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EQT Infrastructure VI and Blackstone Infrastructure have announced their agreement to acquire Urbaser, a leading Spanish waste management firm, from Platinum Equity. This acquisition aims to bolster Urbaser's capabilities in sustainable waste management and expand its market presence.
EQT Infrastructure VI and funds managed by Blackstone Infrastructure have reached an agreement to acquire Urbaser, a prominent Spain-based provider of waste management and environmental services, from Platinum Equity. This strategic move is designed to enhance Urbaser’s integrated waste management model, which currently serves over 60 million people globally through long-term contracts with municipalities and industrial clients.
Founded over three decades ago, Urbaser has established itself as a leader in the waste management sector, offering a comprehensive range of services that include waste collection, treatment, and recycling. The company is recognized for its commitment to sustainability and innovation, particularly in developing energy-from-waste solutions and advanced waste treatment infrastructure.
The acquisition will see EQT and Blackstone each holding a 50% stake in Urbaser, with both firms jointly managing the company. EQT plans to leverage its extensive experience in sustainable waste management to support Urbaser’s growth in Spain and other regions. This partnership aims to enhance Urbaser’s core municipal waste operations while expanding its footprint in the rapidly growing industrial waste segment.
“Urbaser has a long track record of partnering with municipalities and industrial clients to provide them with advanced waste treatment and collection infrastructure services,” said an EQT spokesperson. “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.”
The acquisition is expected to strengthen Urbaser’s market position in Spain and potentially increase its share in other European markets. The deal aligns with broader industry trends emphasizing sustainability and resource efficiency, as demand for advanced waste management solutions continues to rise.
Financial advisors for the transaction include Morgan Stanley & Co. International plc and BBVA for EQT, while J.P. Morgan and UBS Investment Bank advised Blackstone. Legal counsel was provided by Simpson Thacher & Bartlett, Linklaters, and Kirkland & Ellis.
Following this acquisition, EQT will have invested over €7 billion in equity across various business lines in Spain since establishing its office in 2015. The transaction is subject to customary conditions and approvals, with completion expected in the coming months.
As EQT and Blackstone prepare for integration, they will focus on aligning operational systems and enhancing Urbaser’s service offerings to meet the growing demand for sustainable waste management solutions. This acquisition marks a significant step in Urbaser’s journey towards becoming a more robust player in the waste management industry.
