Funds advised by Apax Partners have signed an agreement to invest in Madrid-based idealista, the #1 online property classifieds platform in Southern Europe. Idealista is:
- The go-to destination for real estate in Spain (#1 in terms of traffic, listings and agents);
- Significant presence and accelerating momentum in Italy and Portugal;
- A technology-led success story and a unique multi-country online classifieds platform.
Apax agreed to acquire the idealista shares held by Tiger Global Management, Kutxabank and Bonsai Venture Capital. Jesus Encinar, Fernando Encinar and Cesar Oteiza, co-founders of idealista, will remain major shareholders alongside Apax and will continue to manage the company that they founded in 2000. This is the largest Internet M&A transaction in Spain for the last four years.
The agreement which was signed at the end of July in Madrid is pending approval by the National Stock Market Commission and Competition (CNMC), which shall authorize the purchase in the coming weeks.
Jesus Encinar, founder and CEO of idealista commented:
“Liberty, and especially Mick McDonagh, has been a key and expert advisor for us throughout the process. It has been a very enriching experience to have Mick on board. He has not only provided us with very good advice but supported us in every decision we have had to take. I cannot imagine this process without the advice, intelligence and patience of Mick and the whole team from Liberty.”
Mick McDonagh, Partner at Liberty Corporate Finance added:
“We are delighted to have supported Jesus, Fernando and Cesar in this important transaction. They have led the creation of a world-class online real estate marketplace that has become a household name in Southern Europe. Through providing a rapid, intuitive search experience to house hunters, and being an essential source of highly-qualified enquiries for real estate agents, idealista has helped millions of people successfully navigate the important process of buying, renting, or selling their homes”.