Latham & Watkins, Ropes & Gray and Freshfields Bruckhaus Deringer have supported EQT Private Capital Asia's US$1.1 billion acquisition of Singapore-based real estate technology company PropertyGuru Group to take it private.
PropertyGuru has entered into a definitive merger agreement with EQT Private Capital Asia to be acquired for total cash consideration of approximately US$1.1 billion. The transaction, which will take PropertyGuru private, has been unanimously approved by the company's board of directors.
Latham & Watkins is advising the majority shareholders of TPG Asia VI Digs 1 (collectively, TPG) and Epsilon Asia Holdings II, an entity managed by global investment fund KKR, which together hold 56% of the companies' common stock. Singapore partner Sharon Lau and New York partner Ian Nussbaum lead the team, supported by associates Elizabeth Ong, Tommy Tan, Jen Wee Lee and Stanley Onyeador in the firm's Singapore and Los Angeles offices.
Ropes & Gray, whose deal team includes partners Ariel Deckelbaum, Suni Sreepada, Jen Cormier, Fran Faircloth, Megan Baca, Elaine Murphy, Marty Crisp, Ama Adams and Lisa Kaltenbrunner, represented EQT Private Capital Asia.
Freshfields is represented on a 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 close in the fourth quarter of 2024 or the first quarter of 2025, subject to customary conditions. Upon closing, PropertyGuru will be delisted from the New York Stock Exchange and become a privately held company, but will remain headquartered in Singapore.
