Corporate movements reach the real estate market.
The Swedish fund EQT has acquired the portal specialized in
Idealista
housing
, which until now was in the hands of
Apax Partners
, for an amount of 1,540 million dollars (about 1,300 million euros), as confirmed by the company this Thursday.
"EQT IX Fund has signed an agreement with the funds managed by Apax Partners to buy its shares of idealista for a company value of 1,321 million euros.
Jesús Encinar
, founder and president of Idealista, maintains the majority of its percentage and will continue to lead the company together with his team ", informs the portal in a statement sent this morning to the media.
Carlos Santana, managing director of EQT Private Equity in Spain at the Swedish firm, explained that "EQT considers that Idealista has the potential to grow at an accelerated rate, especially having Jesús, its founder, who together with Cesar and Fernando and their management team will rely on EQT to further expand in the countries where Idealista is present and will consolidate its leadership position in southern Europe. The investment in Idealista further demonstrates EQT's commitment to pursuing strategic investment opportunities in Europe. "
Encinar, meanwhile, has been satisfied with the sale and hopeful for the future.
"We are now opening a new path for Idealista with one of the most respected European funds with which we fully share values to create innovative, leading, sustainable and socially responsible companies," he said.
Founded in 2000, Idealista offers its services to more than 40,000 real estate agents and has a presence in Spain, Italy and Portugal.
As explained in the real estate portal,
the operation was closed last Tuesday, September 8,
after several months of meetings by videoconference with the EQT team.
However, it was not until this Thursday when both parties have signed the agreement.
In this way, the operation is pending approval by the National Market and Competition Commission (CNMC), in a process that could be extended in the coming weeks.
It will be then when Apax Partners certify their exit from the company whose participation they acquired in 2015, with an investment of 235 million.
Idealista has counted on Evercore as its exclusive financial advisor, Dentons as its legal advisor and JBMF as its tax advisor.
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