Last week ImmoScout24 invested S$60m into Singapore’s PropertyGuru for a reported “minority stake”. Analysis of the publicly available documents, both before and after the transaction, lodged by AllProperty Media (PropertyGuru) with the Accounting and Corporate Regulatory Authority in Singapore reveal some interesting information.
ImmobilienScout24 has acquired an approximately 42% equity stake in AllProperty Media, making it the largest single shareholder. This stake was acquired for a reported S$60m (US$47m), valuing the business at S$144m (US$112m). Marc Stilke, the CEO of ImmoScout24, has joined the Board.
The next two largest shareholders are the founders Jani Rautiainen and Steve Mehluish 23% and 15% of the business.
The S$60m seems to have been split between paying the existing shareholders and putting cash into the business. Some simple maths on the shareholding reveals that approximately S$38m (US$30m) was paid out to existing shareholders while approximately S$22m (US$17m) was injected into the business to fund growth.
The big winners are the founders with Jani Rautiainen pocketing an estimated S$16m (US$12m) and Steve Mehluish an estimated S$11m (US$9m). The third largest shareholder, Stephen Diggle, received an estimated S$9m (US$7m).