PropertyGuru (PGRU.US), an online real estate company, surged more than 5% in pre-market trading after being acquired by Hantop Holdings for $1.1 billion.

PropertyGuru Group (PGRU.US) agreed to be acquired by EQT in an all-cash deal valued at $1.1bn, sending the stock up 5.59% to $6.61 before the opening bell. The deal is equivalent to a $6.70 per share value, a 52% premium to PropertyGuru’s closing price on May 21.

PropertyGuru announced on Friday that May 21 was the last trading day before the potential deal was reported, when KKR&Co. and TPG Inc. were working with a consultant to assess investor interest in acquiring PropertyGuru. The two firms hold about 56% of PropertyGuru’s shares.

The deal is expected to close in the fourth quarter of this year or the first quarter of 2025, according to a statement. KKR and TPG support the merger agreement with EQT, which is being done through BPEA Private Equity Fund VIII Ltd.

PropertyGuru’s shares have risen 42% since May 21, closing at $6.26 on Thursday, up 16% in the past three days.

Janice Leow, head of private equity in Southeast Asia at EQT, said: “Our offer provides compelling value and certainty to shareholders, while positioning PropertyGuru strategically to unlock its long-term growth potential.”

PropertyGuru was founded in 2007 and provides online real estate search services in markets such as Singapore, Malaysia, Vietnam and Thailand.

Hari V.Krishnan, chief executive of PropertyGuru, said in a statement on Friday: “We are excited to embark on this new chapter with EQT.”