Scout24 Buys Fotocasa and Habitaclia for €153M

German marketplace operator Scout24 has agreed to acquire Spanish real estate portals Fotocasa and Habitaclia from EQT for an enterprise value of about €153 million. The deal will close only after EQT completes its separate purchase of Adevinta Spain (the owner of the two portals and other marketplaces, such as InfoJobs), with closing currently scheduled for the first quarter of 2026. 

Fotocasa and Habitaclia are projected to deliver around €60 million in revenue and about €11 million in pro-forma EBITDA in 2025. The brands and leadership teams will remain in place, while Scout24 will fund the transaction with cash and its existing credit lines.

Deal snapshot and timeline

• Buyer: Scout24 (operator of ImmoScout24 in Germany and Austria)
  
• Assets: Fotocasa and Habitaclia (Spain)
  
• Seller: EQT (which signed to acquire Adevinta Spain on 21 July 2025)
  
• Price: ~€153 million enterprise value
  
• Funding: Cash plus existing credit facilities; no impact to share buyback or capital allocation priorities per investor communications
  
• Closing: Expected after EQT’s Adevinta Spain deal completes; current guidance is Q1 2026
  
• Rationale: Cross-border expansion, data scale, and product/tech synergy across Germany, Austria, and Spain.
  

Market context: consolidation and rivalry in Spain

Spain’s property portals are consolidating as international investors and strategic buyers reposition assets. EQT agreed to buy Adevinta Spain (which includes Fotocasa and Habitaclia) in July 2025; within weeks it lined up the onward sale of the two real estate portals to Scout24 to avoid overlaps with its other interests and streamline portfolios. Idealista remains the traffic leader in Spain, while Fotocasa is the long-time number two and Habitaclia has strong coastal penetration, especially in Catalonia and the Balearics.

What Scout24 is actually buying

• Audience and inventory: Over eight million monthly active users, roughly one million live listings, and about 14,000 real-estate professionals across the two portals.
  
• Financial profile: About €60 million revenue and ~€11 million pro-forma EBITDA in 2025E, implying multiples of ~2.6x revenue and ~14x EBITDA at the agreed valuation.
  
• Operating continuity: Both businesses will keep their brand names and leadership teams.
  

Strategic upside for Scout24

Cross-border buyer–seller flows

Germany is one of the most significant sources of international property demand for Spain. Adding Fotocasa and Habitaclia lets Scout24 connect German demand with Spanish supply at scale, creating a defensible cross-border funnel for agents and developers on both sides.

Data and product leverage

A combined data footprint across Germany, Austria, and Spain provides Scout24 with additional training data for pricing tools, lead quality scoring, fraud prevention, and AI-driven recommendations. Expect product velocity to increase as shared components (listing quality checks, CRM integrations, paid lead products, and developer marketing solutions) roll out across markets.

Financial discipline

Management states that the acquisition is funded with cash and existing lines, and does not alter capital allocation or buybacks, indicating a bolt-on profile rather than a balance-sheet stretch. Near-term financial guidance for FY2025 is unchanged, given closing is slated for Q1 2026.

Risks and what to watch next

Regulatory sequencing

The Scout24 transaction cannot be closed until EQT completes the acquisition of Adevinta Spain, which still requires customary approvals. Any delay in that process pushes the Scout24 closing. Watch Spain’s competition authority and any remedies related to overlaps in adjacent classifieds categories.

Competitive response

Idealista’s scale advantage may drive more aggressive pricing, ad formats, and exclusive inventory pushes. How quickly Scout24 can “revitalize” Fotocasa and Habitaclia—via UX upgrades, marketing efficiency, and sales execution—will shape share gains in 2026.

Integration execution

Keeping local leadership is positive, but harmonizing tech stacks, data models, and go-to-market motions across three countries is complex. Early signals to track: cadence of product releases, agent NPS, time-to-lead, and conversion rates from German demand to Spanish closings.

Implications for Spanish agents and developers

• More foreign buyer reach: Expect improved access to German buyers through bundled visibility across ImmoScout24 and the Spanish portals.
  
• Richer lead products: Lead-qualification tools and premium placements common in Germany may arrive in Spain, potentially improving ROI per listing.
  
• Stable relationships: Brand continuity and the same account teams reduce switching costs during the transition period.
  

Key takeaways

• Scout24 is expanding into Spain by buying Fotocasa and Habitaclia for about €153 million; the deal’s closing is tied to EQT’s separate acquisition of Adevinta Spain and is currently expected in Q1 2026.
  
• The targets bring scale—over eight million MAUs, about one million listings, and roughly 14,000 agent customers—and are guided to deliver €60m revenue and ~€11m EBITDA in 2025.
  
• Scout24 plans brand and team continuity, funding the deal without altering its buyback or capital plans.
  
• Strategically, the move builds a Germany–Spain cross-border ecosystem, deeper data moats, and room to port proven products into Spain.
  

FAQ

Has the acquisition closed?

Not yet. Scout24’s purchase is contingent on EQT completing the separate acquisition of Adevinta Spain. Current guidance points to closing in the first quarter of 2026.

Why did EQT sell Fotocasa and Habitaclia so quickly after agreeing to buy Adevinta Spain?

To streamline the asset mix and avoid potential conflicts with other holdings, while crystallizing value in a focused way. This fits a broader consolidation trend in Spanish classifieds.

Will Fotocasa and Habitaclia change names or teams?

No. Both brands and their current management teams will remain, ensuring continuity for users and clients.

What’s the opportunity for agents?

Better cross-border demand access (especially German buyers), enhanced data-driven products, and potentially improved lead quality and conversion.

What financial impact should we expect near term?

None for Scout24’s FY2025 guidance, since closing is expected in Q1 2026. Long-term, the company targets operational improvements across B2C and B2B experiences in Spain.