Cinven Acquires 70% Stake in Idealista for €2.9 Billion
Cinven, a British investment fund, has signed an agreement to acquire 70% of Idealista, a leading real estate portal in Spain, for a record €2.9 billion. The acquisition represents one of the largest operations by Cinven in recent years.
EQT Reinvests in Idealista
EQT, the current main shareholder of Idealista, will reinvest to maintain a smaller percentage, 18%, in the company. Apax and Oakley, which previously held 17% and 11% stakes, respectively, will sell their shares and exit the company.
Idealista’s Founder to Continue Leading the Company
Jesús Encinar, the founder and president of Idealista, will continue to lead the company with his team. Encinar has been at the helm of the company since 2015 and has overseen its growth and expansion into new markets.
CNMC Approval Pending
The acquisition is subject to approval by the Spanish National Market and Competition Commission (CNMC), which is expected to authorize the purchase in the coming weeks.
Cinven’s CEO on the Acquisition
Jorge Quemada, partner and CEO of Cinven Iberia, stated that the acquisition represents a significant opportunity for the fund to accompany Encinar and his team in the next stage of the company’s growth.
Idealista’s History
Idealista was founded over 20 years ago and has become one of the leading real estate portals in Spain, with over 38 million unique monthly visitors in southern Europe. The company is present in Spain, Italy, and Portugal and has offices in Madrid, Barcelona, Malaga, Milan, and Lisbon.
Investments and Growth
Idealista has made significant investments in complementary companies, including a 75% stake in AvaiBook, a software company dedicated to the management of tourist rentals, and a 45% stake in Rentalia, a vacation accommodation rental website. The company has also expanded its presence in new markets and launched new digital initiatives to drive growth.
Conclusion
The acquisition of Idealista by Cinven marks a significant milestone in the company’s history and represents a major investment in the Spanish real estate market. With its strong leadership and growth potential, Idealista is poised for continued success in the years to come.