Under the terms of the merger, PropertyGuru’s common stock will be canceled and automatically converted into the right to receive $6.70 USD per share, excluding interest. The merger price represents a 52% premium to PropertyGuru’s closing stock price on May 21, prior to the rumors of the deal.
PropertyGuru’s major shareholders, including private equity investment groups KKR and TPG, which own a combined 56% stake, have agreed to sell their holdings to support the merger. Prior to this, in May, there were rumors that KKR and TPG were considering a full acquisition of the company.
The merger is expected to close in late 2024 or early 2025, subject to approval by PropertyGuru’s shareholders and necessary regulatory approvals.
Upon completion of the merger, PropertyGuru’s stock will be delisted from the New York Stock Exchange, and the company will become private. However, their headquarters will remain in Singapore.
Hari Krishnan, CEO of PropertyGuru, stated that going private will enable them to focus on long-term strategies, innovation, and growth plans without the pressure of the public markets.
“Becoming a private company allows PropertyGuru to focus on long-term strategies, innovate more freely, and execute our growth plans without the pressures of being a listed company,” said Hari Krishnan, CEO of PropertyGuru.
Janice Leow, of EQT Private Capital Southeast Asia, believes their acquisition proposal brings value and certainty to shareholders while enabling PropertyGuru to realize its full growth potential.
Vu Hao (According to TechinAsia)
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