SG competition watchdog clears EQT’s takeover of PropertyGuru

Photo credit: PropertyGuru

Singapore’s competition regulator has given the go-ahead for EQT’s proposed takeover of proptech firm PropertyGuru.

The Competition and Consumer Commission of Singapore said after a public consultation last month that the deal was “unlikely to substantially lessen competition in Singapore’s digital real estate advertising services market.”

It added that most respondents at the consultation – which included customers and PropertyGuru’s rivals – did not express concerns over the acquisition.

New York-listed PropertyGuru said on August 16 that it would be acquired by investment firm EQT Private Capital Asia for US$1.1 billion and be taken private.

Under the all-cash deal, ordinary shares of the company will be canceled and converted automatically into the right to receive US$6.70 a share – a 7% premium to PropertyGuru’s last closing price of US$6.26 on August 15.

The transaction comes more than two and a half years after the proptech firm debuted on the New York Stock Exchange at US$8.61 a share. It had listed through a business combination with special purpose acquisition company Bridgetown 2, which was backed by billionaires Peter Thiel and Richard Li.

At the time of the business combination, PropertyGuru had an equity value of US$1.6 billion.

Upon the completion of the deal, the company will stay headquartered in Singapore.

See also: IPO in the US? Nick Nash says you’ll need $2b valuation

This story was republished with permission from The Business Times. It was moderately edited to reflect Tech in Asia’s editorial guidelines.