By John Smith • 11 September 2020 • 14:04
SWEDISH investment group EQT IX fund is spending €1.3 billion to take over Spanish real estate portal idealista which is said to be the largest ever transaction in Spain involving the purchase of an online company.
EQT will hold 85 per cent of the equity with the balance remaining in the hands of idealista’s management team, including founder and CEO Jesús Encinar, who will continue to lead the Company.
Founded in 2000 and headquartered in Madrid, idealista supports approximately 40,000 real estate agents and has 38 million unique monthly visitors across Southern Europe.
The Company’s online real estate classifieds marketplace for home buyers and sellers and diversified portfolio of digital services, such as CRM tools, data analytics, and online mortgage brokerage, help enable efficient real estate transactions, making it a key destination for prospective homeowners and sellers in Spain, Italy, and Portugal.
EQT says that it will support idealista’s growth and continued pursuit of commercial excellence by investing in the Company’s online platform and further developing its portfolio of value-add services for real estate agents.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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