Latham & Watkins, Ropes & Gray and Freshfields Bruckhaus Deringer have assisted on EQT Private Capital Asia’s USD1.1 billion take-private acquisition of PropertyGuru Group, a Singapore-based real estate technology company.
PropertyGuru has entered into a definitive merger agreement with EQT Private Capital Asia for an all-cash acquisition, valued at around USD1.1 billion. The transaction will see PropertyGuru taken private, which has received unanimous approval from the company’s board of directors.
Latham & Watkins is advising the major shareholders of TPG Asia VI Digs 1 (collectively, TPG) and Epsilon Asia Holdings II, an entity managed by global investment fund KKR, which hold a combined 56% ownership of ordinary shares. Singapore partner Sharon Lau and New York partner Ian Nussbaum are leading the team, with the support of associates Elisabeth Ong, Tommy Tan, Jen Whee Lee and Stanley Onyeador from their offices in Singapore and Los Angeles.
Ropes & Gray is representing EQT Private Capital Asia with partners Ariel Deckelbaum, Suni Sreepada, Jen Cormier, Fran Faircloth, Megan Baca, Elaine Murphy, Marty Crisp, Ama Adams and Lisa Kaltenbrunner in the transaction team.
Freshfields is representing the special committee of PropertyGuru’s board of directors . The team includes partners Steven Li, Ethan Klingsberg, Noah Carr, Lori Goodman, Nicole Foster, Allison Liff, Kyle Lakin, Ninette Dodoo, Claude Stansbury, Mena Kaplan, Christine Lyon, Brock Dahl and Stephanie Brown Cripps.
The transaction is expected to conclude in the last quarter of 2024 or the first quarter of 2025, subject to customary conditions. On completion, PropertyGuru will be delisted from the NYSE and transition into a private entity, with its headquarters remaining in Singapore.
