EQT Private Capital Asia, an Asian buyout fund led by Hong Kong-based billionaire Jean Salata, has agreed to acquire PropertyGuru, a Singapore-based online real estate platform, in a deal valued at $1.1 billion. PropertyGuru shareholders will receive $6.70 per share, representing a 52% premium over the company’s closing price on May 21. The deal is expected to close in the first quarter of next year pending shareholder and regulatory approvals, with U.S. private equity firms KKR and TPG endorsing the transaction. Once completed, PropertyGuru will delist from the NYSE and become a privately held company based in Singapore.
EQT’s global expertise and commitment to sustainable growth are expected to strengthen PropertyGuru’s vision to empower communities to thrive in tomorrow’s cities, according to Hari V. Krishnan, CEO and managing director of PropertyGuru. REA Group, an Australian real estate company controlled by Rupert Murdoch’s News Corp., owns over 17% in PropertyGuru and anticipates receiving approximately A$286 million from the sale of this stake. PropertyGuru, launched 17 years ago, currently has over 28 million monthly active users and operates across Singapore, Malaysia, Thailand, and Vietnam.
Jean Salata, with a net worth of $6.5 billion, ranked No. 12 on Hong Kong’s 50 Richest list in February and has been leading EQT Private Capital Asia after a merger with Baring Private Equity Asia. Salata, a Chilean citizen residing in Hong Kong since 1989, orchestrated a management buyout of Baring in 2000, which was later acquired by EQT in a deal valued at $7.5 billion. The acquisition of PropertyGuru comes as EQT plans to raise $12.5 billion for a new Asia-focused fund managed by EQT Private Capital Asia. The transaction is expected to position PropertyGuru for long-term growth while offering shareholders compelling value and certainty.
The agreement between EQT Private Capital Asia and PropertyGuru marks a significant milestone for both companies. PropertyGuru, with over 46,000 agents and 2.1 million property listings, has established itself as a leading online real estate platform in Southeast Asia. The acquisition will enable PropertyGuru to fully harness its growth potential and enhance its position in the market. The endorsement of the deal by major stakeholders, including KKR and TPG, reflects confidence in the strategic direction and future prospects of the combined entity.
As EQT Private Capital Asia continues to expand its presence in the region, the acquisition of PropertyGuru demonstrates the firm’s commitment to investing in promising companies with strong growth prospects. The transition of PropertyGuru to a privately held company under EQT’s ownership is expected to unlock new opportunities for innovation and development in the real estate sector. With the support of EQT’s global network and resources, PropertyGuru is well-positioned to drive sustainable growth and create value for its customers, partners, and shareholders.
Overall, the acquisition of PropertyGuru by EQT Private Capital Asia represents a strategic move to capitalize on the growing demand for online real estate services in Asia. The deal’s completion will mark a new chapter for PropertyGuru as it transitions into a privately held entity and embarks on a path towards long-term success and innovation in the real estate industry.
