On May 30, the Board of the Portuguese Competition Authority (AdC) decided to open an in-depth investigation into the proposed acquisition of Portal47 Ltd. by Idealista International, S.A. under Article 50(1)(c) of the Portuguese Competition Act (Law No. 19/2012 of May 8)
The decision was based on serious doubts as to whether the transaction complies with the substantive test set out in Article 41(3) of the same law given the evidence gathered during the initial phase and the characteristics of the relevant markets involved
The transaction, formally notified to the AdC on January 16, 2025, involves the acquisition by Idealista S.A.U. of sole control over Portal47 Ltd., a UK-based company that operates the online real estate classifieds portal kyero.com
This platform is directed at private individuals based in Germany, the United Kingdom, and Northern Europe who wish to buy or rent property in Southern European countries such as Portugal, Spain, France, and Italy
Idealista is already one of the leading platforms for online real estate classifieds in Portugal, allowing both individuals and real estate agencies to publish property listings
Following its initial analysis (Phase I), the AdC concluded that the merger raises significant concerns about its potential impact on competition in the relevant markets, particularly given the high level of concentration already present in the sector
The in-depth investigation will examine whether the proposed concentration is likely to significantly impede effective competition by reducing market rivalry, limiting consumer and advertiser choice, or creating barriers to entry
In accordance with Article 52 of the Competition Act, the AdC now has a maximum of 90 working days to complete its investigation, which may be extended by an additional 20 working days with the agreement of the notifying party
During this phase, the AdC will carry out further inquiries and may request additional information from the parties and third parties including competitors, customers, and suppliers
At the end of the in-depth review, the AdC may either clear the transaction without conditions, prohibit it entirely, or approve it subject to remedies designed to preserve effective competition in the affected markets
The AdC has invited interested third parties to submit their observations on the case within 10 working days of the notice’s publication, indicating the case reference Ccent/2025/5 – Idealista / Portal47.