M&A WATCHING (WEEK 19/08-23/08/2024): THE PARENT COMPANY OF BATDONGSAN.COM.VN IS ACQUIRED

M&A Watching (Week 19/08-23/08/2024): EQT’s acquisition of the company owning batdongsan.com.vn

On 16/08/2024, major global news outlets covering M&A activities simultaneously reported information regarding EQT’s acquisition of PropertyGuru. So, detailed information about the buyer, the seller, transaction terms, and how it relates to Vietnam will be shared below more thoroughly.

PropertyGuru Group Limited (stock code on NYSE: PGRU), a leading real estate technology company in Southeast Asia, announced that the company has signed an agreement and merger plan with affiliates of BPEA Private Equity Fund VIII Limited (“EQT Private Capital Asia”), part of EQT AB, a global purpose-driven investment organization, under which the Company will be acquired by EQT Private Capital Asia in an all-cash transaction with PropertyGuru valued at approximately USD 1.1 billion in equity. The merger was approved by the company’s General Meeting of Shareholders and entrusted to the Board of Directors for execution. The Board of Directors has established a Special Committee to carry out the implementation. The Special Committee has negotiated the terms of the Merger Agreement with thesupport from financial and legal advisors.

PropertyGuru’s shares will be delisted after the transaction is executed (expected to be completed in Q4 2024 or Q1 2025).

The transaction price is determined to be approximately 52% higher than the company’s market capitalization at the time the transaction information was available. The transaction price is also about 2.4 times the company’s book value as of 31/03/2024. However, the transaction price is only about 30% higher than the currently contributed capital of the shareholders.

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