Cinven signed the purchase of the real estate portal Idealista for €2.925 billion on Tuesday. This is the largest acquisition of an online company in Spain. The price represents a 2.25 times increase over the valuation of Idealista that the Swedish fund EQT paid four years ago, which was €1.3 billion.
With this acquisition, Cinven takes 70% of Idealista, while Apax and Oakley – which held 17% and 12% of the capital – exit, and EQT remains a shareholder in the company with an 18% stake. The rest of the capital is controlled by the company’s management team, led by its founder, Jesús Encinar.
The real estate portal ended 2023 with revenues of €260 million – a 19% growth compared to the previous year – and an EBITDA of €94 million. Despite this, it reported accounting losses of €80 million due to the amortization of goodwill and intangible assets resulting from the acquisition by the Swedish fund EQT in 2020.
Founded in 2000, it has 1,214 employees and is the leading real estate listing portal in Spain, Italy, and Portugal.
Cinven buys Idealista real estate portal for €2.925 billion
