Cinven buys 70% stake in Spain's on-line real estate platform Idealista

MADRID, June 28 (Reuters) - Buyout fund Cinven has agreed to buy a 70% stake in Idealista from Swedish rival EQT and others in a deal that values it at 2.9 billion euros ($3.10 billion), the Spanish online real estate firm said on Friday.

EQT will retain an 18% stake, the company said in a statement, while funds Oakley and Apax sold their respective 11% and 17% stakes.

Jesús Encinar, Idealista's founder and chairman, and his team will continue to lead the company, the statement said. The management will hold the remaining 12% in Idealista, it added.

EQT bought a majority stake in Idealista from fund Apax Partners and the company's management in 2020 in a deal that valued the company at about 1.3 billion euros.

Founded in 2000, Idealista operates in Spain, Portugal and Italy, and allows real estate agents to advertise their properties in exchange for a recurring subscription fee. It also provides online advertising, mortgage brokerage and data analytics services for real estate agents.