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Freshfields advises Cinven on its €2.9bn acquisition of idealista

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) is advising international private equity firm Cinven on the Eighth Cinven Fund’s agreement to acquire a majority stake in idealista Global, S.L.U. (‘idealista’), Spain's leading real estate portal from, among others, EQT, Apax, Oakley and certain managers.

The transaction is valued at €2.9 billion, making it the largest acquisition of an online company in Spain.

idealista is a Spanish company founded in 2000 that offers, among other products, real estate portal services in Spain, Italy and Portugal via the Internet.

The Freshfields team was led by Madrid partner Armando Albarrán, head of Corporate and M&A, who was assisted by partner Miriam Pérez-Schafer as well as associates Mario Pacini, Íñigo Ríos, Álvaro Luaces, Alberto Broseta and Adriana Fernández (all Corporate/M&A). Counsel Carla Gómez and associate Laura Cue have also advised on corporate law aspects. Other team members advising included partners Christopher Davis, Aled Batey and Ana López (Finance); partner David Franco (Corporate/M&A), counsel Ignacio Borrego (Public Law) and senior associate Asís Martín de Cabiedes (Corporate/M&A) on regulatory aspects, Partners Rafael Murillo and Natalia Gómez on dispute resolution aspects. On competition matters, partner Álvaro Iza and senior associate Luis Loras advised. The tax aspects of the transaction were led by our partner May Smith (Tax).

This latest transaction highlights Freshfields’ consolidated relationship with Cinven, having advised Cinven on the Sixth Cinven Fund’s sale of a majority stake in Partner in Pet Food, conducted by our team in the UK, which was announced at the end of June this year. Furthermore the team advised the Seventh Cinven Fund as a shareholder in MásMóvil, in the MásMóvil joint venture with Orange for €19.6 billion, the largest M&A transaction in the Spanish telecoms sector.