PropertyGuru Group (PGRU) has announced an agreement to merge with affiliates of BPEA Private Equity Fund VIII Limited, part of EQT Private Capital Asia, which itself is a division of EQT AB. This merger will result in PropertyGuru being acquired by EQT Private Capital Asia in an all-cash transaction that values PropertyGuru at approximately $1.1 billion in equity. Under the terms of the agreement, each ordinary share of PropertyGuru will be canceled and automatically converted into the right to receive $6.70 in cash per share, without accruing interest.
The Board of Directors at PropertyGuru has unanimously approved the merger and is recommending that shareholders also approve the transaction. Following the completion of the merger, PropertyGuru’s shares will cease trading on the New York Stock Exchange, as the company will transition into a privately-held entity.
