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Friday, March 29, 2024

KKR-backed PropertyGuru to acquire REA Group units in Malaysia, Thailand

PropertyGuru Group, the Singapore-based online real estate major backed by private equity giants KKR and TPG Capital, on Monday announced that it has agreed to acquire the operating entities of ASX-listed REA Group in Malaysia and Thailand.

The acquisition involves iProperty.com.my and Brickz.my in Malaysia and thinkofliving.com and Prakard.com in Thailand. The financial details of the deal were not disclosed.

The acquisition comes three months after PropertyGuru was reported to be considering a US listing through a merger with a special purpose acquisition company (SPAC).

As part of the acquisition, REA Group, an Australia-listed global digital business that specialises in property marketplaces and data assets, will receive an 18% equity interest in the enlarged PropertyGuru Group and appoint a director to the board.

In a separate announcement, REA Group said the completion of the…

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