Apax Partners has agreed to acquire a stake in online real estate marketplace Idealista SA. The sellers are Tiger Global Management, Kutxabank and Bonsai Venture Capital. Jefferies provided financial advice to Idealista on the transaction while PricewaterhouseCoopers provided financial and tax advice to Apax.
On July 24, 2015, Funds advised by Apax Partners have signed an agreement to invest in idealista SA, a world-class online real estate marketplace. Apax Funds agreed to acquire the idealista shares held by Tiger Global Management, Kutxabank and Bonsai Venture Capital. Jesus Encinar, Fernando Encinar and Cesar Oteiza, co-founders of idealista, will remain major shareholders alongside Apax Funds and will continue to manage the company that they founded in 2000.
Apax Partners is a leading global private equity advisory firm, which invests in companies across four global sectors comprising Tech & Telco, Services, Healthcare, and Consumer. Through the Apax Digital practice, Apax Funds have invested over €1.5 billion of equity in some of the leading online classifieds and lead generation companies focused on the real estate, auto, and consumer financial products segments, throughout Europe, North America, and Asia. Among other digital businesses, Apax Funds are or have been major shareholders in Soufun, Autotrader (UK), Trader Corporation (Autotrader Canada), Dealer.com, and Bankrate.
“Jesus, Fernando and Cesar have led the creation of a world-class online real estate marketplace that has become a household name in Spain. Through providing a rapid, intuitive search experience to house hunters, and being an essential source of highly-qualified enquiries for real estate agents, idealista has helped millions of people successfully navigate the important process of buying, renting, or selling their homes,” said Tom Hall, Partner at Apax Partners commenting on the agreement, adding: “We look forward to using our experience with other leading online classifieds businesses and our Digital and Operational Excellence practices to support the idealista team as they lead the company on its next phase of development.”
Jesus Encinar, founder and CEO of idealista: “I like the quality and attitude of the Apax Partners team, their knowledge of the markets where idealista keeps growing, the rigor of their analysis and their experience and commitment to long-term management of the companies in which they invest.”
The operation signed today in Madrid is pending approval by the National Stock Market Commission and Competition (CNMC), which shall authorize the purchase in the coming weeks.
idealista and Apax Partners have decided not to release financial details of this transaction, which will be made with a cash payment to outgoing shareholders after the approval by the CNMC.
idealista has been supported for this deal by Jefferies as financial advisor, Baker & McKenzie as legal advisor and JBMF as tax advisor. The Apax Funds have been supported by Simpson Thacher & Bartlett and UríaMenendez as legal advisors and PricewaterhouseCoopers as financial and tax advisor.
About Apax Partners
Apax Partners is a leading global private equity advisory firm. It operates globally and has more than 30 years of investing experience. Apax Partners has advised funds that total over €34 billion in aggregate as at 31 March 2015. Funds advised by Apax invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long‐term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com. Apax Partners LLP is authorised and regulated by the FCA in the UK and is subject to the FCA’s rules and guidance. Apax Partners’ registered office is 33 Jermyn Street, London, SW1Y 6DN.