EQT AB has reached an agreement to sell a majority stake in Idealista to the private equity firm Cinven, in a deal valuing the online real estate platform at €2.9bn ($3.1bn). EQT, which acquired Idealista in 2020 at a valuation of €1.3bn, will retain an 18% stake in the business, while Cinven will acquire a 70% stake.

Despite ongoing apprehension about interest rates in the real estate sector, which have reached their lowest levels since at least 2019 amid concerns about the interest rate trajectory, this deal marks Spain’s largest-ever technology sector acquisition.

Apax Partners and Oakley Capital will sell their holdings as part of the transaction. Meanwhile, Jesùs Encinar, founder and chairman of Idealista, plans to keep his stake and continue leading the company alongside the existing team. He shared his enthusiasm about the partnership, stating: “This is excellent news for Idealista and our team. We’re pleased that EQT will remain a minority shareholder and look forward to continuing our successful partnership in the coming years.”

Reflecting on the growth and strategic developments of Idealista since EQT’s initial investment, Bert Janssens, Partner and Head of the Private Equity Europe advisory team, said: “Over the past four years Idealista has entrenched its leading position in the Spanish and Portuguese market and strengthened its presence in Italy, all while implementing new digital and sustainability initiatives that create a foundation for further growth. We believe strongly in Idealista’s future potential and are excited to remain invested.”

Today, Idealista serves as a vital platform connecting around 60,000 real estate agents with more than 38 million unique monthly visitors, generating over one billion visits annually across southern Europe.