Cinven Acquires Majority Stake in Idealista in Landmark Spanish Deal
Deal News | Dec 13, 2024 | Aim Group
Private equity firm Cinven has successfully closed its acquisition of a 70% majority stake in the Spain-based real estate marketplace Idealista for approximately 2.925 million euros ($3.1 million USD). The transaction, reported as the largest purchase of an internet company in Spain, saw Idealista's valuation increase from 1.3 billion euros when EQT last held a majority stake in September 2020. The deal structured Cinven's acquisition from former investors Apax and Oakley, both of which have now exited, alongside a reduced stake for EQT to 18% and Idealista's management holding the remaining 12%. Idealista, led by founder Jess Encinar, operates in the Southern European real estate market with a headcount of 1,214 employees. Their financial performance includes revenues of 259 million euros and an EBITDA of 94.1 million euros for the last year. Idealista has recently expanded with the acquisition of the UK-based real estate marketplace Kyero.
Sectors
- Private Equity
- Real Estate
- E-commerce and Internet Services
Geography
- Spain – Idealista is a Spain-based company, and the acquisition is noted as the largest of an internet company in Spain.
- Italy – Idealista also operates in Italy, adding to the geographical reach mentioned in the article.
- Portugal – Idealista's operations extend to Portugal, part of its Southern European market footprint.
Industry
- Private Equity – The sector involving investments in private companies, structuring acquisitions and deals such as the one between Cinven and Idealista.
- Real Estate – The industry concerning the buying, selling, and management of property, as Idealista operates as a real estate marketplace.
- E-commerce and Internet Services – This classification pertains to the digital platform nature of Idealista, serving as an online marketplace for real estate.
Financials
- 2.925 million euros – The total enterprise value of the acquisition deal by Cinven for Idealista.
- $3.1 million US – The US dollar equivalent of the acquisition deal value for Idealista.
- 1.3 billion euros – The previous valuation of Idealista when EQT acquired a majority stake in 2020.
- 70% – The ownership stake acquired by Cinven in Idealista.
- 259 million euros – Idealista's reported revenue in the most recent year.
- 94.1 million euros – Idealista's EBITDA in the most recent year.
- 36.3% – Idealista's EBITDA margin in the most recent year.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cinven | Bidding Company | Company | A private equity firm that acquired a majority stake in Idealista. |
| Idealista | Target Company | Company | A real estate marketplace operating in Spain, Italy, and Portugal. |
| EQT | Selling Company | Company | A previous majority stakeholder in Idealista, now holding an 18% stake post-acquisition by Cinven. |
| Apax Partners | Exiting Company | Company | An investor exiting its 17% stake in Idealista as part of the Cinven acquisition. |
| Oakley Capital | Exiting Company | Company | An investor exiting its 12% stake in Idealista as part of the Cinven acquisition. |
| Jess Encinar | Leader | Person | Founder and President of Idealista, continuing to lead the company post-acquisition. |
| Kyero | Acquired Company | Company | A UK-based real estate marketplace recently acquired by Idealista. |