In today’s briefing:
- EQT’s Offer For PropertyGuru (NYSE:PGRU): As Clean As It Gets
EQT’s Offer For PropertyGuru (NYSE:PGRU): As Clean As It Gets
- Listed on the 18th March 2022 at US$8.33/share, Singaporean-based online real estate portal PropertyGuru (PGRU US) has now announced a US$6.70/share cash Offer from Sweden’s EQT AB.
- That backs out a premium to undisturbed of 52%. Media speculation of a takeover for the TPG/KKR-backed PropertyGuru first surfaced around the 21st May this year.
- TPG and KKR, collectively holding ~56.1%, are supportive. REA Group Ltd (REA AU), holding 17.2%, is also on board. The key Offer condition is two-thirds of shareholders approving terms.
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