British fund Cinven buys 70% of Idealista for $2.9 billion in the largest digital platform deal in Spanish history.

Real estate portal Idealista changes owners. British fund Cinven has closed a $2.9 billion acquisition in which it is already a the largest purchase and sale of a technology platform in the country. If CNMC agrees, Cinven will control 70% of the shares, while EQT, until now the majority shareholder, will retain 18%. The funds run by Apax and Oakley are leaving.

Civen’s entry as a majority partner does not imply a change in the portal address: Jesus Encinar, the founder and president of the company will continue to lead it along with his team.

Over the years, Idealista has undergone significant changes in its ownership. In 2015 it joined the Apax funds and in 2020 it was already involved in the largest technology platform valuation operation to date in Spain when it was sold to EQT.

In a statement, Encinar described Cinven’s arrival and EQT’s reinvestment as “excellent news for Idealista and its team. 4 years on from EQT and Oakley joining and reinvesting funds managed by Apax, I am very pleased.” By helping them sell their participation with excellent results for their investors, we are now opening a new path for idealists with one of the most respected funds in the world, with whom we fully share the values ​​of creating innovative, leading, sustainable and socially responsible companies. And the reinvestment of EQT is very good news for us and for the market, and we are pleased to continue to rely on this fund in the coming years.”

Jorge Quemada, Partner and CEO of CINVEN Iberia, was extremely pleased with the signing of this acquisition, which represents one of the fund’s largest transactions in recent years. Quemada believes that “idealista is an incredible company. The more we learn about her, the more we like her. This is a company that is extraordinarily well managed by Jesus, its founder, who has managed to assemble a first-class team. and make Idealista a global leader in the classifieds sector. It is an exceptional case that a company following the Idealista trajectory continues to be managed by those who have come this far, and we intend to accompany Jesus and his team on the next stage. will undoubtedly strengthen its leadership in the markets and businesses in which it is present. We look forward to working with Jesus and his team to take Idealista even further.

Carlos Santana, partner and head of the advisory group EQT Private Capital in Spain and Italygives his opinion on the journey that Idealista has undergone over the past four years: “Idealista has strengthened its leading position in the Spanish and Portuguese markets and strengthened its presence in Italy, while creating and launching new digital and sustainability initiatives that support further growth We strongly believe in Idealista’s future potential and are excited to continue investing.

The deal, signed today in Madrid, is awaiting approval from the National Market and Competition Commission (CNMC), which could clear the purchase in the coming weeks.

Idealista had Morgan Stanley as financial advisor, Dentons as legal advisor and JBMF as tax advisor.