PropertyGuru to be acquired by EQT Private Capital Asia for $1.1B in cash

PropertyGuru announced that it has entered into an agreement and plan of merger with affiliates of BPEA Private Equity Fund VIII Limited, 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 that values PropertyGuru at an equity value of approximately $1.1B. PropertyGuru’s board of directors, acting upon the recommendation of a 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 will be cancelled and converted automatically into the right to receive an amount in cash equal to $6.70 per share, without interest. The merger consideration represents a 52% premium to PropertyGuru’s closing share price on May 21, 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. Major shareholders, 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.