EQT activate sales Idealist. According to the British news agency, the Swedish venture capital fund has appointed North American investment bank Morgan Stanley to sell the Spanish real estate portal. Reuters. Operation he would value Idealist 2.5 billion eurosThe transaction, which includes the company’s debt but is currently in its early stages, is not expected to be completed until the second half of the year. EQT sources consulted would not comment on the potential transaction.
The Swedish fund entered Idealista in September 2020. Acquisition of 80% shares of the real estate portal from Apax PartnersThe company was valued at 1.321 million euros. The rest of the shareholders were completed by the company’s founders, the Encinar brothers, and the venture capital funds Oakley Capital and Apax, who bought back 17% of the portal for 250 million just a few months after his departure.
Idealist is on sale
In recent months, various news has been emerging about the near future of Idealista. The newest one is IPO, which the owners of the portal will investigate. In addition, Apax had previously analyzed this possibility, but due to the outbreak of the epidemic and the collapse of global financial markets, this possibility was excluded.
But this time, the market’s momentum and the company’s liabilities look much better than before. Just a few weeks ago, Idealista refinanced 300 million euro debtextending its maturity by three years from 2026 to 2029, as published Five days. Major Spanish and European financial institutions participated in the operation: BBVA, Banco Santander, CaixaBank, Société Générale, Credit Agricole, ING, SGBTCI and Unicredit.
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In addition, the stability in the monetary policy of the European Central Bank (ECB), which does not plan a new interest rate increase, leaves the door open for an interest rate increase. important operations are taking place again in Spanish and European venture capital. Volatility in the cost of debt prevents setting specific valuations for assets, resulting in paralyzed operations. However, this phenomenon, which started with the first interest rate increase in March 2022, could end.
According to the latest accounts for 2022 in the Trade Registry, which this newspaper accessed through Insight View, Idealista, 118 million euro turnoverdespite Loss declaration exceeding 53 million. 2022 is the second year in a row that the real estate portal recorded such large red figures compared to the profits it always recorded between 2008 and 2020.