Billionaire Jean Salata’s EQT Asia to acquire Singapore’s PropertyGuru for $1.1B

The skyline at Marina Bay, Singapore. Illustration photo by Unsplash

According to Forbes, the transaction details were unveiled in a statement by EQT on Aug. 16, which also stated that PropertyGuru shareholders are set to receive $6.70 per share.

The acquisition is slated for completion in the first quarter of the following year, contingent upon the approval of shareholders and regulators.

Major shareholders TPG Asia VI SF Pte. Ltd. and KKR’s Epsilon Asia Holdings II Pte. Ltd., which collectively own 56% of PropertyGuru’s ordinary shares, have pledged their support for the merger by signing voting and support agreements, as per The Independent Singapore.

Following the deal’s closure, PropertyGuru is expected to be delisted from the New York Stock Exchange and will continue operations as a privately owned entity with its headquarters in Singapore, as reported by The Straits Times.

Since its inception 17 years ago, PropertyGuru has expanded significantly, now catering to over 28 million monthly active users and featuring more than 46,000 agents and 2.1 million property listings across Singapore, Malaysia, Thailand, and Vietnam.

Salata, 59, a Chilean national who has lived in Hong Kong since 1989, serves as the chairperson of EQT Private Capital Asia. With an estimated fortune of US$7.3 billion, he is currently ranked 12th in Forbes’ list of the wealthiest individuals in Hong Kong.