After the deal is completed, the common shares of PropertyGuru - the parent company of Batdongsan.com.vn - will be delisted and automatically converted into $6.7 per share for shareholders, with no interest applied.

EQT Private Capital Asia, an investment fund headquartered in Hong Kong, China, recently announced the acquisition of PropertyGuru for $1.1 billion. PropertyGuru has also confirmed this information.

With the proposed price, each PropertyGuru share is being purchased at a 52% premium over its closing price on May 21—the last trading day before rumors of the deal surfaced.

This price also represents a 75% and 86% premium over the average price of the stock during the past 30 and 90 trading days, respectively, up to May 21.

The merger is expected to be completed by the end of 2024 or early 2025, pending approval from PropertyGuru shareholders and regulatory authorities.

Upon completion, PropertyGuru's shares will be officially delisted from the New York Stock Exchange (NYSE). However, the company’s headquarters will remain in Singapore.

Hari Krishnan, CEO of PropertyGuru, stated that becoming a private company will allow PropertyGuru to focus on long-term strategies, innovate more freely, and execute growth plans.

Janice Leow, representing EQT Private Capital in Southeast Asia, noted that their buyout offer provides value and certainty for shareholders while enabling PropertyGuru to fully leverage its growth potential.

PropertyGuru, a proptech company providing online real estate information, was founded in 2007 in Singapore. The company operates in several Southeast Asian countries, including Malaysia, Thailand, and Vietnam, offering millions of real estate listings and numerous user support solutions.

In 2022, PropertyGuru was officially listed on the NYSE at an initial share price of $8.61. At that time, PropertyGuru had a market capitalization of $1.6 billion.

In Vietnam, PropertyGuru made a strategic investment in Batdongsan.com.vn in October 2016 and announced the completion of 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 a net loss of $7.7 million in the same period the previous year.

Revenue for the first quarter reached $27.7 million, an 11.9% increase compared to the same period last year, driven by strong growth in the Singapore market.

Hong Khanh