EQT Non-public Capital Asia agrees $1.1bn deal for PropertyGroup Guru; EQT buys Korean recycler, seeks $12.5bn fundraise

Hong Kong-headquartered EQT Non-public Capital Asia has has reached an settlement to purchase PropertyGuru Group (PropertyGuru), a number one property Technology firm in Southeast Asia (SEA), for $1.1 billion in money.

Main shareholders of PropertyGuru are TPG (by TPG Asia VI SF and TPG Asia VI SPV, in its capability as basic associate of TPG Asia VI Digs), which owns round 26.5%, and KKR (by Epsilon Asia Holdings II) which owns round 29.6% of the agency. Each have entered into voting and help agreements with the corporate and EQT Non-public Capital Asia in help of the deal. 

PropertyGuru’s board of administrators, performing upon the advice of a particular committee, unanimously authorised the deal and recommends approval of the merger by PropertyGuru’s shareholders, in line with an August 16 announcement.

The supply is the same as $6.70 per share and represents a 52% premium to PropertyGuru’s closing share worth on Could 21, 2024, the final unaffected buying and selling day previous to media hypothesis concerning a possible transaction, and a 75% and 86% premium to the corporate’s 30-day and 90-day volume-weighted common share worth, respectively, for the interval ending Could 21, 2024, the announcement stated. 

The transaction is anticipated to shut in This fall 2024 or Q1 2025, topic to closing situations, together with approval by PropertyGuru’s shareholders and receipt of regulatory approvals.

Upon completion of the transaction, PropertyGuru’s shares will now not commerce on the New York Inventory Trade (NYSE), and PropertyGuru will turn out to be a non-public firm. PropertyGuru’s headquarters will stay in Singapore.

 

Moelis & Firm is a monetary advisor to the particular committee and Freshfields Bruckhaus Deringer acted as its authorized counsel. Morgan Stanley Asia (Singapore) is the monetary advisor to EQT Non-public Capital Asia, and Ropes & Grey is performing as authorized advisor to EQT Non-public Capital Asia. JP Morgan Securities Asia Non-public is monetary adviser to KKR and TPG, and Latham & Watkin is authorized adviser to KKR and TPG.

 

PropoertyGuru has a plan to merge with associates of BPEA Non-public Fairness Fund VIII after which the corporate can be acquired by EQT Non-public Capital Asia. 

 

Progress potential 

 

The agency was based in 2007 by Steve Melhuish and Jani Rautiainen, and supplies digital property marketplaces for property seekers, actual property brokers, property builders, banks and valuers throughout Singapore, Malaysia, Vietnam and Thailand. PropertyGuru listed on NYSE in March 2022 and raised $254 million in a particular goal acquisition (SPAC) take care of Bridgetown 2 Holdings, which was backed by Richard Li and Peter Thiel. 

Hari Krishnan, chief government officer & managing director, PropertyGuru, stated in a press release, “We’re happy to embark on this new chapter with EQT. This partnership follows years of transformative progress, supported by TPG and KKR, which has established us as SEA’s main proptech platform.”

Krishnan added: “As we proceed to innovate and ship worth to our shoppers, prospects, and stakeholders throughout the area, EQT’s world experience in constructing marketplaces and dedication to sustainable progress will additional strengthen our imaginative and prescient to energy communities to reside, work, and thrive in tomorrow’s cities.”

Giving a sign of the agency’s future as a non-public firm, Janice Leow, associate within the EQT Non-public Capital Asia advisory group and head of EQT Non-public Capital SEA, stated: “PropertyGuru has firmly established itself because the main property market platform in SEA, and we’re deeply impressed by the sturdy basis IT has constructed over the previous 17 years in addition to with its gifted group.”

Leow added: “We imagine our supply supplies shareholders with compelling worth and certainty, whereas strategically positioning PropertyGuru to completely harness its long-term progress potential. With EQT’s important expertise within the Technology, on-line classifieds and market sectors, we purpose to additional strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its shoppers, prospects and stakeholders.”

EQT fund buys Korean recycler; seeks $12.5bn increase

In anoher transfer on the Swedish funding agency, EQT Infrastructure VI has purchased KJ Atmosphere from Genesis Non-public Fairness, for an undisclosed sum. The thought is to ascertain “a scaled and diversified end-to-end waste remedy scheme platform centered on plastic recycling and waste-to-energy in South Korea”, in line with a media launch. 

 

¬ Haymarket Media Restricted. All rights reserved.