Proptech PropertyGuru is getting acquired by Swedish PE firm EQT Private Capital Asia for $1.1B!

The details. It’s an all-cash deal.

• Ordinary shares of PropertyGuru will be canceled and converted automatically into the right to receive cash equal to $6.70 per share without interest.
• It’s a 52% premium to PropertyGuru’s closing share price on May 21 this year, the last trading day the share price was unaffected by market speculation on a deal.

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🏠 Who’s PropertyGuru?

Founded in 2007, PropertyGuru went public in 2022 on the New York Stock Exchange.

• They connect about 28M people with 46,000 agents monthly.
• They have 2.1M real estate listings and are active in Singapore, Malaysia, Thailand, and Vietnam.

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🤔 Who’s the buyer?

EQT is a purpose-driven global investment organization with EUR 246B in total AUM across two business segments, Private Capital and Real Assets.

• They own portfolio companies and assets in Europe, APAC, and the Americas.
• Asia moves. They raised $1.6B in May for their Asia Mid-Market Growth Fund.

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🔜 Talking about the future

Mark your calendars for Q4 2024 or Q1 2025, which is when the transaction is expected to close.

It’s still subject to customary closing conditions, like approval by PropertyGuru’s shareholders and regulatory approvals.

• It’s private now. After the transaction is completed, PropertyGuru’s shares will stop trading on the NYSE and the company will go private.