In a bold restructuring move emblematic of private equity’s value-crystallization strategies, Adevinta ASA – the Oslo-based online classifieds giant acquired by Blackstone and Permira in 2023 – has initiated the sale of its Spanish operations in a deal valuing the unit at over €2 billion[9]. This divestiture forms the cornerstone of a radical portfolio optimization strategy that has already seen the group shed its Austrian Willhaben stake[14] and prepare German auto marketplace Mobile.de for a potential €10 billion IPO in 2026[15]. The Spanish package, comprising job platform InfoJobs (Europe’s largest vertical employment site), real estate leader Fotocasa, and automotive specialist Coches.net, represents both a strategic retreat from non-core markets and a calculated bet on sector fragmentation driving premium valuations[9][16]. With Cinven’s €2.9 billion acquisition of Idealista[16] and REA Group’s persistent courtship of Rightmove[18] demonstrating intense investor appetite, Adevinta’s owners appear poised to capitalize on a digital classifieds M&A market where EV/EBITDA multiples now routinely exceed 15x[9][16].
Strategic Rationale: From Conglomerate to Core
Post-Buyout Portfolio Pruning
Since completing their €14 billion take-private of Adevinta in November 2023[4], Blackstone and Permira have executed a surgical approach to asset rationalization. The Spanish sale follows March 2025’s divestment of Adevinta’s 50% Willhaben stake to Styria Media Group[2][14], with insiders confirming the PE consortium targets 100% return on invested capital within five years[5]. This break-up strategy contrasts sharply with Adevinta’s previous “Growing at Scale” approach under public ownership, which emphasized horizontal integration across 15 countries[3].
| Asset | Market | 2023 Revenue | 2023 EBITDA | Status |
|---|---|---|---|---|
| Mobile.de | Germany | €480M | €165M | Planned 2026 IPO[15] |
| Leboncoin | France | €354M | €148M | Core Retention[6] |
| Spanish Unit | Spain | €230M | €130M | For Sale (16.4x EV/EBITDA)[9][6] |
Geographic Rebalancing
The Spanish exit completes Adevinta’s pivot toward its “Core Three” markets – Germany, France, and Benelux – which collectively generated 74% of 2023’s €1.8 billion revenue[6]. Private equity ownership has enabled aggressive capital reallocation, with Spain’s 12.6% revenue contribution deemed subscale compared to Mobile.de’s 26.3% share[6][15]. This mirrors Cinven’s Iberian focus with Idealista[16], suggesting PE firms view Southern Europe as a distinct investment theater requiring localized strategies.
Spanish Crown Jewels: Anatomy of a €2 Billion Package
InfoJobs: The Employment Engine
Accounting for an estimated 35% of the Spanish unit’s value[5], InfoJobs dominates Spain’s €287 million digital recruitment market with 63% share[17]. The platform’s 2024 performance shows resilience despite economic headwinds, with Q1 2025 applications up 14% YoY through AI-driven candidate matching[5]. However, rising competition from LinkedIn’s localized services and Germany’s StepStone (owned by Axel Springer) presents both challenges and strategic buyer interest.
Fotocasa vs. Idealista: Iberian Real Estate Showdown
Fotocasa’s €86 million 2023 revenue[6] positions it as Spain’s second-largest property portal behind Cinven-owned Idealista (€204 million revenue)[16]. The gap has widened since Cinven’s 2024 acquisition, with Fotocasa’s 6% YoY growth[6] lagging Idealista’s 18% surge[16]. Private equity buyers may see consolidation potential, though antitrust concerns could limit strategic bids – a factor likely pushing Adevinta toward financial sponsors.
Coches.net: Revving Up Transactional Revenue
Adevinta’s automotive gem, Coches.net, has successfully pivoted from lead generation to transaction fees, driving 52% growth in 2023 transactional revenues group-wide[6]. The platform’s YouTube channel – generating €3.75K/month[8] – exemplifies vertical integration in automotive content. With Europe’s used car market projected to grow 7.3% CAGR through 2027[15], strategic buyers like AutoScout24 or Cars.com could pay premium multiples.
Financial Engineering: Unlocking the Break-Up Value
Leveraging Operational Improvements
Since the take-private, Adevinta’s Spanish EBITDA margin improved from 32.1% to 39.8% through workforce optimization (15% headcount reduction) and AI-driven ad targeting[5][9]. These gains mirror group-wide efficiencies that boosted 2023 EBITDA 19% YoY to €651 million[6], justifying the rumored 16.4x EV/EBITDA multiple for Spain versus 13.2x sector average[9][16].
Capital Recycling for Growth
Proceeds from the Spanish sale are earmarked for debt reduction and funding Mobile.de’s expansion ahead of its IPO[15]. The German auto portal requires €120 million in tech upgrades to meet 2026 revenue targets of €650 million[15], with Permira planning to replicate AutoTrader’s successful UK public listing strategy[18].
“The break-up isn’t about shrinking Adevinta – it’s about creating focused champions in each vertical. Spain’s assets deserve owners who’ll prioritize Iberian growth over pan-European synergies,” noted a Permira executive speaking anonymously[5].
Market Implications: Reshaping Europe’s Digital Landscape
Private Equity’s New Playbook
Blackstone and Permira’s strategy reflects a broader
Sources
https://adevinta.com, https://www.globaldata.com/company-profile/adevinta-asa/, https://adevinta.com/about-us/history/, https://www.clearygottlieb.com/news-and-insights/news-listing/adevinta-in-14-billion-buyout-led-by-blackstone-and-permira-holdings-limited, https://www.onlinemarketplaces.com/articles/adevinta-breakup-incoming-in-spain-yes-internal-sources-tell-spanish-newspaper/, https://adevinta.com/press-releases/adevinta-asa-ade-adevinta-reports-full-year-2023-results-with-strong-q4-financial-performance-in-soft-macro-environment/, https://adevinta.com/app/uploads/2023/05/Q1-2023-Quarterly-report.pdf, https://us.youtubers.me/coches-net/youtube-estimated-earnings, https://www.tradingview.com/news/reuters.com,2025:newsml_L8N3RO0E6:0-adevinta-explores-sale-of-its-spanish-business-as-owners-pursue-break-up-sources-say/, https://www.morningstar.com/news/dow-jones/202505014108/thomson-reuters-1q-profit-fell, https://www.youtube.com/watch?v=Ui6GIkqdyws, https://www.onlinemarketplaces.com/articles/daft-ie-to-be-sold-owner-exploring-options-for-660m-sale-sources-tell-reuters/, https://www.thomsonreuters.com/en/press-releases/2024/february/thomson-reuters-reports-fourth-quarter-and-full-year-2023-results, https://www.tradingview.com/news/reuters.com,2025:newsml_L3N3PL04E:0-blackstone-permira-s-adevinta-said-to-near-willhaben-stake-sale-bloomberg-news/, https://www.investing.com/news/stock-market-news/permira-plans-2026-ipo-for-mobilede-with-potential-10bn-valuation-reuters-93CH-3826286, https://www.marketscreener.com/quote/stock/EQT-AB-66480635/news/Cinven-buys-70-stake-in-Spain-s-on-line-real-estate-platform-Idealista-47262632/, https://www.statista.com/outlook/amo/advertising/digital-classifieds/spain, https://www.investing.com/news/stock-market-news/britains-rightmove-rejects-reas-sweetened-81-billion-takeover-offer-3626850
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