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Mergers: Commission clears acquisition of joint control over #PropertyGuru by #KKR, #TPGAsia, #KMK and #SquarePeg

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The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over PropertyGuru of Singapore by KKR of the US, TPG Asia of Singapore, PT Kreatif Media Karya (KMK) of Indonesia and Square Peg of Australia. PropertyGuru provides internet-based platforms for persons or companies interested in selling, acquiring, renting or leasing real estate. KKR is a global investment firm. TPG Asia is part of TPG, a private investment firm. KMK is the online media presence of the Emtek group, which operates three free to air television channels, a pay-TV business and several IT solutions businesses. Square Peg is a global venture capital firm that finances technology start-ups. The Commission concluded that the proposed acquisition would raise no competition concerns, because PropertyGuru is primarily active in Singapore, Malaysia, Indonesia, Vietnam and Thailand and has no foreseen activities in the European Economic Area.The transaction was examined under the simplified merger review procedure. More information is available on the Commission's competition website, in the public case register under the case number M.9114.

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