PropertyGuru is set to be acquired by an Asian investment firm and will go private.

To be delisted from the NYSE

This will make it a private company and its shares will cease trading on the New York Stock Exchange (NYSE).

The Singapore-based property technology company said on Aug. 16 that the acquisition is by EQT Private Capital Asia.

The transaction will be an all-cash deal that puts the company at about US$1.1 billion (S$1.5 billion) equity value.

Conversion of shares

Each ordinary share of the company issued and outstanding immediately before the acquisition will be cancelled and converted automatically into the right to receive a cash amount equal to US$6.70 per share, without interest, when the deal goes through.

This amount represents a 52 per cent premium to PropertyGuru's closing share price on May 21, which was the last unaffected trading day before media speculation about a potential transaction, said the company.

It added that the amount also represents a 75 per cent and 86 per cent premium to PropertyGuru's 30-day and 90-day volume-weighted average share price respectively for the period ending May 21.

Deal to go through Q4 2024 earliest

PropertyGuru's board of directors had unanimously approved and resolved to recommend the approval of the deal by the company's shareholders, it said.

The company expects the transaction to close in fourth quarter of 2024 or the first quarter of 2025.

The tentative date is due to the deal being subject to customary closing conditions, including regulatory and shareholders approval.

PropertyGuru's headquarters will still be in Singapore after deal goes through, the press release added.

Background

The company was launched in Singapore in 2007 as a digital property marketplace.

It has since expanded into Indonesia and Malaysia, and is in the home loans business as well.

It began trading on the New York Stock Exchange on Mar. 18, 2022 following a merger with a special purpose acquisition company.

The company laid off 79 workers in February 2024.

PropertyGuru currently hosts more than 2.8 million real estate listings and serves more than 34 million property seekers every month.

Top photo via Google Maps