Walter Finch
SPANISH property portal Idealista has pulled out of its planned acquisition of Kyero amid claims that Spain’s competition authority (CNMC) nixed the deal.
The takeover of Portal47 Ltd, the UK-based firm behind Kyero, was announced in December 2024 but has now been abandoned after nine months of talks with the CNMC.
Idealista is Spain’s dominant online property portal and also operates in Italy and Portugal.
It has long been the market leader in Spain, and the move to buy Kyero was seen as a way to consolidate its grip on the international buyer market.
Kyero, founded in 2003, is a major property portal aimed at international buyers.
From its base in Bath, it has built a strong niche helping foreigners search for homes in Spain, Portugal, France and Italy.
The site attracts around 40 million visitors a year and is one of the most popular platforms among British buyers looking for a ‘place in the sun’.
But the CNMC raised concerns about the takeover during its review, given Idealista’s already dominant position.
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Idealista said the regulator’s conditions ‘went beyond the scope of the transaction’ and would have prevented the company from operating normally in the market.
The drawn-out talks caused ‘material delay’ to closing the deal, harming both parties, according to the firm.
A company spokesperson suggested the watchdog used the case ‘as a pretext’ to regulate Idealista’s wider commercial strategy, warning that the way the deal was handled ‘sends a discouraging message for the growth of European technology companies.’
“At times, the rigidity of EU competition authorities ends up favouring the growth of non-European companies in Europe at the expense of tech firms born within the EU,” the spokesperson said.
The company also criticised what it called Europe’s ‘hyper-regulation’, pointing out that while the US has only two competition authorities – the FTC and the Department of Justice – Europe has 52 national and regional bodies.
Citing Mario Draghi’s 2023 report on competitiveness, Idealista said the former Italian prime minister was right to warn that fragmented regulation and slow approvals stop European firms from growing to compete with US and Asian rivals.
Kyero acknowledged its disappointment at the outcome but said the process had underlined its strength in the property market.
Co-founder Louise Dell said the company would now reinvest in growth and continue building its independent platform for international buyers and agents.
Portugal’s competition authority had also launched a review, but it had not been completed by the time the deal was scrapped.
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