQT Private Capital Asia to back the merger.

PropertyGuru, which became a public company in 2022, will return to being privately owned through this deal, expected to be finalized either in the fourth quarter of this year or the first quarter of 2025.

PropertyGuru will continue to have its headquarters in Singapore. PropertyGuru’s current Price/Sales (TTM) ratio is 8.73, above the sector median of 1.30.

Deal Metrics:

For an in-depth understanding of this M&A transaction, visit our Deal Metrics page:

Deal Metrics for the acquisition of PropertyGuru Group Ltd. (PGRU) by EQT AB

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• A spread history chart tracing the merger from announcement to completion or failure.
• A comprehensive timeline of events including expiration of the HSR period, regulatory approvals, shareholder votes, and more.
• News and SEC filings.
• A history of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article