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Deepti Sri · · 1 min readPropertyGuru to buy Australian proptech firm’s Malaysia, Thailand businesses
“Singapore real estate startup PropertyGuru has agreed to acquire all of the shares in REA Group’s operating entities in Malaysia and Thailand, marking the biggest acquisition in its 14-year history,” Bloomberg reported.
Details:
- PropertyGuru will acquire iProperty.com.my and Brickz.my in Malaysia, and thinkofliving.com and Prakard.com in Thailand from REA Group. The deal is expected to contribute A$15 million (US$11.6 million) to REA’s revenue in 2021, according to the Australian company’s filings.
- Under the deal, REA will hold an 18% stake and bring in a board director to join PropertyGuru.
Context:
- The development comes after PropertyGuru reported a decline in revenue and valuation for the first time since at least 2017.
- Meanwhile, rival company 99 Group has doubled its sales bookings in 2020 and is also in advanced discussions to secure funding that will fuel its expansion beyond Singapore and Indonesia.
Editing by Collin Furtado and Eileen C. Ang
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