Idealista bought for €1.3Bn
The southern European property website Idealista has been bought by investment fund EQT IX for €1.3Bn.
The online property classified site is present in Portugal, Spain and Italy. Through the purchase the company believes it will have a greater capacity to grow the portal by upping its penetration in its main markets and consolidating its position as a market leader in the south of Europe.
The deal is expected to be closed by December this year after approval from regulators. “With the purchase, senior management will be able to up its investment in the company considerably” states EQT in a communiqué.
The board at Idealista, including its founder CEO Jesús Encinar, will remain at the helm of the company.
“EQT IX, which was advised by Apax Partners in the deal, will support Idealista’s growth as well as its pursuit of commercial excellence by investing in its online platform and strengthening its added value services portfolio and estate agents network,” it states.
Furthermore, it is highly likely that the company will draw on EQT’s internal digital technology expertise as well as its global presence and network of consultants,” it adds.
“Together with its founders and directors, EQT will support Idealist’s plans to increase penetration in its key markets and consolidate its position as a market leader and as a reference as a platform for online property classified ads in Southern Europe,” adds the fund.