- PropertyGuru accepts $1.1B buyout from EQT.
- The deal takes the company private.
- It aims for long-term growth without public market pressures.
Bye-bye, NYSE
PropertyGuru Group is set to leave the New York Stock Exchange following a $1.1 billion acquisition bid from EQT Private Capital Asia.
The deal offers shareholders $6.70 per share, a 52% premium over the company’s last unaffected trading day. Major stakeholders KKR and TPG have agreed to sell their combined 56% stake.
No more quarterly pressure
The Singapore-based property tech firm plans to finalize the deal by early 2025. CEO Hari Krishnan emphasized that going private will allow PropertyGuru to focus on long-term strategies and innovation without public market pressures.
The company’s headquarters will remain in Singapore, and leadership is expected to stay intact.
Despite narrowing losses in Q1 2024, PropertyGuru recently laid off 5% of its workforce. Founded in 2007, the company has evolved from a simple listing portal to a comprehensive property ecosystem.
This privatization move aims to position PropertyGuru for stronger growth in the dynamic Southeast Asian real estate market.
