Blackstone Inc. and Swedish infrastructure investor EQT have agreed to acquire Spanish waste‑management company Urbaser from Platinum Equity for $6.6 billion (about €5.6 billion), with each buyer taking a 50% stake in the platform. The deal, announced on February 12, 2026, brings Urbaser’s integrated waste‑collection, treatment and recycling operations into the portfolios of two of Europe’s largest infrastructure investors.
Urbaser, which serves more than 60 million people across 15 countries, has been a key player in the circular‑economy transition. Platinum Equity purchased the company in October 2021 for roughly $4.2 billion, and the transaction has been described as a “platform” that has grown revenue by more than 60 % and EBITDA by 70 % since 2020. The company’s backlog now exceeds €15 billion, underscoring the scale of long‑term contracts with municipalities and industrial clients.
Blackstone’s strategy is to deepen its footprint in European environmental services, complementing its existing infrastructure and real‑estate investments in data‑center and logistics facilities. The acquisition aligns with Blackstone’s broader commitment to the energy‑transition and circular‑economy sectors, adding a high‑growth, regulated‑asset platform to its portfolio. EQT’s involvement signals confidence in Urbaser’s growth potential and the value of its long‑term contracts.
Management commentary highlights the strategic fit: Adam Kuhnley, Co‑Head of European Investments at Blackstone, said, “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.” Guillermo García‑Barrero of EQT added, “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.”
Louis Samson, Co‑President of Platinum Equity, noted, “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.”
The transaction is expected to accelerate Urbaser’s expansion across Europe, leveraging Blackstone’s and EQT’s capital and operational expertise to scale the company’s services and deepen its presence in key markets. The deal also reflects a broader trend of institutional investors targeting sustainable infrastructure assets that benefit from long‑term contracts and regulatory support.
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