Idealista's Kyero Acquisition Scrutinised by Portuguese Competition Commission

Expansión has reported that the proposed acquisition of Kyero by idealista has been pushed into regulatory limbo as competition authorities in Portugal and Spain extended their scrutiny of the deal.

While the acquisition was announced in December 2024, clearance from both countries remains pending seven months later. This week, the Portuguese Competition Authority (AdC) escalated the review to a second phase, citing “serious doubts” about the deal’s compatibility with national competition law. Specifically, the AdC noted concerns that the transaction may create significant obstacles to effective competition in national or regional markets.

"The merger under analysis raises serious doubts, in light of the information gathered, about its compatibility with the criteria established in point 3 of Article 41 of the Competition Law", the authority stated. [Translated from Spanish]

The Spanish National Commission of Markets and Competition (CNMC) is also reviewing the transaction. No resolution has yet been issued.

Nevertheless, industry sources suggest a decision from the Spanish contingent could still arrive before summer. They also maintain that Kyero’s limited market share—particularly under the Kyero brand—makes full clearance in Portugal likely by the end of the second phase of the review.

Kyero, founded in 2003 and employing just 33 people, realistically contributes little to Idealista’s already dominant position in the Iberian property listings market. However, Expansión reported that legal observers suggest the regulators’ concerns may be focused on regional overlaps in high-demand coastal areas, where thousands of real estate agents currently list properties on both Kyero and Idealista. A completed merger could reduce advertising choices for these agents.

Idealista has sought to preempt such concerns. When announcing the acquisition, it committed to maintaining Kyero’s operational independence and emphasised that the platform’s inventory extends beyond Spain and Portugal to include France and Italy.