The Idealista challenged the decision by the Competition Authority (AdC) concerning its acquisition of Portal47, which owns the Kyero platform, indicating “competitive concerns.” The company stated that the platform accounts for only 1% of the Portuguese market.
The Idealista initially described the operation as merely acquiring a player with a negligible market share. However, AdC’s investigation revealed market participants viewed Kyero as a substantial competitor in the international segment of online real estate platforms.
The regulator noted that although Idealista claims to have proactively notified the authorities, any transaction resulting in a market share exceeding 50% must be reported to the AdC.
The investigation showed that Idealista’s market position far exceeds this threshold, necessitating communication to the AdC about any increase.
The Competition Authority highlighted the complexity of this operation, involving a player with a notably dominant market position.
Based on the details provided by Idealista, the AdC found it necessary to gather extensive information, often encountering circular and unclear responses from the company.
AdC’s concerns were communicated to Idealista through meetings on April 23 and June 5, 2025, and a draft decision for a detailed investigation, allowing Idealista to contest this decision.
The regulator maintained transparency, informing Idealista of its concerns regarding the merger from the beginning.
Once the process advanced to a second phase, the AdC conducted various investigations, including surveys with over 1,400 real estate agencies, to confirm its concerns.
Despite this, Idealista did not propose any solutions to address these concerns, a responsibility that legally falls solely on the company, as the AdC cannot offer commitments on its behalf.
Beyond requesting access to the case file, granted on August 25, 2025, Idealista did not respond further.
The operation was also notified in Spain, where the CNMC demanded commitments deemed excessive by Idealista, leading to the withdrawal of the merger in both countries.
Idealista contended that the “serious competition concerns” were never clearly communicated, lacking a definitive theory of harm required under competition law, despite multiple requests for clarification.
The platform added that the operation was forwarded to a second phase without initiating a market test, leading to unjustified delays during the summer.
The company argued that these delays severely affected the conditions of the transaction, making the acquisition of Kyero in Portugal unfeasible.
