Funds managed by EQT and Blackstone Infrastructure agreed on 12 February to acquire Urbaser, a Madrid-based provider of waste collection, treatment and environmental services, from Platinum Equity in a transaction later valued by the seller at about $6.6bn.
Why Blackstone Infrastructure and EQT Infrastructure VI is buying Urbaser
EQT said it would back Urbaser's expansion in fast-growing industrial waste while strengthening its core municipal operations. Blackstone described Urbaser as Spain's leading waste management platform, set to benefit from demand for greater resource efficiency and the move to a circular economy.
Deal terms and financing
EQT and Blackstone each own 50% and manage the company jointly. Platinum Equity retained Urbaser's Argentine waste business, which generated about $90m of EBITDA in 2025. Platinum bought Urbaser in October 2021 from China Tianying for an enterprise value of about $4.2bn.
Regulatory approvals and timing
The European Commission cleared the acquisition on 1 April 2026 under its simplified merger procedure, EUWID reported. Platinum Equity announced completion on 22 September 2026.
Market context
Urbaser has more than 38,000 employees and serves over 60 million people across urban services, municipal waste treatment and industrial waste treatment. During Platinum's ownership it made 20 add-on acquisitions and sold 13 non-core units.
