British private equity firm Cinven has agreed to acquire 70% of the Spanish real estate portal Idealista, which is currently controlled by the Swedish fund EQT IX, for 2.9 billion euros, according to a statement released by the Swedish fund.
EQT had purchased Idealista in 2020 for 1.3 billion and intends to maintain 18% of the stake in the portal. Apax Partners and Oakley Capita will sell their shares.
The founder and president of Idealista, Jesus Encinar, will maintain his position and considers this acquisition to be “excellent news for Idealista†and for the team. “We are delighted that EQT will remain a minority shareholder and look forward to continuing our successful partnership in the years to come,” he said.
The transaction is subject to the usual conditions and approval, reads the published note.
