EQT buys Spain’s Idealista from Apax for €1.3bn

Swedish private equity firm EQT has agreed to buy online real estate listings platform Idealista in a deal worth €1.3bn.

The transaction will see the EQT IX fund buy Madrid, Spain-based Idealista from funds advised by Apax Partners and management.

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 real estate classifieds marketplace for home buyers and sellers.

“Idealista’s underlying market is supported by favorable secular megatrends, such as the increasing shift from offline to online marketing spend, as well as significant network effects driven by the platforms strong brand recognition,” EQT said.

Idealista’s founder and chief executive Jesus Encinar will continue to lead the company.

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 deal, EQT IX is expected to be 10%-15% invested, based on its target fund size.

Source: Private Equity News

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