Hong Kong-headquartered investment firm EQT Private Capital Asia (EQT) has agreed to acquire Singapore-based property technology platform PropertyGuru Group in an all-cash merger deal that values PropertyGuru at approximately US$1.1 billion and offers a premium of 52% over the company’s last unaffected share price and up to 86% over its 90-day average.

This merger, unanimously approved by the platform’s board following the advice of a special committee, will see each ordinary share converted into US$6.70 in cash.

The transaction, anticipated to close between Q4 2024 and Q1 2025, is subject to shareholder and regulatory approvals. Upon completion, the proptech will be delisted from the New York Stock Exchange and will transition to a private company, maintaining its headquarters in Singapore.

EQT’s acquisition, supported by major shareholders TPG and KKR that collectively own 56% of the platform’s outstanding shares, marks a new phase for the company. The investment firm’s expertise in digital marketplaces, it says, is expected to further enhance the platform, ensuring sustained growth and deeper market engagement.

“PropertyGuru has firmly established itself as the leading property marketplace platform in Southeast Asia, and we are impressed by the strong foundation it has built over the past 17 years as well as with its talented team,” adds Janice Leow, a partner in the EQT advisory team and head of EQT Private Capital Southeast Asia. “Our offer provides shareholders with compelling value and certainty, while strategically positioning PropertyGuru to fully harness its long-term growth potential.”