The EQT IX fund has agreed to acquire Idealista for 1,300 million euros , an amount that will be “reinvested” in the online real estate classified ads platform that operates in southern Europe (Spain, Italy and Portugal) , while EQT IX will have majority ownership. Idealista’s management team, led by founder and CEO Jesús Encinar, will continue to lead the company in light of “its strong track record of growth and innovation.”
In line with the commitment to invest in sustainable businesses, “EQT will accelerate Idealista’s growth as it supports local and industry technological innovation by leveraging its role as a key intermediary in the real estate transaction value chain.”
In a statement from the Swedish fund in which the operation is disclosed, the figures of the Spanish platform are released: 40,000 real estate agents and 38 million unique monthly visitors in southern Europe. ” The online platform and diversified portfolio of digital services, such as CRM tools, data analysis, and online mortgage brokerage, help enable efficient real estate transactions, making it a key site for prospective homeowners and sellers in Spain, Italy and Portugal “.
“EQT IX will support idealista’s growth and continuous pursuit of business excellence by investing in the online platform and further developing its portfolio of value-added services for real estate agents,” they say from the Swedish fund. In isolation, Idealista is expected to “take advantage of EQT’s internal digital and technological expertise, global presence and network of advisers.”
In this regard, they note that, together with its founders and management, “EQT will support idealista’s plans to further penetrate its core markets and strengthen its position as the leading and reference platform for online real estate classifieds in southern Europe “.
“Idealista and EQT share a similar culture and passion for growth , a key decision factor for me and my team to partner with them,” says Jesús Encinar. “We are very excited to partner with EQT and look forward to working together for years to come. EQT’s online classifieds and real estate experience, local presence in Spain and Italy and extensive network of advisers will be of great value to us and key to our future success ”.
Carlos Santana, general manager and head of EQT Private Equity in Spain at EQT Partners and investment advisor to EQT IX, emphasizes that Idealista “has the potential to grow at an accelerated rate. Together with Jesús and the management team, EQT will support further expansion within idealista’s main markets and will consolidate its leadership position in Southern Europe. The investment in idealista further demonstrates EQT’s commitment to seeking investment opportunities in the region. ”
Thus, Bert Janssens, partner and global co-director of TMT at EQT Partners and investment advisor to EQT IX, emphasizes that Idealista represents “a truly thematic investment, within one of the core subsectors of EQT”. In fact, he notes that this investment “fits perfectly with EQT’s approach of investing in high-growth companies and partnering with world-class management teams. We are impressed by the leadership position in the market that idealista has built over the last 20 years and EQT is excited to support idealista and its business management team in this next stage of growth. ”