Blackstone and EQT agree $6.6B Urbaser purchase to expand environmental infrastructure

Blackstone Deepens Bet on Environmental Infrastructure with Urbaser Acquisition

Blackstone and EQT agree to buy Urbaser from Platinum Equity in a deal valued at about $6.6 billion (€5.6 billion), positioning the private equity firms to expand in global environmental infrastructure. Urbaser operates across urban services, municipal waste treatment and industrial waste treatment, serving more than 60 million people with a workforce of over 50,000. The transaction is subject to customary regulatory approvals.

The deal follows a multi‑year operational overhaul by Platinum Equity, which reports investing €1.6 billion in capex and M&A, completing 20 add‑on acquisitions, divesting 13 non‑core assets and boosting revenues by more than 60% and EBITDA by 70% since 2020. Management highlights that a strengthened backlog — up roughly €3.0 billion to exceed €15 billion of contracted revenues — and long‑term municipal contracts underpin resilient cash flows that appeal to infrastructure investors seeking stable returns. Platinum retains Urbaser’s Argentina waste management arm, which generated roughly $90 million (€80 million) of EBITDA in 2025.

Buyers are expected to lean on Urbaser’s contracted cash flows and geographic diversification to scale the business and pursue further consolidation in waste and environmental services. Company executives, led by CEO Fernando Abril‑Martorell, point to double‑digit growth across geographies and operational improvements in Spain and Europe as proof points for future expansion. Blackstone’s involvement underscores private equity’s continued interest in essential services and climate‑related infrastructure where regulatory visibility and long‑term contracts can produce predictable earnings.

Platinum Equity’s sale strategy and value creation are central to the narrative, with the seller framing the transaction as recognition of the transformation it delivered through hands‑on portfolio management and disciplined capital deployment. The retained Argentina business is carved out of the deal, leaving a narrower but globally scaled platform for new owners to operate.

Related transaction context

The Urbaser acquisition follows other high‑profile deals touching Blackstone’s portfolio: an LLC tied to Jersey Mike’s founder Peter Cancro sells a Miami waterfront estate off‑market; Cancro previously sold a majority stake in Jersey Mike’s to Blackstone in 2024 in a transaction valued at about $8 billion including debt. Observers say such off‑market moves reflect privacy preferences among ultra‑wealthy sellers and can intersect with broader capital deployments by large alternative asset managers.