UK’s PE firm Cinven acquires majority stake in idealista for €2.9B

Stockholm-based EQT, a private equity firm, announced on Friday, June 28, the sale of its majority stake in the Spanish real estate platform idealista in a deal valued at €2.9B. 

This transaction follows EQT’s initial acquisition of the Spanish company in 2020 at a valuation of €1.3B. 

Following the sale, EQT retained an 18 percent stake in the company.

Bert Janssens, Partner and Head of the Private Equity Europe advisory team, says, “Over the past four years idealista has entrenched its leading position in the Spanish and Portuguese market and strengthened its presence in Italy, all while implementing new digital and sustainability initiatives that create a foundation for further growth. We believe strongly in idealista’s future potential and are excited to remain invested.”

As part of the deal, Cinven will acquire 70 per cent of idealista, while funds advised by Apax and Oakley will divest their shareholdings. 

Jorge Quemada, Co-Managing Partner and Head of Cinven’s Iberia regional team, comments, “We are delighted to be making this investment in idealista. The online classifieds segment is growing fast and benefits from significant tailwinds for this to continue. We look forward to leveraging our global network and extensive experience investing in the Iberia region and through the Cinven funds’ investments in other iconic European online platforms like Allegro, to identify new growth opportunities and further scale up the business.”

Notably, Jesus Encinar, founder and Chairman of idealista, will retain his stake and continue to lead the company alongside the existing management team.

idealista: Online real estate classifieds portals

Founded in 2000 by Jesus Encinar, idealista provides online real estate classifieds portals for real estate agents and private individuals across southern Europe where they can advertise their property portfolio for sale and rent.

The company’s online platform offers a range of additional digital services including mortgage brokerage, CRM software, rental and agency services, and insurance brokerage to assist and facilitate real estate transactions.