Idealista Is Said to Be On the Market as EQT Seeks Exit
Industry wires indicate that EQT is pursuing a monetization of its stake in Idealista, the online real estate platform serving Spain and surrounding markets. The Swedish private equity group has engaged Morgan Stanley, a major North American investment bank, to assess the potential sale of the platform. Early estimates value Idealista at roughly 2.5 billion euros, with outstanding debt folded into the consideration. The process is in its early phase and is not anticipated to conclude before the second half of the year. People close to EQT have declined to comment on any specifics about deal terms.
In 2020, EQT built a controlling interest by acquiring 80 percent of Idealista from Apax Partners. The remaining stake eventually resided with Idealista’s founders, the Encinar brothers, alongside venture backers Oakley Capital and Apax, which later repurchased 17 percent of the business for about 250 million euros after the founders departed. This cap table shift set the stage for potential restructurings as market dynamics evolved.
Idealista on the Market
In recent months, market chatter has intensified around Idealista’s strategic options, including the possibility of an initial public offering. Earlier, Apax explored an IPO pathway, but the plan was paused due to pandemic disruptions and broader market volatility. The current environment, however, has grown more conducive to either a public listing or a strategic sale, with investors weighing the relative merits of scale, geographic reach, and profitability prospects.
Not long ago, Idealista refinanced a 300 million euro debt tranche, extending its maturity from 2026 to 2029. The refinancing drew support from a broad syndicate that included prominent Spanish and European banks such as BBVA, Banco Santander, CaixaBank, Société Générale, Credit Agricole, ING, UniCredit, and others. The move was seen as a sign of the company’s ability to access affordable funding in a favorable liquidity climate.
The broader backdrop includes a monetary policy stance from the European Central Bank that has moved toward policy stability, with no immediate plan for additional rate increases. This steadier outlook has reinvigorated dealmaking across Spanish and European venture capital, though debt costs continue to inject a degree of caution into asset valuations. Analysts note that volatility might ease as inflation trends and interest rates settle.
According to 2022 accounts filed in the Trade Registry and reviewed in market records, Idealista reported revenue of 118 million euros and posted a net loss of 53 million euros for the year. That marks the second consecutive year of red ink after several years of profitability prior to 2020, underscoring the challenges that can accompany rapid scaling in the digital real estate space. Nevertheless, the company’s demonstrated scale in Spain and broader European markets remains a draw for private equity and strategic buyers seeking platforms with established reach and potential for margin expansion.