Platinum Equity has agreed to sell its subsidiary Urbaser to Blackstone and EQT in a transaction valued at approximately $6.6 billion. The deal brings together three major players in the infrastructure and environmental services space, with EQT and Blackstone investing through their respective infrastructure funds.
Urbaser is an integrated environmental infrastructure platform that specializes in waste collection, management, and treatment. The company serves more than 60 million people across more than 15 countries and employs over 50,000 people, positioning it as a global leader in the circular‑economy sector.
The transaction reflects a strategic shift for EQT and Blackstone, who are expanding beyond their core natural‑gas and midstream operations into essential environmental services. EQT’s Infrastructure VI fund and Blackstone Infrastructure Partners are the vehicles backing the purchase, underscoring a broader trend of infrastructure investors diversifying into waste‑management assets that support resource‑efficiency goals.
Platinum Equity, which acquired Urbaser in October 2021 for about $4.2 billion, will retain the company’s waste‑management business in Argentina. The sale allows Platinum to focus on its transformation strategy while providing Urbaser with additional capital and expertise to accelerate growth in the circular‑economy market.
The deal comes at a time of heightened regulatory focus on waste management and resource efficiency, with governments worldwide tightening environmental standards. The acquisition positions EQT and Blackstone to capitalize on the growing demand for advanced waste‑treatment solutions and to support Urbaser’s expansion into new markets.
"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," said Louis Samson, Co‑President of 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," added Igor Chacartegui, Managing Director at Platinum Equity. "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," said Guillermo García‑Barrero, Partner at EQT Infrastructure. "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 capitalises on strong demand for greater resource efficiency," said Adam Kuhnley, Co‑Head of European Investments at Blackstone Infrastructure.
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