PropertyGuru Agrees to Go Private in $1.1 Billion Deal

By Ronnie Harui

SINGAPORE--PropertyGuru Group said it has entered into an agreement to be acquired by EQT Private Capital Asia in a deal that values the online property portal at about $1.1 billion.

Under the merger terms, PropertyGuru shareholders will receive $6.70 a share in cash, the company said Friday.

The offer represents a 52% premium to PropertyGuru's closing stock price on May 21, the last unaffected trading day before media speculation regarding a potential transaction, the Singapore-based company said.

PropertyGuru said its board of directors has unanimously approved the merger and recommended that shareholders approve it.

The transaction is expected to close in either the fourth quarter of 2024 or the first quarter of 2025, subject to customary closing conditions, the company said.

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.

Write to Ronnie Harui at ronnie.harui@wsj.com

(END) Dow Jones Newswires

August 16, 2024 05:22 ET (09:22 GMT)

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