UK fund Cinven to acquire 70% of Idealista for $2.9 billion
Cinven, which was leading the race, will retain 70% of Idealista, with Swedish fund EQT IX retaining 18%.
Joao Cortesao
British private equity firm Cinven has reached an agreement to acquire 70% of Spanish real estate portal Idealista, controlled by Swedish fund EQT IX, for €2.9 billion. According to a statement from EQT, the Swedish fund, which bought Idealista in 2020 for $1.3 billion, will retain an 18% stake in the portal. Apax Partners and Oakley Capita will sell their stakes.
Jesus Encinar, founder and president of Idealista, retains his position. “This is excellent news for Idealista and our team. We are very pleased that EQT will remain as a minority shareholder, and we hope to continue our successful partnership in the years to come.” He said in the same statement.The latest available results, which refer to 2022, show that Idealista generated consolidated revenues of €218.4 million, representing growth of 22% compared to the previous year. The portal has 16 offices between Portugal and Spain and employs, at the end of 2022, more than 1,100 people.
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