According to a statement, the agreement amounts to US$6.70 (RM29.69) per share, a 52% premium to PropertyGuru’s close on May 21, which the company said was the last unaffected day of trading before reports on a potential transaction.

Bloomberg News reported in May that KKR &Co and TPG Inc, which together own about 56% of PropertyGuru, were working with an adviser to gauge interest from investors in a buyout.

The transaction is expected to close in the fourth quarter of this year (Q4 2024) or the first quarter of 2025 (Q1 2025), after which the online property firm will become a private company and no longer trade on the New York Stock Exchange.

The statement reported that KKR and TPG support the merger agreement with EQT.

EQT is doing the deal via its BPEA Private Equity Fund VIII Ltd, also known as EQT Private Capital Asia.

Singapore-based PropertyGuru’s shares have climbed 42% since May 21, closing Thursday at US$6.26 (RM27.74).

They’ve jumped 16% in the past three days alone.

“Our offer provides shareholders with compelling value and certainty, while strategically positioning PropertyGuru to fully harness its long-term growth potential,” said EQT Private Capital Southeast Asia head Janice Leow.

EQT said yesterday that it is planning to raise US$12.5 billion (RM55.39 billion) for its next Asia fund.

That would be one of the biggest-ever pools of private equity in the region.

EQT Private Capital Asia, which was formed in 2022 when EQT acquired Baring Private Equity Asia, will manage the fund.

PropertyGuru was established in 2007 and provides online property search services in markets including Singapore, Malaysia, Vietnam and Thailand.

“We are pleased to embark on this new chapter with EQT,” the company’s CEO Hari V Krishnan said in a statement.

EQT AB is a Swedish global investment organisation founded in 1994. Its funds invest in private equity, infrastructure, real estate, growth equity, and venture capital in Europe, North America, and Asia Pacific.