Private equity heavyweights Advent International, Apax Partners, EQT, and Hellman & Friedman are preparing bids for Adevinta’s Spanish classifieds unit.

The asset, expected to fetch around €2bn, forms part of a major portfolio carve-out by Blackstone and Permira, who took Adevinta private last year in a €14bn deal.

The Spanish unit includes six top classifieds platforms: InfoJobs, Fotocasa, Milanuncios, Coches.net, Motos.net, and Habitaclia. Together, these portals attract more than 140 million visits each month. Goldman Sachs and LionTree are managing the process, with bids due in July.

Hellman & Friedman is likely to submit an offer through AutoScout24, which could create operational synergies with Coches.net. EQT is also preparing a bid, despite already owning a stake in Idealista, Spain’s leading property portal and a direct rival to Fotocasa. Apax Partners, which previously owned Idealista, is returning to the fold with its own offer. Meanwhile, strategic player Prosus and long-term capital provider CPPIB are exploring potential bids.

Blackstone and Permira are streamlining Adevinta’s operations to focus on core markets in Germany, France, and Benelux. As part of this strategy, they have already offloaded Austria’s Willhaben platform in a €500m deal. The Spanish sale continues that plan.

The Spanish business generates an estimated €130m in EBITDA. Buyers may value it at more than 20x EBITDA, in line with recent transactions. For comparison, Cinven acquired Idealista for €2.9bn last year. Separately, Australia’s REA Group made an $8bn bid for Rightmove, which was rejected.

The Adevinta buyout included €4.5bn in debt financing. Lenders included Blackstone, Arcmont, Apollo, CPPIB, and Goldman Sachs. Proceeds from the Spanish sale will likely go toward reducing that debt burden as the private equity consortium sharpens its focus on profitability.

Source: Expansión

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