EQT to Buy Online Property Firm PropertyGuru for $1.1 Billion
- Transaction expected to close in fourth quarter or early 2025
- PropertyGuru’s shares have soared more than 40% since May 21
The PropertyGuru website.
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EQT AB agreed to buy New York-listed PropertyGuru Group Ltd. in an all-cash deal valuing the online property search company at $1.1 billion.
The agreement amounts to $6.70 per share — a 52% premium to PropertyGuru’s close on May 21, which the company said was the last unaffected day of trading before reports on a potential transaction, according to a statement on Friday. Bloomberg News reported at the time that KKR & Co. and TPG Inc., which together own about 56% of PropertyGuru, were working with an adviser to gauge interest from investors in a buyout.