EQT Corporation (NYSE:EQT) has hired Morgan Stanley to explore a sale of Spanish property website idealista, S.A.U., two people familiar with the matter told Reuters. Idealista could be valued at around EUR 2.5 billion ($2.69 billion) including debt in a sale, a third person said. The process is in the early stages and the Swedish private equity owner is expected to progress with an auction in the second half of the year, the three people said.

The sources cautioned that a deal is not certain and asked not to be identified because the matter is confidential. EQT and Morgan Stanley declined to comment. EQT bought a majority stake in Madrid-based Idealista in 2020 from private equity firm Apax Partners and management, valuing the company at about EUR 1.3 billion.

Management, led by founder and CEO Jesús Encinar, maintain stakes in the company while private equity funds Oakley Capital and Apax also hold minority stakes. Potential buyers could include private equity investors as well as European and international property classified companies looking to expand in southern Europe, the third person said.