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Europe $270 Billion Private Equity Firm EQT to Merge Southeast Asia Property Platform PropertyGuru Group for $1.1 Billion into BPEA Private Equity Fund VIII at $6.70 Per Share, Represents 52% Premium to Closing Share Price on 21st May 2024, PropertyGuru Will Delist from New York Stock Exchange (NYSE) after Merger

17th August 2024 | Hong Kong

Europe leading private equity firm EQT with $270 billion AUM has announced to merge Southeast Asia property platform PropertyGuru Group for $1.1 billion into BPEA Private Equity Fund VIII at $6.70 per share, representing a 52% premium to closing share price on 21st May 2024.  PropertyGuru will delist from New York Stock Exchange (NYSE) after the merger.  Announcement (16/8/24): “PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading1 property technology (“PropTech”) company, today announced that it has entered into an agreement and plan of merger (the “Merger Agreement”) with affiliates of BPEA Private Equity Fund VIII Limited (“EQT Private Capital Asia”), part of EQT AB, a purpose-driven global investment organization, pursuant to which the Company will be acquired by EQT Private Capital Asia in an all-cash transaction (the “Merger”) that values PropertyGuru at an equity value of approximately USD 1.1 billion. PropertyGuru’s Board of Directors, acting upon the recommendation of a special committee (the “Special Committee”) of PropertyGuru’s Board of Directors, has unanimously approved and resolved to recommend approval of the Merger by PropertyGuru’s shareholders. The Special Committee negotiated the terms of the Merger Agreement with assistance of financial and legal advisors.  Under the terms of the Merger Agreement, at the effective time of the Merger, each ordinary share of the Company issued and outstanding immediately prior to the effective time (other than certain excluded shares) will be cancelled and converted automatically into the right to receive an amount in cash equal to USD 6.70 per share, without interest.  The merger consideration represents a 52% premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75% and 86% premium to the Company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024.  Major shareholders, TPG Asia VI SF Pte. Ltd. and TPG Asia VI SPV GP LLC, in its capacity as general partner of TPG Asia VI Digs 1 L.P. (collectively, “TPG”) and Epsilon Asia Holdings II Pte. Ltd., an entity managed by global investment fund KKR (“KKR”), which hold a combined 56% ownership of ordinary shares outstanding, have entered into voting and support agreements with the Company and EQT Private Capital Asia in support of the Merger.”  Transaction Details – The transaction is expected to close in Q4 2024 or Q1 2025, subject to customary closing conditions, including approval by PropertyGuru’s shareholders and receipt of regulatory approvals. The transaction is not subject to a financing condition. Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange, and PropertyGuru will become a private company. PropertyGuru’s headquarters will remain in Singapore.

“ Europe $270 Billion Private Equity Firm EQT to Merge Southeast Asia Property Platform PropertyGuru Group for $1.1 Billion into BPEA Private Equity Fund VIII at $6.70 Per Share, Represents 52% Premium to Closing Share Price on 21st May 2024, PropertyGuru Will Delist from New York Stock Exchange (NYSE) after Merger “

 

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Hari V. Krishnan, CEO & MD, PropertyGuru Group: “We are pleased to embark on this new chapter with EQT. This partnership follows years of transformative growth, supported by TPG and KKR, which has established us as Southeast Asia’s leading PropTech platform. As we continue to innovate and deliver value to our consumers, customers, and stakeholders across the region, EQT’s global expertise in building marketplaces and commitment to sustainable growth will further strengthen our vision to power communities to live, work, and thrive in tomorrow’s cities.”

Janice Leow, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia: “PropertyGuru has firmly established itself as the leading property marketplace platform in Southeast Asia, and we are deeply impressed by the strong foundation it has built over the past 17 years as well as with its talented team. We believe our offer provides shareholders with compelling value and certainty, while strategically positioning PropertyGuru to fully harness its long-term growth potential. With EQT’s significant experience in the technology, online classifieds and marketplace sectors, we aim to further strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its consumers, customers and stakeholders.”

 

 

PropertyGuru Group – PropertyGuru is Southeast Asia’s leading PropTech company, and the preferred destination for over 28 million property seekers to connect with over 46,000 agents monthly to find their dream home. PropertyGuru empowers property seekers with more than 2.1 million real estate listings, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand and Vietnam.  PropertyGuru.com.sg was launched in Singapore in 2007 and since then, PropertyGuru Group has made the property journey a transparent one for property seekers in Southeast Asia. In the last 17 years, PropertyGuru has grown into a high-growth PropTech company with a robust portfolio including leading property marketplaces and award-winning mobile apps across its core markets; mortgage marketplace, PropertyGuru Finance; home services platform, Sendhelper; a host of proprietary enterprise solutions under PropertyGuru For Business including DataSense, ValueNet, Awards, events and publications across Asia.

EQT – EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

 

 

Europe $270 Billion Private Equity Firm EQT to Merge Southeast Asia Property Platform PropertyGuru Group for $1.1 Billion into BPEA Private Equity Fund VIII at $6.70 Per Share, Represents 52% Premium to Closing Share Price on 21st May 2024, PropertyGuru Will Delist from New York Stock Exchange (NYSE) after Merger PropertyGuru Group


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