お知らせ • Dec 14
Baring Private Equity Asia Fund VIII managed by EQT Private Capital Asia completed the acquisition of PropertyGuru Group Limited (NYSE:PGRU) from TPG Asia VI SF Pte. Ltd., TPG Capital, L.P., KKR & Co. Inc. (NYSE:KKR), REA Group Limited (ASX:REA) and others.
Baring Private Equity Asia Fund VIII managed by EQT Private Capital Asia agreed to acquire PropertyGuru Group Limited (NYSE:PGRU) from TPG Asia VI SF Pte. Ltd., TPG Capital, L.P., KKR & Co. Inc. (NYSE:KKR), REA Group Limited (ASX:REA) and others for $1.2 billion on August 16, 2024. A cash consideration valued at $6.7 per share will be paid by EQT Private Capital Asia. PropertyGuru’s headquarters will remain in Singapore. Sell side Termination fee was set as $33.6 million.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board and approval of offer by target shareholders. The Board of Directors of PropertyGuru Group Limited formed a special committee for the transaction. The deal has been approved by the board. The expected completion of the transaction is in Q4 2024 or Q1 2025. As of September 16, 2024, The Extraordinary General Meeting will be held on October 9, 2024. As of October 9, 2024 PropertyGuru Group Limited shareholders approved the transaction. As of November 4, 2024, the Competition and Consumer Commission of Singapore (“CCCS”) is inviting public feedback on the proposed acquisition. As of December 6, 2024 Competition and Consumer Commission of Singapore has cleared the proposed acquisition of PropertyGuru Group Limited.
Moelis & Company acted as financial advisor and Fair opinion provider for Special Committee of PropertyGuru Group Limited. Steven Li, Ethan Klingsberg, Noah Carr, David Schwintowski, Lori Goodman, Nicole Foster, Allison Liff, Kyle Lakin, Ninette Dodoo, Claude Stansbury, Mena Kaplan, Christine Lyon, Brock Dahl, Jeremiah Nelson, and Stephanie Brown Cripps of Freshfields Bruckhaus Deringer LLP acted as legal advisor for PropertyGuru Group Limited. Morgan Stanley Asia Pte. acted as financial advisor for EQT Private Capital Asia. Ariel Deckelbaum, Suni Sreepada, Jen Cormier, Fran Faircloth, Megan Baca, Elaine Murphy, Marty Crisp, Ama Adams and Lisa Kaltenbrunner of Ropes & Gray LLP and Alex Davies, Matthew Harkness, Erik Bodden and Jonathon Milne of Conyers, Vikram Raghani, Anand Lakra, Sonakshi Das and Niharika Mepani of J. Sagar Associates acted as legal advisors for EQT Private Capital Asia. J.P. Morgan Securities Asia Private Limited acted as financial advisor for KKR & Co. Inc. and TPG Capital, L.P. Sharon Lau and Ian Nussbaum of Latham & Watkins LLP acted as legal advisor for KKR & Co. Inc. and TPG Capital, L.P. David Bulley, Damon Booth, Fanny Or, Hannah Yao, Stephanie Wang of Appleby acting as offshore counsel for the Special Committee of the Board of Directors of PropertyGuru. Moelis acted as financial advisor to the Special Committee in connection with the Merger and is entitled to receive a fee currently estimated to be approximately $18.9 million, in the aggregate, $4.0 million of which became payable to Moelis prior to delivery of its opinion and $14.9 million of which is contingent upon the consummation of the Merger. Moelis has (i) received aggregate fees from or on behalf of EQT Entities of approximately $8.4 million.
Baring Private Equity Asia Fund VIII managed by EQT Private Capital Asia completed the acquisition of PropertyGuru Group Limited (NYSE:PGRU) from TPG Asia VI SF Pte. Ltd., TPG Capital, L.P., KKR & Co. Inc. (NYSE:KKR), REA Group Limited (ASX:REA) and others on December 13, 2024.