Brian Jeffrey
Upon completion of the acquisition deal, PropertyGuru’s common shares will be delisted and automatically converted into $6.7 per share for shareholders without any interest.
EQT Private Capital Asia, an investment fund based in Hong Kong, China, has announced the acquisition of PropertyGuru for $1.1 billion, a confirmation provided by PropertyGuru.
The proposed price per share represents a 52% premium over the closing price on May 21, the day before rumors of the deal emerged.
Furthermore, the offer signifies a 75% and 86% premium over the average stock prices of the last 30 and 90 trading days, respectively, leading up to May 21.
The merger is anticipated to conclude by late 2024 or early 2025, subject to approval from PropertyGuru shareholders and regulatory bodies.
Following the completion, PropertyGuru’s shares will be delisted from the New York Stock Exchange (NYSE), while the company’s headquarters will continue to be in Singapore.
PropertyGuru’s CEO, Hari Krishnan, mentioned that transitioning to a private entity will enable the company to concentrate on long-term strategies, innovate more freely, and implement growth initiatives.
Janice Leow from EQT Private Capital in Southeast Asia emphasized that the acquisition offer ensures value and certainty for shareholders, enabling PropertyGuru to maximize its growth potential.
PropertyGuru, a proptech firm offering online real estate information, was established in Singapore in 2007 and operates across multiple Southeast Asian nations like Malaysia, Thailand, and Vietnam, providing millions of property listings and various user support services.
In 2022, PropertyGuru was listed on the NYSE with an initial share price of $8.61, boasting a market capitalization of $1.6 billion at the time.
PropertyGuru made a strategic investment in Batdongsan.com.vn in Vietnam in October 2016 and finalized its merger in 2018.
In the first quarter of 2024, PropertyGuru reported a net loss of 6.3 million Singapore dollars ($4.8 million), an improvement from the previous year’s loss of $7.7 million during the same period.
Revenue for the first quarter rose to $27.7 million, marking an 11.9% increase from the corresponding period in the previous year, driven by robust growth in the Singapore market.
