Idealista, Leading Spanish Real Estate Portal, Acquired by British Fund Cinven

Discover the €2.9 billion acquisition of Idealista, the top real estate site in Spain, Italy, and Portugal, by British fund Cinven.

British fund Cinven has made a significant move in the real estate market by acquiring the popular Spanish property portal Idealista for a whopping €2.9 billion. Idealista, known for being the leading real estate site in Spain, Italy, and Portugal, has been a key player in the industry for over two decades. The deal, which is still pending approval from market regulators, will see Cinven Fund taking a 70% stake in the company.

Despite the acquisition, Idealista's founder and chairman, Jesus Encinar, will remain at the helm of the company. This is not the first time Idealista has changed hands, as it was previously sold to funds managed by Apax and Swiss fund EQT. In 2020, EQT acquired a majority stake in the company, valuing it at €1.325 billion. With the latest deal, EQT will reinvest in Idealista but will hold a smaller shareholding of 18%.

Other stakeholders, such as funds managed by Apax and Oakley, will be selling their holdings and completely disinvesting from the company. Encinar expressed his excitement about the deal, stating that it is 'excellent news for Idealista and its team'. This acquisition marks the largest tech company purchase in Spain's history, showcasing the growing importance of the Spain real estate sector.

The deal is currently awaiting approval from Spain's CNMC market watchdog, with expectations that it could be finalized in the coming weeks. Idealista, with its monthly traffic of 38 million unique users in southern Europe, has established itself as one of key players in real estate market. The company operates from offices in major cities such as Madrid, Barcelona, Malaga, Milan, and Lisbon.

Cinven Fund, an international private equity firm with a rich history spanning nearly 50 years, is poised to bring new opportunities and growth to Idealista. The acquisition signals a new chapter for the popular property portal, with potential for further expansion and innovation in the real estate industry.

The acquisition of Idealista by Cinven Fund represents a significant milestone in the real estate market, with the potential to drive growth and innovation in the industry. With the deal pending regulatory approval, all eyes are on the future of Idealista under its new ownership.