Singapore competition watchdog clears EQT’s takeover of PropertyGuru
The watchdog says the proposed takeover is unlikely to substantially blunt competition in the digital real estate advertising services market
SINGAPORE’s competition regulator on Friday (Dec 6) said it has given the go-ahead for EQT Private Capital Asia’s proposed takeover of South-east Asia property tech firm PropertyGuru.
The Competition and Consumer Commission of Singapore (CCCS) 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 even PropertyGuru’s rivals – did not express concerns over the acquisition.
New York-listed PropertyGuru said on Aug 16 that it would be acquired by investment firm EQT for US$1.1 billion and be taken private.
Under the all-cash deal, ordinary shares of the company will be cancelled and converted automatically into the right to receive US$6.70 a share – a 7 per cent premium to PropertyGuru’s last closing price of US$6.26 on Aug 15.
The transaction comes more than two and a half years after PropertyGuru 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.
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At the time of the business combination, PropertyGuru had an equity value of US$1.6 billion.
Upon the completion of the deal, PropertyGuru will stay headquartered in Singapore.
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