Israel's Yad2 attracts global investor bids as KKR plans sale

Yad2, an Israeli online classifieds platform, is attracting bids from Blackstone, Apax, Warburg Pincus, and Francisco Partners as KKR looks to sell the company for about US$1.2 billion.

The sale process is being led by Barclays and Citi, with offers expected before the end of 2025.

Blackstone, which co-owns European classifieds operator Adevinta, has engaged Jefferies Bank for the deal.

Apax, known for investments in Baltic Classifieds Group and New Zealand’s Trade Me, is joining through its London office.

Warburg Pincus and Francisco Partners, both with a history of major Israeli tech acquisitions, are also in the running.

Yad2, acquired by KKR after Axel Springer’s business split in 2025, is estimated to generate annual revenue of NIS 300 million (US$80 million) and operating profit of around NIS 140 million (US$37 million).

🔗 Source: Calcalist

🧠 Food for thought

Implications, context, and why it matters.

Yad2 asks $1.2 billion, about 32x operating profit

At a $1.2 billion valuation versus New Israeli shekels (NIS) 140 million (~$38 million) operating profit, Yad2’s enterprise value/earnings before interest and taxes (EV/EBIT) is about 32x. EV/EBIT is not the same as enterprise value/earnings before interest, taxes, depreciation and amortization (EV/EBITDA), yet it sits above the 9.3x global median M&A EV/EBITDA as of June 2025 1.
Private equity (PE) buyers paid median EV/EBITDA of 12.8x in the U.S. and 11.2x in Europe over the year to June 2025 1. That puts Yad2’s ask well above typical PE deal medians.
Eqvista, a valuation data and cap table platform, says EV/EBITDA below 10x often counts as attractive pricing 2.

Advertising technology (ad tech) vendors tied to Yad2 face review risk

PE buyers focus on fewer targeted deals with 4 to 7 year holding periods, which pushes near-term cuts to tech costs and margins 1.
A change of control at a large platform often triggers reviews of cloud, payments, and advertising technology vendors.
Enterprise software or ad tech vendors that serve Yad2’s 300+ employees (per its company profile) and a NIS 300 million revenue base face risk of losing the account 3. They also have a window to pitch cheaper, bundled tools before the deal closes.
Trust and safety (content moderation and fraud prevention) vendors can find openings as PE owners invest in cleaner platforms to support higher exit valuations.