Under the agreement, EQT Infrastructure VI fund and funds managed by Blackstone Infrastructure will acquire Urbaser from funds managed by Platinum Equity.
EQT and Blackstone will each hold a 50% stake and will jointly manage the business following completion.
The transaction is subject to customary regulatory conditions and approvals.
Fernando Abril-Martorell, CEO of Urbaser, commented: “This transaction is the reflection of the value creation potential of Urbaser and the result of an excellent collaboration with Platinum Equity over these years.
“We are eager to continue providing leading solutions to our customers in this new phase, accelerating our investment and growth path, working hand by hand with EQT and Blackstone as our strategy partners.”
EQT and Blackstone to jointly manage
The deal will see ownership of Urbaser transfer from Platinum Equity, which has controlled the business in recent years and overseen a period of expansion and operational transformation.
Since Platinum’s acquisition, Urbaser has invested more than €1.6 billion in its platform and grown by over 60%, alongside what the company describes as a strengthening of operational best practices and simplification of its structure.
EQT and Blackstone said they intend to support Urbaser’s next phase of growth, with a focus on expanding its industrial waste capabilities while reinforcing its core municipal services and long-term local authority partnerships.
The two infrastructure investors will work alongside Urbaser’s existing management team after completion.
Guillermo García-Barrero, Partner at EQT Infrastructure, said: “Together with Blackstone, we look forward to supporting Urbaser’s management team and employees to continue to invest in the circular economy and create lasting value for society.”
Adam Kuhnley, Co-Head of European Investments, Blackstone Infrastructure, added: “As Spain’s leading waste management and environmental services platform, Urbaser is renowned for its technical expertise, decades-long experience and long‑standing customer relationships.
“We are excited to partner with management and EQT to support the company’s next phase of growth as it capitalizes on strong demand for greater resource efficiency.”
Urbaser
Founded more than 30 years ago and headquartered in Spain, Urbaser is a global provider of integrated waste management and environmental services.
The company delivers municipal and industrial waste services to more than 60 million people worldwide. Its operating model spans the full waste value chain, from collection through to treatment, recovery and regeneration, with a stated focus on advanced solutions designed to maximise recycling and resource recovery.
Urbaser’s services are largely delivered through long-term contracts with municipalities and industrial clients, positioning it as a long-duration infrastructure-style platform within the environmental services sector.
The business is widely regarded as one of Spain’s leading waste and environmental services operators and has expanded internationally across multiple markets.
Urbaser UK was acquired by FCC Servicios Medio Ambiente, affiliate of FCC Environment UK in December 2023.
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