Apax Global Alpha Limited's (AGA) announcement reveals that the Apax X Fund, in which AGA is a limited partner, has agreed to sell its minority stake in idealista, a prominent online real estate classifieds platform in Southern Europe, to Cinven. The transaction is expected to deliver a total gross MOIC of 2.1x and a gross IRR of 24% for Apax X, valuing AGA's look-through investment in idealista at approximately €14.8m. This represents an uplift of around 9.6% to the last Unaffected Valuation and an increase of approximately €1.3m in the Adjusted Net Asset Value of AGA at 31 March 2024. The transaction is anticipated to close in Q4 2024, subject to regulatory approval.
Apax X initially invested in idealista for a minority stake in February 2021, coinciding with the merger of idealista's Italian business with Casa.it. This move provided Apax X with the opportunity to invest in a business it was familiar with and to support the co-founders in scaling the business internationally. The sale follows significant value creation under the ownership of Apax VIII, which first invested in idealista in 2015, leading to substantial revenue and headcount growth over the 9-year ownership period.
Founded in 2000 and headquartered in Madrid, idealista is a leading online real estate classifieds marketplace in Southern Europe, connecting around 60 thousand real estate agents with over 38 million unique monthly visitors. The platform offers a diversified portfolio of digital services, including CRM tools, data analytics, and online mortgage brokerage, facilitating efficient real estate transactions.
AGA, listed on the London Stock Exchange, provides investors with access to the Apax Private Equity Funds and a smaller portfolio of mostly debt investments. In 2019, AGA made a commitment of approximately $450m to Apax X. The announcement also includes footnotes providing additional context and clarifications regarding the figures and legal requirements.
This comprehensive summary provides an overview of the key details from the announcement, including the transaction's financial impact, the history of Apax X's investment in idealista, and the platform's significance in the real estate market.