Global investment firm EQT has agreed to acquire the majority of Spanish online real estate classifieds platform provider idealista from (funds advised by) Apax Partners and its management for a whopping €1.3 billion. Apax bought idealista in 2015 at a reported €150 million valuation.
EQT's IX fund will have a majority ownership, but idealista's management team, including founder and CEO Jesús Encinar, will continue to lead the Madrid-based company.
Founded back in 2000, idealista supports approximately 40,000 real estate agents and 38 million unique monthly visitors across Southern Europe by providing an online real estate classifieds marketplace for home buyers and sellers. EQT says it 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 as it continues its journey after 20 years.
Jesús Encinar, CEO of idealista, said: "We are very excited to partner with EQT and look forward to working together during the coming years. EQT's online classifieds and real estate expertise, local presence in Spain and Italy, and extensive network of advisors will be of great value for us and key to our future success. idealista and EQT share a similar culture and passion for growth, a key decision factor for me and my team to partner with them."
The transaction is expected to close subject to customary approvals in December 2020.