Breaking: PropTech Group In Proposed A$93 Million Acquisition

The ASX-listed property technology company The PropTech Group (ASX: PTG) has entered into a Scheme Implementation Deed with MRI Software in a proposed deal worth A$93.4 million for a 100% acquisition.

MRI Software, a leading provider of real estate software solutions on three continents, will purchase the publicly listed PropTech Group "within a few months" according to a press release shared today.

The deal has been described as "attractive" in an investor update, with The PropTech Group board unanimous in its recommendation that shareholders vote in favour of the acquisition.

According to the press release, MRI Software is offering a premium of 131% of the last closing price of PropTech Group shares prior to the date of the announcement, with shareholders earning A$0.60 per share once the deal goes through.

Simon Baker, chairman of the board at The PropTech Group, said:

"While we believe we are in a strong position to continue to drive strong growth in 2023 and beyond by executing on our clear strategic plan that combines organic and inorganic initiatives, the Board believes that the proposal received from MRI represents an opportunity for PropTech Group shareholders to crystalise the value of their holdings in a timeframe that would not otherwise be available."

The PropTech Group provides software for real estate agencies in Australia, New Zealand and the UK. The Group initially listed on the Australian stock exchange in November 2020, and recorded revenues of $20.2m for the FY22 (up 74% on 2021), with EBITDA of 5% to $2m in the same period.