Scout24 acquires Spanish real estate platforms for €153 million

Scout24 has acquired Spanish online real estate platforms Fotocasa and Habitaclia from EQT for approximately €153 million, a transaction valued at roughly 14 times their 2025 enterprise value to EBITDA. These platforms collectively boast over 8 million monthly active users, 1 million property listings, and 14,000 agent customers, ranking as the second and third most-visited real estate portals in Spain, thereby significantly expanding Scout24's market footprint despite Idealista's dominant traffic share.

Analysis

Scout24 is significantly expanding its presence in the Spanish online real estate market through the strategic acquisition of Fotocasa and Habitaclia from EQT for approximately €153 million. The transaction, valued at a forward multiple of roughly 14 times the assets' projected 2025 enterprise value to EBITDA, secures the second and third most-visited real estate portals in Spain. These platforms bring a substantial user base, with a combined total of over 8 million monthly active users, approximately 1 million property listings, and relationships with around 14,000 agent customers. Despite this consolidation, Scout24 faces a considerable competitive challenge from Idealista.com, which remains the dominant market leader with an estimated 30% traffic advantage over its nearest rivals.

Key Decisions for Investors

• Investors in Scout24 should monitor the integration of the acquired platforms, focusing on whether management can realize synergies and close the significant traffic gap with market leader Idealista to justify the 14x forward EBITDA multiple.
• The transaction represents a strategic divestiture for EQT, allowing the firm to realize value from its investment; for EQT investors, this is a neutral event reflecting effective capital recycling.
• The consolidation of Spain's #2 and #3 real estate portals could intensify competition, warranting a closer look at the market dynamics and potential impact on the pricing power of both Scout24 and market leader Idealista.