EQT Private Capital Asia has successfully acquired PropertyGuru Group, a property technology (PropTech) company based in Singapore.
In a statement last Friday, the two said that BPEA Private Equity Fund VIII had completed the purchase of PropertyGuru for $6.70 per share in cash, valuing the company at an equity value of about $1.1 billion.
PropertyGuru’s common shares were delisted from the New York Stock Exchange in connection with the closing, and they stopped trading before the market opened on December 13, 2024. The business will be privately held and run by PropertyGuru.
Each unexercised and outstanding warrant will be redeemable for $0.7526 per warrant upon valid exercise after the merger through January 12, 2025.
PropertyGuru, the top PropTech platform in Southeast Asia, was founded in 2007 and has its headquarters in Singapore. Every month, it links over 31 million property seekers with over 50,000 agents in Singapore, Malaysia, Thailand, and Vietnam.
The company provides a wide range of services that enable users to make informed real estate decisions throughout the region, including enterprise client solutions under PropertyGuru for business, data-driven insights, and mortgage solutions like PropertyGuru Finance.
By contributing resources and experience to speed up technological advancement, broaden the company’s market reach, and boost operational effectiveness, EQT’s investment in PropertyGuru seeks to support the business’s continued growth.
EQT aims to further PropertyGuru’s strategic initiatives, fortify its position in Southeast Asia’s PropTech sector, and propel growth in dynamic markets driven by urbanization, middle-class expansion, and digitalization by leveraging its experience with leaders in the digital marketplace and real estate classifieds sectors, including businesses like Idealista and Casa.it.
“We are pleased to announce the successful completion of this transaction and we welcome EQT to PropertyGuru,
“Over the past seventeen years, our growth has been enabled by strong partnerships with our shareholders, led by TPG and KKR,” said Hari V. Krishnan, Chief Executive Officer, PropertyGuru Group.
“EQT shares our commitment to our continued sustainable growth, and we look forward to working with them towards our group’s vision to power, communities to live, work and thrive in tomorrow’s cities,” he added.
“PropertyGuru has revolutionized the property technology landscape in Southeast Asia, standing out for its innovation and leadership in delivering solutions that empower millions across the region,” said Janice Leow, Head of EQT Private Capital Southeast Asia and Partner in the EQT Private Capital Asia advisory team.
