(provides feedback from Apax associate, particulars, background)
MADRID, Sept 10 (Reuters) – Swedish world funding agency EQT mentioned on Thursday it had agreed to purchase Southern European on-line actual property adverts platform Idealista for 1.three billion euros ($1.54 billion), as company dealmaking in Spain heats up.
EQT expects the acquisition of Madrid-based Idealista, which is managed by funds suggested by non-public fairness agency Apax Companions, to shut in December, pending regulatory approvals.
Spain’s mergers and acquisitions market has been ignited by a collection of offers inside banking and telecoms, such because the tie-up between Bankia and Caixabank and the latest buy of MasMovil by a bunch of funds.
Funding bankers expect extra offers to floor in Spain in each the quick and medium time period.
Spain’s actual property market has hit a tough interval, with stagnating costs in cities due to the coronavirus disaster and rising demand in rural areas as many Spaniards search to keep away from one other city lockdown.
Regardless of this, Idealista has skilled document progress within the months because the pandemic started, saying that its site visitors is as much as unprecedented ranges, whereas noting purchaser enthusiasm is tempered by a more durable financing local weather.
Idealista, which helps round 40,000 actual property brokers and receives a mean 38 million distinctive month-to-month guests, has launched a cellular app and tripled its income because it was purchased by Apax in 2015.
“The business… is now a clear market leader in Spain and Portugal, and a strong player in Italy,” Tom Corridor, a associate at Apax, mentioned. ($1 = 0.8459 euros) (Reporting by Clara-Laeila Laudette and Joan Faus; Modifying by Inti Landauro and Alexander Smith)