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General Atlantic, Canada's CPPIB ready 3 bln euro offer for Spain's Idealista, Expansion says
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General Atlantic, Canada's CPPIB ready 3 bln euro offer for Spain's Idealista, Expansion says
May 17, 2024 1:44 AM

May 17 (Reuters) - U.S. fund General Atlantic and

Canadian pension fund CPPIB are readying a 3 billion euro ($3.26

billion) offer to buy Spain's largest online real estate company

Idealista, Spanish newspaper Expansion reported on Friday,

citing unidentified market sources.

Swedish private equity fund EQT, which has

controlled Idealista since 2020, has hired investment bank

Morgan Stanley to sell its stake in a deal that would value the

portal at 2.5 billion euros, people familiar with the matter

told Reuters in February.

EQT bought a majority stake from Apax Partners and

management in 2020, in a deal that valued the company at about

1.3 billion euros.

Founded in 2000, Idealista operates in Spain, Portugal and

Italy, and allows real estate agents to advertise their

properties in exchange for a recurring subscription fee. It also

provides online advertising, mortgage brokerage and data

analytics services for real estate agents.

General Atlantic, CPPIB and EQT did not immediately respond

to messages seeking comment. An Idealista spokesperson declined

to comment.

($1 = 0.9202 euros)

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