By Dominic Chopping
STOCKHOLM--EQT will sell a majority stake in real estate platform Idealista to private-equity firm Cinven, in a deal that values the company at 2.9 billion euros ($3.1 billion).
The agreement sees Cinven buy 70% of Idealista from shareholders EQT, Apax Partners and Oakley Capital, it said Friday.
Swedish buy-out group EQT acquired a majority stake in Idealista in 2020 from Apax Partners at a EUR1.3 billion valuation, with Apax later buying back a minority stake.
Following Friday's agreement, EQT will retain an 18% shareholding, while Idealista founder and Chairman Jesus Encinar will also retain his stake and continue to lead the company.
Founded in 2000, Idealista provides an online real-estate classifieds marketplace for home buyers and sellers across Spain, Italy, and Portugal.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
06-28-24 0253ET