05:33 AM EDT, 08/16/2024 (MT Newswires) -- PropertyGuru ( PGRU ) said Friday it has agreed to be acquired by affiliates of EQT's BPEA Private Equity Fund VIII in an all-cash deal valuing the company about $1.1 billion.

Under the transaction, each issued and outstanding PropertyGuru ( PGRU ) ordinary share will be canceled and converted into the right to receive $6.70 per share in cash.

PropertyGuru's ( PGRU ) board unanimously approved the pending deal, as recommended by a special committee. Major shareholders that hold a combined 56% stake in PropertyGuru ( PGRU ) also support the merger.

The transaction is expected to close this Q4 or in Q1 2025.

Upon completion, PropertyGuru ( PGRU ) will remain headquartered in Singapore but its shares will no longer trade on the New York Stock Exchange as it will become a private company.

Shares of PropertyGuru ( PGRU ) rose more than 5% in recent pre-bell activity Friday.

Price: 6.61, Change: +0.35, Percent Change: +5.59