EQT to offer 6.70 usd/share in cash (Il Sole 24 Ore Radiocor) - Singapore, 16 Aug - Southeast Asian property technology company PropertyGuru said it has entered into an agreement and plan of merger with affiliates of BPEA Private Equity Fund VIII, a unit of EQT, to be taken over by the Swedish private equity firm for an equity value of 1.1 billion dollars.

PropertyGuru's board of directors, acting upon the recommendation of a special committee has unanimously approved and resolved to recommend its approval by PropertyGuru's shareholders.

Under the terms of the agreement each ordinary share of the company issued and outstanding immediately prior to the effective time will be cancelled and converted automatically into the right to receive an amount in cash equal to 6.70 dollars per share, without interest.

The merger consideration represents a 52% premium to PropertyGuru's closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75% and 86% premium to the company's 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024.

Major shareholders, TPG and Epsilon Asia Holdings II, an entity managed by global investment fund KKR, which hold a combined 56% ownership of ordinary shares outstanding, have entered into voting and support agreements with the company and EQT Private Capital Asia in support of the merger.

The transaction is expected to close in the fourth quarter of 2024 or the first in 2025, subject to customary closing conditions, including approval by PropertyGuru's shareholders and receipt of regulatory approvals. The transaction is not subject to a financing condition.

Upon completion of the transaction, PropertyGuru's shares will no longer trade on the New York Stock Exchange, and PropertyGuru will become a private company. PropertyGuru's headquarters will remain in Singapore.

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(RADIOCOR) 16-08-24 10:00:06 (0158) 5 NNNN