Swedish investment group EQT has agreed to acquire idealista, a major online real estate platform in Southern Europe, at a transaction price of €1.3 bn from funds advised by Apax Partners and management.
EQT is making the investment through its EQT IX fund.
Under the agreement, management will re-invest significantly into the company while EQT IX will have majority ownership. idealista’s management team, including founder and CEO Jesús Encinar, will continue to lead the company.
Founded in 2000 and headquartered in Madrid, Spain, idealista has 38 million unique monthly visitors across Southern Europe and supports 40,000 real estate agents by providing an online real estate classifieds marketplace for home buyers and sellers.
EQT IX will support idealista’s growth by investing in the company’s online platform and further developing its portfolio of value-add services for real estate agents.
Bert Janssens, partner and global co-head TMT at EQT Partners and Investment Advisor to EQT IX, said: ‘idealista represents a truly thematic investment, within one of EQT’s core sub-sectors. This investment fits strongly with EQT’s focus of investing in high growth companies and partnering with world class management teams. We are impressed by the market leading position idealista has built over the past 20 years and EQT is excited to support idealista and its entrepreneurial management team in this next stage of growth.’
Carlos Santana, managing director and head of EQT Private Equity in Spain at EQT Partners, and Investment Advisor to EQT IX, said that ‘idealista has the potential to grow at an accelerated pace’. ‘Together with Jesús and the management team, EQT will support further expansion within idealista’s core markets and consolidate its leadership position in Southern Europe. The investment in idealista further demonstrates EQT’s commitment to pursue investment opportunities in the region.’
The transaction is expected to close subject to customary approvals in December 2020. PwC, Allen & Overy, and Freshfields served as advisors to EQT, while Evercore served as advisor to Apax and idealista.
With this transaction, EQT IX is expected to be 10-15% invested, based on its target fund size.
