PropertyGuru takes a new path with EQT acquisition in USD 1.1 billion deal
Southeast Asia’s real estate giant PropertyGuru is being acquired by EQT Private Capital Asia in an all-cash deal valued at around USD 1.1 billion. This acquisition marks a pivotal moment for PropertyGuru, which, despite its stronghold in the region, has decided to shift gears from going public to going private.
Founded in 2007, PropertyGuru has long been a fixture in the real estate scene across Singapore, Malaysia, Thailand, Vietnam, and Indonesia, connecting millions with their dream homes. Its journey toward an IPO was a winding one, including a canceled Australia listing in 2019 and a subsequent SPAC merger that saw it debut on the NYSE in 2022 at a USD 1.8 billion valuation. Yet, the uncertainties of the public markets, coupled with the bruising impact of the Covid-19 pandemic, led PropertyGuru to reconsider its future.
With EQT stepping in, PropertyGuru’s shareholders are set to receive USD 6.70 per share, a solid 52% premium over its recent trading price. The deal, supported by major shareholders like TPG and KKR, is expected to close by early 2025, after which PropertyGuru will delist and continue its mission, free from the short-term pressures of the public markets.
South Korea’s Rebellions and Sapeon unite to challenge the AI chip giants
In the latest chapter of South Korea’s AI ambitions, local chip makers Rebellions and Sapeon are joining forces to challenge industry titans like Nvidia, according to a report by Reuters. After months of negotiations, the two privately held companies have finalized a deal that aims to combine their strengths and scale in a market dominated by global giants.
Rebellions, fresh off a USD 15 million injection from Saudi Aramco’s venture arm Wa’ed Ventures, is now positioned for its next growth phase, with over USD 225 million in combined funding. On the other hand, Sapeon brings heavyweight backing from SK Telecom and SK Hynix, signaling a formidable alliance in the rapidly evolving AI chip industry.
Finture bags USD 30 million in Series B round
Finture, an Indonesian digital bank and credit payment upstart, has reportedly bagged nearly USD 30 million in a Series B funding round, according to DealStreetAsia.
The company is looking to broaden its horizons into new markets, with Hong Kong squarely in its sights.
Qianxun SI secures strategic funding, valuation exceeds RMB 16 billion
Qianxun Spatial Intelligence, a prominent spatiotemporal infrastructure player, has completed a new round of strategic financing, bringing its valuation to over RMB 16 billion (USD 2.2 billion). The round was led by the Beijing Information Industry Development Investment Fund, with significant participation from major Beijing-based institutions. This coordinated investment effort highlights the strategic importance of Qianxun SI’s technology at both municipal and district levels in the capital city.
Qianxun SI has been at the forefront of integrating cloud computing and big data into the satellite navigation industry since its inception in 2015. The company operates the BeiDou ground-based augmentation system (GBAS), providing high-precision positioning services to billions of users. With advancements in AI and the introduction of its “atmosphere inference large model,” Qianxun SI continues to innovate, particularly in fields like autonomous driving and precision agriculture.
The company plans to utilize the new capital to further develop its technological infrastructure and expand its services across various industries, including autonomous driving, where it is said to already support over 1.6 million smart vehicles. —36Kr
Nebu, SMI Vantage, EQT, and more led last Friday’s headlines:
- Nebu, an artificial intelligence startup, has received a USD 110,000 investment from venture capital firm Antler as part of the investors’ Malaysia residency program.
- SMI Vantage, a Singapore-based investment firm, has acquired a controlling stake in Whisky Cask Club (WCC), a brokerage specializing in the investment and trading of rare and ultra-premium whisky casks.
- EQT, a global investment firm, has announced its acquisition of KJ Environment and its affiliated companies from Genesis Private Equity to establish a comprehensive waste treatment platform in South Korea.
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