EQT Agrees to Acquire Adevinta's Spanish Assets

The EQT X fund today announced that it has agreed to acquire Adevinta’s Spanish operations.

Dubbed "Project Cadillac"in a press release by EQT, the deal is expected to close in Q1 2026. EQT said:

EQT will support Adevinta Spain’s growth as it transforms into a fully independent company by accelerating product innovation, improving customer experience, and expanding AI and technology infrastructure. EQT will work closely with the leadership teams of the various platforms to support their long-term strategy.

Bert Janssens, Co-Head of Private Capital Europe & North America at EQT, said:

"Adevinta Spain represents a highly thematic investment within one of EQT’s core sub-sectors, consumer internet. This investment reflects our strategy of backing high-growth platforms and partnering with world-class Management teams. We’re impressed by the businesses and look forward to supporting Adevinta Spain and its leadership team as they enter this next phase of growth."

Carlos Santana, Partner and Head of Spain & Italy Private Capital at EQT, said:

“Adevinta Spain’s platforms are leaders in their respective verticals in Spain, which gives them a promising base from which to further grow. We’re excited to partner with the Management teams to help them scale, modernize and continue delivering value to Spanish customers and businesses."

Adevinta's portfolio of Spain-based assets has reportedly been up for sale since Adevinta was acquired by a consortium led by Permira and Blackstone in May 2024; rumours of a potential sale circulated within six months of the buyout.

EQT was namedropped as a frontrunner among several interested buyers when Expansión reported that Adevinta placed a €2 billion price tag on its Spanish assets in June. The story also suggested that a soft deadline of July for incoming bids had been circulated to prospective buyers that also included Apax and Prosus.

EQT is a global investment organisation with €266 billion in total assets under management as of June 30, 2025, operating within two business segments: Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

Recent transactions in the region include the acquisition of Universidad Europea, a leading private higher education platform in Spain and Portugal, and a growth investment in TravelPerk, a leading global travel and expense management platform based in Barcelona.

EQT was previously the majority stakeholder in Spain's market-leading real estate portal Idealista. Today, it retains an 18% stake after divesting to Cinven in a €2.9 billion deal in 2024. Apax (17%) and Oakley (11%) also divested in the deal.

While the acquisition price remains undisclosed—or has yet to be agreed—the next question is how EQT plans on making a return on investment on the likes of Coches.net and Fotocasa. Immobiliare.it and CoStar could be potential destinations for the real estate assets, while Hellman & Friedman may be interested in expanding its automotive footprint via its marketplace Autoscout24.