Platinum Equity has signed a definitive agreement to sell Urbaser to Blackstone and EQT in a transaction valued at approximately $6.6 billion, or €5.6 billion. The deal is subject to customary regulatory approvals.
Headquartered in Madrid, Urbaser is an integrated environmental infrastructure platform focused on the collection, management, and treatment of municipal and industrial waste. The company serves more than 60 million people globally and employs more than 50,000 people. Its core operations span Urban Services, including waste collection, street cleaning, and water management, as well as Municipal Waste Treatment and Industrial Waste Treatment.
Platinum Equity acquired Urbaser in October 2021 from China Tianying Inc. for an enterprise value of approximately $4.2 billion, or €3.5 billion. As part of the new transaction, Platinum Equity will retain Urbaser’s waste management business in Argentina, which has operated in the region for 30 years and generated approximately $90 million, or €80 million, of EBITDA in 2025.
Platinum said the sale follows a multi-year transformation designed to simplify the business, reshape the portfolio, and position Urbaser as a scaled environmental infrastructure platform. The firm said the program included €1.6 billion of investment over the past five years across capex and M&A, 20 add-on acquisitions, and 13 divestitures of non-core divisions and other assets. Platinum also said Urbaser increased revenue by more than 60 percent and EBITDA by 70 percent since 2020, delivered double-digit growth in every geography where it operates, expanded its municipal and industrial waste treatment segments, and increased backlog by €3.0 billion to more than €15 billion in revenues. The company also onboarded a new executive leadership team led by CEO Fernando Abril-Martorell and reinforced ESG-related areas as a strategic pillar.
Blackstone and EQT said they plan to support Urbaser’s next phase of growth, with an emphasis on expanding in the fast-growing industrial waste segment while strengthening the company’s core municipal operations and its role as a long-term partner to municipalities. Under the agreed structure, Blackstone and EQT will each own 50% of Urbaser and jointly manage the company.
Platinum said the sale follows a recent refinancing of Urbaser’s capital structure that included a portability feature for its senior debt and a cross-border PIK holdco structure, which the firm described as novel terms in the European financing market.
Support: Citi and Santander are serving as financial advisors to Platinum Equity, with Latham & Watkins LLP as legal counsel. J.P. Morgan and UBS Investment Bank advised Blackstone, while Morgan Stanley and BBVA advised EQT. Legal advisors included Simpson Thacher & Bartlett, Linklaters, Kirkland & Ellis, and Uría Menéndez.
KEY QUOTES
“Over the past years we have worked tirelessly to strengthen the business, simplify its structure, and unlock its potential as a true environmental infrastructure platform. With a seasoned management team in place alongside a focused strategic plan, the company has all the tools necessary for continued success in the next phase of its journey.”
“We pride ourselves in not only using the latest capital markets technology but also in pushing new frontiers and developing forward-leaning solutions. This is another example of creative and innovative structuring that brings tangible value to the buyer and ultimately to the transaction.” “The transformation of Urbaser underscores the depth of our European investment capabilities and the power of the resources we’ve put in place across Europe and in the Iberian Peninsula. We’ve built real momentum there, and this is another important milestone in our long-term commitment to the region.”
Louis Samson, Co-President, Platinum Equity
“The transformation of Urbaser demonstrates the power of our M&A&O approach and the strength of our on-the-ground capabilities in Spain and in Europe. Urbaser has delivered strong financial performance, the result of a multi-year transformation driven by organic growth initiatives, operational improvements, and very active and hands-on portfolio optimization. The volume and complexity of the work we did together is hard to describe but we believe the results speak for themselves.“
Igor Chacartegui, Managing Director, Platinum Equity
“Platinum Equity’s partnership has been instrumental to our success. Their operational and capital allocation support as well as strategic guidance helped sharpen our focus and enhance the efficiency and profitability of the business. We are proud of what we have achieved together.”
“This transaction reflects the value creation potential of Urbaser and is the result of excellent collaboration with Platinum Equity in recent years. We will continue providing leading solutions to our customers in this new phase, accelerating our investment and growth, working hand in hand with EQT and Blackstone as our strategic partners.”
Fernando Abril-Martorell, Chief Executive Officer, Urbaser
“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.”
Adam Kuhnley, Co-Head Of European Investments, Blackstone Infrastructure
“Urbaser has a long track record of partnering with municipalities and industrial clients to provide them with advanced waste treatment and collection infrastructure services. 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.”
Guillermo García-Barrero, Partner, EQT Infrastructure
