Singapore's competition regulator has approved EQT's acquisition of proptech firm PropertyGuru. The Competition and Consumer Commission of Singapore (CCCS) concluded that the deal is unlikely to significantly reduce competition in the digital real estate advertising market. Feedback from a recent public consultation indicated that most participants, including customers and competitors, did not raise concerns about the acquisition.

On August 16, PropertyGuru announced its agreement to be acquired by EQT Private Capital Asia for $1.1 billion, transitioning the company to private ownership. The all-cash transaction will see PropertyGuru's ordinary shares canceled and converted into a right to receive $6.70 per share, representing a 7% premium over its last closing price of $6.26 on August 15.

This acquisition follows PropertyGuru's debut on the New York Stock Exchange over two and a half years ago, where it initially traded at $8.61 per share. The company went public through a merger with Bridgetown 2, a special purpose acquisition company (SPAC) backed by notable investors Peter Thiel and Richard Li. At the time of the merger, PropertyGuru had an equity valuation of $1.6 billion.

After the acquisition, PropertyGuru will maintain its headquarters in Singapore.