EQT and PropertyGuru Merger Completed

• PropertyGuru is moving forward into a new phase of growth as a leading real estate technology platform in Southeast Asia, supporting millions of home seekers across the region with innovative solutions.
• EQT announced its intention to leverage its experience and expertise in expanding digital marketplace and real estate advertising businesses to drive technological innovation, business excellence, and market expansion.
• EQT is fully committed to accelerating PropertyGuru's growth in response to urbanization, the rising middle-class consumer base, and significant digital trends in the real estate sector in this region.

EQT Private Capital Asia and PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or “the Company”), a leading PropTech company in Southeast Asia and the parent company of DDproperty – Thailand's number one real estate platform and thinkofliving.com – a leading real estate review and content website in Thailand, has announced the completion of its merger, facilitated by BPEA Private Equity Fund VIII. The merger was finalized with a share value of $6.70 (approximately 228 Baht at the exchange rate on December 13, 2024), resulting in a total merger value of approximately $1.1 billion (around 37.5 billion Baht).

As a result of this merger, PropertyGuru ceased trading on the stock market prior to the market opening on December 13, 2024, and the company has withdrawn from the New York Stock Exchange, returning to operate as a private entity. Warrants that remain outstanding and have not been traded since the merger completion will be redeemable at a value of $0.7526 (approximately 25.67 Baht) per warrant until January 12, 2025.

PropertyGuru, the leading real estate technology platform in Southeast Asia, was first launched in Singapore in 2007. Each month, the platform connects over 31 million home seekers across the region with more than 50,000 real estate agents in four key markets: Singapore, Malaysia, Thailand, and Vietnam. The company supports customers and consumers in the region to confidently make decisions regarding buying, selling, renting, and investing in real estate through a variety of products and services, including property listings, in-depth market data, and financing products like PropertyGuru Finance, as well as enterprise solutions under the PropertyGuru for Business brand.

EQT's investment in PropertyGuru aims to drive the company's growth by strengthening resources and expertise to accelerate technological advancements, expand market reach, and enhance operational efficiency. With experience managing leading platforms in the digital marketplace and real estate advertising sectors such as idealista (in Spain) and Casa.it (in Italy), EQT will help develop strategies for PropertyGuru, strengthening the company within the Southeast Asian PropTech industry and driving business growth in markets aligned with urban expansion, the rising middle-class consumer base, and significant digital trends in the real estate sector.

Harry V. Krishnan, CEO of PropertyGuru Group stated, “We are pleased that this merger has been successfully completed, and we welcome EQT to PropertyGuru. Over the past 17 years, our company has had an exciting and memorable journey, and our successes would not have been possible without the continuous support of our shareholders. Previously, we had the opportunity to work with global partners such as TPG and KKR. On behalf of everyone at PropertyGuru, I would like to express our gratitude for the support from our past and present partners. I am extremely proud that our group has achieved outstanding performance in exiting the stock market, marking a remarkable end that impresses our long-term investors.”

Mr. Harry added, “On behalf of the management team, I would like to thank everyone for their dedication and excellent performance over the years, and I appreciate our customers and business partners for their trust and continued support for our company. EQT is committed to building a sustainably growing business and moving forward with us to realize our vision of fostering communities for living, working, and developing into future cities.”

Janice Liew, Head of Advisory at EQT Private Capital Asia and Head of Investments at EQT Private Capital for Southeast Asia, stated, “PropertyGuru has transformed real estate technology or PropTech in Southeast Asia, excelling in innovation and leadership in delivering products and services that assist millions of home seekers across the region. This aligns with EQT's expertise in using technology to drive business growth, particularly in marketplace platforms and real estate advertising. We aim to support PropertyGuru's growth in expanding business opportunities, developing products and services, and driving the company's growth in the next phase, while also contributing to the evolution of the real estate market in Southeast Asia in the future.”