EQT Private Capital Asia has completed the acquisition of the Singapore-based property technology (PropTech) company PropertyGuru Group.

In a statement on last Friday, the duo announced the completion of the acquisition of PropertyGuru by BPEA Private Equity Fund VIII for $6.70 per share in cash in a transaction that values PropertyGuru at an equity value of approximately $1.1 billion.

In connection with the closing, PropertyGuru’s common shares ceased trading before the market open on December 13, 2024, and the company has been delisted from the New York Stock Exchange. PropertyGuru will operate as a privately held company.

Following the merger through January 12, 2025, each unexercised and outstanding warrant will be, upon valid exercise, exchangeable for $0.7526 per warrant.

Founded in 2007 and headquartered in Singapore, PropertyGuru is Southeast Asia’s leading PropTech platform, connecting over 31 million property seekers with more than 50,000 agents across Singapore, Malaysia, Thailand and Vietnam each month.

With a comprehensive suite of offerings, including extensive real estate listings, data-driven insights, and mortgage solutions like PropertyGuru Finance and enterprise client solutions under PropertyGuru for business, the company empowers users to make confident property decisions across the region.

EQT’s investment in PropertyGuru aims to support the company’s ongoing progress by providing resources and expertise to accelerate technology development, expand market reach, and improve operational efficiency.

Leveraging its experience with leaders in the digital marketplace and real estate classifieds sectors – including companies such as Idealista and Casa.it – EQT seeks to advance PropertyGuru’s strategic initiatives, strengthen its position in Southeast Asia’s PropTech sector, and drive growth in dynamic markets influenced by urbanization, middle-class expansion, and digitalization.

“We are pleased to announce the successful completion of this transaction and we welcome EQT to PropertyGuru,

“Over the past seventeen years, our growth has been enabled by strong partnerships with our shareholders, led by TPG and KKR,” said Hari V. Krishnan, Chief Executive Officer, PropertyGuru Group.

“EQT shares our commitment to our continued sustainable growth, and we look forward to working with them towards our group’s vision to power, communities to live, work and thrive in tomorrow’s cities,” he added.

Janice Leow, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia, said PropertyGuru has redefined the property technology landscape in Southeast Asia, standing out for its innovation and leadership in delivering solutions that empower millions across the region.

“Drawing on EQT’s expertise in technology-driven businesses, with a strong focus on marketplace and classifieds platforms, we look forward to supporting PropertyGuru in exploring new opportunities, enhancing its offerings, and driving its next phase of growth while contributing to the evolution of the property market in Southeast Asia,” she added.

EQT is a purpose-driven global investment organization with EUR 246 billion ($259 billion) in total assets under management.

Its business is divided into two business segments: private capital and real assets.

EQT owns portfolio companies and assets in Europe, Asia Pacific, and the Americas.

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