mynth
07/2015

APAX PARTNERS invests in IDEALISTA

SPAIN Media & Internet / E-commerce & Marketplaces EV 100M - 350M EUR

Context

Apax Partners’ funds have acquired the shareholdings in idealista SA held by Tiger Global Management, Kutxabank and Bonsai Venture Capital. The transaction, executed in Madrid, transfers ownership of a portion of the online marketplace’s equity to Apix investors while the founding trio retains a controlling interest and continues to manage day‑to‑day operations. Completion is subject to approval by the Spanish National Stock Market Commission and the Competition Authority, after which the purchase price will be paid in cash to the exiting shareholders. The acquisition aligns with Apax’s strategy to deepen its presence in digital classifieds and to capitalize on the growing online real‑estate segment in Southern Europe and Latin America. By integrating idealista into its Digital practice, Apax intends to apply operational expertise, data‑analytics capabilities, and cross‑portfolio knowledge to accelerate user growth, expand monetisation channels, and support geographic expansion. The investment also provides a platform for potential synergies with other Apax‑backed online marketplaces. Post‑closing, idealista is expected to benefit from enhanced product development resources, refined pricing models for agency subscriptions, and increased advertising inventory leveraging Apax’s network of industry partners. The combined entity aims to strengthen market share, improve traffic quality, and deliver higher lead conversion rates for real‑estate professionals. These operational improvements are projected to reinforce the company’s position as a primary digital conduit for property transactions across its served markets.

IDEALISTA, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

idealista operates an online real estate classifieds platform that connects real estate agents and private individuals with prospective buyers and renters across southern Europe. The company hosts property listings for sale and lease, enabling users to browse, filter, and contact sellers through a web portal and mobile applications. In addition to core classifieds, the platform provides ancillary digital services such as mortgage brokerage, customer‑relationship‑management software for agents, rental management tools, and insurance brokerage, creating multiple revenue streams. Founded in 2000 and headquartered in Madrid, idealista expanded its coverage to include Spain, Portugal, Italy and other nearby markets, serving millions of monthly visitors and supporting thousands of professional agents. The business model relies on subscription fees from agencies, pay‑per‑lead arrangements, and commissions from ancillary services, while maintaining a free‑to‑list option for private sellers.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
2022

Other operations with IDEALISTA

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
06/2024CINVENIDEALISTASPAINE-commerce & Marketplaces
09/2020EQT PARTNERSIDEALISTASPAINE-commerce & Marketplaces

REFERENCES

Valuation range: EV 100M - 350M EUR

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: idealista

Acquirer: apax partners