Global private equity firm Cinven Ltd. announced Friday its agreement to acquire Idealista, a Spanish real estate advertising platform, in a deal valued at €2.9 billion ($3.1 billion).

Idealista revealed that Swedish investor EQT AB's buyout fund, EQT IX, has agreed to sell a 70% stake in Idealista, a transaction that had been anticipated for much of the year. EQT will retain an 18% stake in the company, which it acquired in 2020 from Apax Partners in a deal that valued the Madrid-based company at €1.3 billion.

Cinven To Buy Idealista : Stakeholders in the Idealista Deal

Pan-European mid-market investor Oakley Capital Investments Ltd. announced separately that its Fund IV will sell its stake in Idealista. The financial details of this transaction remain undisclosed. Additionally, a fund advised by British firm Apax Partners is also set to sell its share in Idealista, with the amount similarly undisclosed.

Freshfields Bruckhaus Deringer LLP and Spanish law firm Pérez-Llorca are advising Cinven on the transaction. Simpson Thacher & Bartlett LLP, with London-based partners James Howe and James Campisi, is guiding Apax. Information regarding counsel for Idealista and the other two sellers was not immediately available.

Strategic Growth and Market Impact

Jorge Quemada, co-managing partner and head of Cinven's Iberia regional team, stated that Idealista is a prominent player in a resilient sector with strong long-term growth prospects. "The online classifieds segment is growing fast and benefits from significant tailwinds for this to continue going forward," Quemada said. He added that Cinven aims to leverage its investments in other European online platforms, such as Poland's Allegro, to further grow Idealista's business.

Idealista connects approximately 60,000 realtors with more than 38 million unique monthly visitors, making it a vital platform for prospective buyers and sellers across Spain, Italy, and Portugal.

Industry Reactions and Future Prospects

Frank Cartwright, co-founder and director at Yield Investing, a U.K.-based property investment platform, told Law360 that the acquisition signifies a positive shift in the private equity landscape. "The successful sale underscores the strong demand for high-quality, digital real estate platforms and highlights the resilience of strategic investments in the property sector," Cartwright said.

Shares in Oakley, which trade on the London Stock Exchange, were worth 508 pence each at midday Friday, up 1.4% from the previous day's close of 501 pence. Deutsche Numis is the financial adviser broker to Oakley.

Cinven To Buy Idealista : Final Steps

The transaction remains subject to customary closing conditions, including regulatory approval, which have not been disclosed. Cinven declined to comment further, and representatives from Idealista, EQT, Oakley, and Apax did not immediately respond to requests for comment.