Scandinavian EQT group bought out Apax Partners Partners’ share in the Idealista portal. The relevant agreement was signed by the parties on September 10. Now the deal must be approved by the National Commission on Markets and Competition. This process is expected to take several weeks. However, the deal will be fully completed only in December.
To date, this is the largest transaction on the Spanish market, where an IT company is object to sale – the previous record was €500 million.
In 2015, Apax Partners group acquired 80% of Idealista shares for €235 million, so just five years later, the company could several times multiply the investments and get huge profits.
The deal struck was very well received by all parties concerned. The founder and president of the Idealista portal, Jesus Encinar, spoke fondly of five years of the work with Apax Partner and at the same time he hoped that cooperation with the new partner will be as fruitful.
Jesus Encinar will maintain his share in the company and continue to lead it with his team. In turn, the EQT management highly appreciates the professional qualities of the Head of the portal and the specialists working there.
To date, more than 40,000 real estate agencies are registered on the idealista website, and the number of unique visitors to the portal is 38 million per month. The company closed the year 2019 with a net profit of more than €37 million – 156.3% more than in 2018.