Competition Authority Rejects Idealista's Criticism Over Failed Kyero Acquisition
The Portuguese Competition Authority (AdC) issued a statement on Friday rejecting criticism from the real estate portal Idealista concerning the failed acquisition of Portal47, the company that owns the Kyero platform. The regulator asserted that Idealista did not present any initiative to resolve the competition concerns that were identified during the analysis of the operation.
The dispute arose after Idealista contested the AdC's preliminary decision, which raised 'competition concerns' about the merger. Idealista had argued that Kyero holds a negligible share of the Portuguese market, estimated at 1%. However, the AdC's investigation, which included a survey of over 1,400 real estate agencies, found that market participants viewed Kyero as a 'relevant company' and a significant competitor, particularly in the segment of online real estate platforms targeting international buyers.
The AdC's statement highlighted that Idealista's market share is 'far superior' to the 50% threshold that mandates notification for any acquisition. Therefore, the regulator determined that the operation was complex and required an in-depth, second-phase investigation. The authority reported that it had communicated its concerns to Idealista in meetings held on April 23 and June 5, 2025, but was met with 'circular and unclear responses'.
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According to the regulator, Idealista failed to propose any commitments to mitigate the potential negative effects on market competition. 'The AdC saw no initiative to resolve the identified concerns, not having, in any moment, been suggested any commitments, when, legally, it is up to idealista to take such initiative,' the authority clarified. The AdC also noted that after the case file was made available to Idealista on August 25, 2025, the company did not provide any further reaction or comment.
The operation was also terminated in Spain, where, according to the AdC, the Spanish competition authority (CNMC) had reportedly demanded commitments that Idealista considered 'excessive'. Idealista has maintained that the 'unjustified delay' by the AdC made the acquisition of Kyero in Portugal 'unfeasible' and that the regulator failed to provide a detailed and objective communication of its concerns. The collapse of the deal leaves the competitive structure of the online real estate portal market in Portugal unchanged.
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