Cinven acquires Idealista for €2.9bn: Advisors
Cinven has announced the adquisition of a majority stake in Idealista, the leading online real estate classifieds platform in southern Europe, for an enterprise value of €2.9bn.
Founded in 2000 and headquartered in Madrid, idealista offers online real estate advertising portals for real estate agents and individuals throughout Southern Europe. Advertise their portfolio of properties for sale and rent. The idealista platform also offers additional digital services. Mortgage brokerage, CRM software, rental and agency services, and insurance brokerage to assist and facilitate real estate transactions.
The funds managed by Apax and Oakley, which to date held 17% and 11% of idealista, are selling their stake in this transaction and leaving the company’s shareholding.
The transaction is subject to regulatory approvals and other customary closing conditions, but it is the largest acquisition of an online company in Spain.
Andrea Viale, global head of Legal at Idealista, comments exclusively for Iberian Lawyer “for the idealista team this is excellent news, we are starting a new stage with Cinven to strengthen our leadership and accompany the management team in new milestones”.
Advisors
Freshfields Bruckhaus Deringer has advised Cinven (the buyer) with a team led by partner and head of the corporate/M&A and capital markets groups in Spain, Armando Albarrán. was assisted by Miriam Pérez-Schafer (partner), and associates Mario Pacini, Íñigo Ríos, Álvaro Luaces, Alberto Broseta and Adriana Fernández, all from the Corporate & M&A team. Carla Gómez (counsel) and Laura Cue (associate) have also advised on corporate aspects. Other team members advising included finance partner Ana López; David Franco (partner, Corporate and M&A), Ignacio Borrego (counsel, Public law) and Asís Martín de Cabiedes (senior associate in Corporate and M&A) on regulatory aspects; partners Rafael Murillo and Natalia Gómez on dispute resolution aspects; and on competition matters, partner Álvaro Iza and Luis Loras (senior associate).
Deloitte Legal has advised Cinven on the tax aspects. The transaction has been advised by the Tax M&A team formed by: José María Gómez Rosende (partner) and Marcos Rodríguez (principal associate).
KPMG Abogados has advised Cinven specifically tax due diligence, led by Carlos Marín (partner), José Ignacio González del Castillo (director) and Laura Vilas.
A&O Shearman has advised EQT (idealista shareholders) and on their subsequent reinvestment in the company. The team has been formed by corporate team: Iñigo del Val, Andrés Mochales Forero and Cristina Palau Redolat. Banking and finance team: Charles Poole-Warren and Vanessa Cuellas. Antitrust team: Antonio Martínez Sánchez and Jaime Rodriguez; and public law team: Leopoldo Reaño García.
Clifford Chance has advised idealista and its shareholders, EQT Group, Apax, Oakley Capital, and the founder-led management team, led by M&A private equity partner Samir Azzouzi Maanan and senior associate Patricia Puertas Díaz.
Another Clifford team has advised a syndicate of domestic and international lenders on the €415 million refinancing of idealista’s debt, led by Global Financial Markets partners María Sabau and Rodrigo Uría, supported by associates Elena Euba in Madrid and Alessandra Ravazzolo in Milan.
Garrigues has advised Idealista with partners: Ignacio Corbera Dale, Marta Graça Rodrigues, Gregorio Nevado, Oriol Armengol, Diego Vicente, Alejandro Padín, Manuel Jerónimo, Cristina Mesa, Luis de la Peña. Principal associates and senior associates: Tristán Bernabé, Mariana Faria Santos, Francesc Cholvi, Jaime Flores, Sandra López and Rute Gómes Silva. Also associate: José Antonio Garaña.
Dentons has advised Idealista with a corporate team formed by partner Jesús Durán and counsel Jorge Carmona.
Uría Menéndez has advised Apax Partners with a team formed by corporate; Juan Martín Perrotto, partner, and María García Roldán, senior associate; tax, Violeta Pina, counsel; foreign investment, David López Velázquez, counsel; and competition, Tomás Arranz, partner.
JBMF (management tax advisor) has advised Idealista.
Gianni Origoni (Italia) has advised Ideaista with partner Raimondo Premonte.
In-house team
Idealista legal team. Andrea Viale, global head of legal with Irene Esperante, Claudia Ferrer, Vanessa Ferreira Santos, Dario Stifano and Giulia Gianuzzi.
