Private Equity Firm Cinven Takes the Lead in €3Bn Idealista Tug-Of-War

June 10, 2024
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London-based, private equity firm Cinven has reportedly signed an exclusivity agreement to acquire Idealista for an estimated €3 billion. The news was reported by local media outlet Expansión last week quoting "several market sources".

The Spanish portal has been rumoured to be up for sale for at least a year, with multiple parties including General Atlantic, ImmoScout and CoStar Group namedropped as potential suitors.

Idealista—which holds outright market leadership positions in Spain and Portugal, and is also embroiled in a tight race for market leadership in Italy—is currently majority-owned by EQT (55%), Apax (16%) and Oakley Capital (11.6%).

Cinven is an international private equity firm with over 140 investments across multiple sectors.

Cinven's marketplace experience includes the leading Polish marketplace operator Allegro, which it took a stake in in January 2017, and RB Iberia—a franchise operator with a significant restaurant footprint in Spain, Portugal, Gibraltar and Andorra.

If the deal goes ahead at the price being mentioned, Idealista would have more than doubled in value since 2020, when EQT purchased its majority stake in the business for an estimated €1.3 billion.

Idealista refinanced €300 million of debt in January 2024 as it prepared for an acquisition.

June 10, 2024
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

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