Blackstone and EQT to Buy Urbaser for €5.6B
A consortium of Blackstone and EQT has agreed to acquire Urbaser, a Spanish waste management company, in a €5.6 billion deal. This cross-border, club-style buyout highlights the increasing focus of large financial sponsors on infrastructure and ESG-related assets. The transaction demonstrates the significant capital being deployed into sectors with stable, long-term cash flows.
- The seller, Platinum Equity, acquired Urbaser from China Tianying Inc. in October 2021 for an enterprise value of about $4.2 billion (€3.5 billion). This represents a significant return on their investment in just over four years. - China Tianying had previously purchased Urbaser from Spanish construction group ACS in 2016 for approximately €1.2-€1.4 billion, illustrating a substantial long-term increase in the company's valuation. - Under Platinum Equity's ownership, Urbaser's revenue grew by over 60% and its EBITDA increased by 70% since 2020. This was achieved through over €1.6 billion in investments, 20 add-on acquisitions, and the divestment of 13 non-core assets. - The transaction is structured as a 50-50 joint acquisition, with EQT's Infrastructure VI fund and Blackstone Infrastructure Partners sharing joint management of the company post-acquisition. - As a carve-out component of the deal, Platinum Equity will retain ownership of Urbaser's waste management business in Argentina. This segment generated around $90 million (€80 million) of EBITDA in 2025. - Urbaser's CEO is Fernando Abril-Martorell, who will continue to lead the company under its new ownership. - Financial advisors on the transaction for Blackstone included J.P. Morgan and UBS, while EQT was advised by Morgan Stanley and BBVA. The seller, Platinum Equity, was advised by Citi and Santander. - With a global footprint, Urbaser serves over 60 million people across 25 countries and has a workforce of more than 50,000 employees.
