Il Cinven background signed an agreement with the shareholders of idealistic – the leading real estate platform in Spain, Italy and Portugal – for acquire 70% of the company at a value of 2.9 billion euros. Jesús Encinar, founder and President of idealista – who lives and works in Milan – will continue to lead the company from Italy together with his team, as he did in 2015 after the sale of idealista to the funds managed by Apax and in 2020 after the sale to EQT.
EQTuntil now the main shareholder of idealista (he had acquired the majority of the company in 2020, then valued at 1 billion and 325 million euros) reinveste to continue as a co-investor in a lower percentage, 18%.
Funds managed by Apax and Oakleywhich until now held 17% and 11% of idealista respectively, are selling their share in this operation and exit from participation in the company.
Per Jesús Encinar, founder and President of idealista, the entry of Cinven and the reinvestment of EQT are “excellent news for idealista and its team. After 4 years of the entry of EQT and Oakley and the reinvestment of the funds managed by Apax, I am very happy to have helped them sell their stake with a great result for their investors. Now we begin a new path for idealista and we do it with one of the most respected funds in the world, with which we fully share the values to create innovative, leading, sustainable and socially responsible companies. And the reinvestment of EQT is great news for us and for the market and we are happy to continue to rely on this fund for the coming years.”
Jorge Burnt, partner and CEO of Cinven, was enormously satisfied after signing this acquisition, which represents one of the largest operations carried out by the fund in recent years. Quemada believes that “idealista is an incredible company. The more we got to know her, the more we liked her. It is an extraordinarily well-managed company by Jesús, its founder, who has managed to put together a first-rate team and make idealista a global reference in its sector. It is an exceptional case that a company with the history and path of idealista continues under the management of those who brought it this far and our intention is to accompany Jesús and his team in the next phase, which will certainly strengthen its leadership in the markets and sectors in which it is present. We look forward to working with Jesús and his team to take idealista even further.”
Bert Janssens, partner and head of EQT’s Private Capital advisory team expresses his opinion on the path that idealista has taken over the last four years: idealista has consolidated its leadership position in the Spanish and Portuguese markets and strengthened its presence in Italy, while simultaneously creating and launching new digital and sustainability initiatives to support further growth. “We firmly believe in the future potential of Idealista and are excited to continue investing”.
The transaction signed in Madrid is awaiting the relevant regulatory authorizations, which should be obtained in the coming weeks.
idealista had Morgan Stanley as financial advisor, Dentons and Clifford Chance as legal advisors and JBMF as tax advisor. Garrigues and Deloitte also participated in the operation.
