The British asset manager Cinven will buy the Spanish real estate portal, in a transaction that values the company at €2.9 billion, making it the largest acquisition in the history of an online company closed in Spain.
The price at which the transaction has been finally closed implies multiplying by 2.2 the valuation of Idealista when the Swedish fund EQT took control of the company in September 2020, for €1.3 billion.
Following the transaction – which is expected to be signed in the next few hours, pending the final details – Cinven will become the main shareholder of Idealista, with 70% of the capital.
EQT, which until now controlled 55% of the capital, will reinvest in Idealista and keep 18%, while the remaining 12% will remain in the hands of the founders and management team, according to Expansión newspaper.
Apax and Oakley, which until now held 17% and 12% of Idealista, respectively, will cash out with the sale and exit the capital. Cinven will refinance the company’s debt, but at the request of the management team will maintain prudent leverage levels, around three times EBITDA, below what is usual for leveraged buyouts in private equity. Thus, liabilities will be in the range of between €360 and €420 million, according to the sources consulted. Morgan Stanley advised the seller, while JPMorgan advised Cinven.
In 2022, the latest data available in the registry, Idealista obtained consolidated revenues of €218.4 million, up 22%, and gross operating profit (ebitda) of €79.3 million, up 31%. However, its net accounting result remained in the red, at €82 million, due to the amortisation of goodwill.
