Apax Partners has secured more than five times return multiple on the sale of Spanish online real estate listings platform Idealista to EQT, a person familiar with the transaction told Private Equity News.

The €1.3bn deal is expected to close in December, as previously reported by Dow Jones Newswires.

Founded in 2020, Idealista supports around 40,000 real estate agents and 38 million unique monthly visitors across Spain, Italy, and Portugal by providing an online classifieds market for home buyers and sellers.

Apax first backed the company in 2015, when it invested €235m. Since then, the company has increased traffic by more than four times, including a “dramatic shift to mobile devices”, Apax said.

The London-headquartered firm has approximately $50bn in assets under management and invests in companies across four global sectors: tech and telecommunications, services, healthcare, and consumer.

Source: Private Equity News

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