The Idealista Board of Directors has stated that the decision by the Portuguese Competition Authority (AdC) to “advance the operation to a second phase” rendered the deal unfeasible.
“[The AdC] caused a material delay in closing the operation, which harmed Idealista’s interests, leading the company to abandon this acquisition,” reads a statement on Idealista’s website.
The platform also criticized the actions of the Portuguese regulator.
“We do not rule out that the AdC might have wanted to use the purchase of a smaller portal to speak about Idealista’s activities in the future,” a company spokesperson stated.
The Idealista website further mentions, “It doesn’t seem reasonable that, aspiring to a single European market that competes with other global markets, there are 52 competition authorities at national and regional levels.”
In early June, the AdC decided to adopt a decision to move to an “in-depth investigation” under the terms of article 50, paragraph 1, item c) of the Competition Law, as the “proposed concentration operation raises serious doubts, in light of the elements gathered.”
Portal47 is a British company that owns Kyero, an online platform for classified real estate ads.
This platform is aimed at individuals residing in Germany, the United Kingdom, and Northern Europe, who wish to buy or lease property in France, Italy, Portugal, and Spain.
