EQT Asia to acquire PropertyGuru for $1.1bn

EQT, Europe's largest private equity house with over €200bn in AUM, is to acquire Singapore-based online real estate platform PropertyGuru in an all-cash deal that values the business at $1.1bn, via the BPEA Private Equity Fund VIII Limited.

Under the terms of the agreement, PropertyGuru shareholders will receive $6.70 per share, representing a 52% premium over the company’s closing price on 21 May, the last trading day before news of the potential acquisition broke, according to a statement from EQT released on Friday.

Janice Leow, a partner at EQT Private Capital Asia and head of its Southeast Asia division, commented: “Our offer provides shareholders with compelling value and certainty, while strategically positioning PropertyGuru to fully realize its long-term growth potential.”

The transaction, which is subject to shareholder and regulatory approvals, is expected to be finalised by Q1 2025. US private equity firms KKR and TPG, which together hold a 56% stake in PropertyGuru, have already endorsed the deal.

Upon completion, PropertyGuru will be delisted from the New York Stock Exchange and will transition to a privately held company, with its headquarters remaining in Singapore.

The acquisition aligns with EQT's broader strategy as the firm seeks to raise $12.5bn for a new Asia-focused fund, which will be managed by EQT Private Capital Asia.

Founded 17 years ago, PropertyGuru has over 28m monthly active users, with more than 46,000 agents and 2.1m property listings across Singapore, Malaysia, Thailand and Vietnam.