Singapore's PropertyGuru Agrees To Be Taken Private By EQT AB In $1.1B Deal: Details
Portfolio Pulse from Lekha Gupta
PropertyGuru Group Limited (NYSE:PGRU) has agreed to be taken private by EQT AB in a $1.1 billion all-cash deal. The merger values PropertyGuru at a 52% premium over its last unaffected trading price. Major shareholders TPG and KKR & Co. Inc. (NYSE:KKR) support the merger. The transaction is expected to close by early 2025, after which PropertyGuru will be delisted from the NYSE.
August 16, 2024 | 11:40 am
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KKR & Co. Inc. (NYSE:KKR), a major shareholder in PropertyGuru, supports the merger agreement with EQT AB. KKR holds a significant stake in PropertyGuru and has entered into a voting and support agreement for the merger.
KKR's support for the merger indicates a positive outlook for the transaction, which could reflect well on KKR's investment strategy and potentially boost investor confidence in KKR.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
PropertyGuru Group Limited (NYSE:PGRU) has agreed to be taken private by EQT AB in a $1.1 billion all-cash deal. The merger values PropertyGuru at a 52% premium over its last unaffected trading price. The transaction is expected to close by early 2025, after which PropertyGuru will be delisted from the NYSE.
The announcement of the merger at a significant premium is likely to drive PGRU's stock price up in the short term. The support from major shareholders and the unanimous approval from the Board further solidify the deal's likelihood of completion.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100