KKR, TPG said to weigh options for PropertyGuru including buyout
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KKR and TPG could also opt to buy the remaining shares in PropertyGuru they do not already hold.
PHOTO: PROPERTYGURU
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KUALA LUMPUR - KKR & Co and TPG are exploring options including a buyout of South-east Asian online real estate platform PropertyGuru Group, said people familiar with the matter.
The US private equity companies are working with a financial adviser to help gauge initial interest from other global investors in New York-listed PropertyGuru, the people said, asking not to be identified because the matter is private.
KKR and TPG, which own about 26.5 per cent and 29.6 per cent of PropertyGuru, respectively, could also opt to buy the remaining shares they do not already hold, the people said.
Considerations are preliminary and no final decisions have been made, according to the people.
A representative for KKR declined to comment on the subject. TPG and PropertyGuru did not immediately respond to requests seeking comment.
PropertyGuru’s shares have climbed 32 per cent in 2024, valuing it at US$723 million (S$976 million).
Singapore-based PropertyGuru went public in New York in 2022 after a merger with Bridgetown 2 Holdings, a special purpose acquisition company backed by billionaires Richard Li and Peter Thiel.
Australia’s REA Group also owns a significant minority stake in the business as part of a broader deal in 2021.
Established in 2007 and led by chief executive Hari V. Krishnan, PropertyGuru provides online property search services in markets including Singapore, Malaysia, Vietnam and Thailand. BLOOMBERG
