BENGALURU (Aug 16): Swedish investment firm EQT ABwill acquire PropertyGuru in an all-cash deal, valuing the Singapore-based online real estate platform at US$1.1 billion, the companies said on Friday.

As part of the deal, PropertyGuru’s shareholders will receive US$6.70 (RM29.70) apiece, a 7% premium to the firm’s last close on Thursday.

PropertyGuru — which went public in 2022 — will be acquired by EQT Private Capital Asia, the Swedish private equity firm’s Asia-focused buyout fund.

The offer from EQT is a 52% premium to PropertyGuru’s last close on May 21, a day before Bloomberg News first reported a potential buyout by private equity firms TPG and KKR.

KKR and TPG each hold a 29.58% and 26.52% stake in the Singaporean firm and are its top two shareholders.

TPG did not immediately respond to Reuters’ request for comment on the deal, while KKR declined to comment.

Australian real estate firm REA Group owns a more-than-17% stake in PropertyGuru and said it expects around A$286 million (US$189.6 million) in proceeds from the sale.

PropertyGuru was established in 2007 and provides online real estate search services in countries including Thailand, Vietnam and Singapore.

Separately, EQT raised US$1.6 billion in May, as it seeks to expand in Asia’s mid-market private equity market.

The Swedish company earlier in the day agreed to acquire KJ Environment from Seoul-based investment firm Genesis Private Equity.

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