Adevinta Plans €2 Bn on Sale of Spanish Assets - InforCapital

Adevinta, the Norwegian digital marketplace leader, is preparing to sell its Spanish assets for approximately €2 billion, marking a major shift in its strategic direction under new private equity ownership.

The sale includes high-profile platforms such as Fotocasa, Habitaclia, InfoJobs, Coches.net, Motos.net, and Milanuncios. This decision aligns with a broader plan to restructure operations, aiming to maximize value through individual business unit divestitures.

The new ownership—comprised of Permira and Blackstone—is targeting a 100% return on invested capital within five years. To support this, Adevinta is in the process of decoupling its Spanish operations, making them more attractive for either acquisition or public listing.

As part of this restructuring, Fotocasa has been rebranded to Adevinta Real Estate SLU. Internally, the transformation has brought about significant workload increases and a sense of uncertainty among employees.

This move follows a recent divestment of Adevinta’s Irish assets, including Daft.ie, for over €500 million, reinforcing the company's focus on streamlining its portfolio and emphasizing core markets.

Despite the upcoming sale, Adevinta’s Spanish business has remained a strong performer, generating €230 million in revenue in 2023, up 6% year-on-year. The group's total revenue reached approximately €1.8 billion during the same period.

This strategic restructuring represents a pivotal moment for Adevinta as it seeks to redefine its business model and optimize its market footprint across Europe.