Key Takeaways
- • Platinum Equity has signed a definitive agreement to sell Urbaser to Blackstone and EQT for approximately $6.6 billion (€5.6 billion), representing a significant gain from the $4.2 billion enterprise value paid for the Madrid-based company in October 2021.
- • Urbaser operates as a global integrated environmental infrastructure platform serving more than 60 million people across 50+ countries with a workforce exceeding 50,000 employees across three core segments: Urban Services, Municipal Waste Treatment, and Industrial Waste Treatment.
- • Platinum Equity will retain Urbaser's Argentine waste management operations, which have generated approximately $90 million (€80 million) in EBITDA in 2025 after three decades of regional presence.
- • The transaction is subject to customary regulatory approvals and follows a multi-year transformation process that simplified the company's structure and positioned it as a focused environmental infrastructure platform.
Summary
Platinum Equity announced on February 12, 2026, the signing of a definitive agreement to divest Urbaser, its global environmental services platform, to a consortium comprising Blackstone and EQT. The transaction is valued at approximately $6.6 billion (€5.6 billion) and remains subject to standard regulatory approvals. The sale represents a substantial value creation event for Platinum Equity, which acquired Urbaser from China Tianying Inc. in October 2021 for an enterprise value of $4.2 billion (€3.5 billion)—implying a gain of over $2.4 billion on the enterprise value basis over a roughly four-year hold period.
Urbaser operates as an integrated environmental infrastructure platform with global reach, serving more than 60 million people through a network of over 50,000 employees. The company's operations span three primary business segments: Urban Services (encompassing waste collection, street cleaning, and water management), Municipal Waste Treatment, and Industrial Waste Treatment. As a Madrid-headquartered entity, Urbaser maintains a significant presence across multiple geographies, positioning it as a material player in the global waste management and environmental services sector.
A notable aspect of the transaction structure involves Platinum Equity's retention of Urbaser's waste management operations in Argentina. This selective carve-out has operated in the region for three decades and generated approximately $90 million (€80 million) in EBITDA during 2025, suggesting the acquirers' strategic focus differs from Platinum Equity's broader portfolio approach.
Louis Samson, Co-President of Platinum Equity, characterized the transaction as the culmination of a multi-year transformation initiative that strengthened the business, simplified its organizational structure, and unlocked its potential as a focused environmental infrastructure platform. Igor Chacartegui, Managing Director at Platinum Equity, noted the transaction as a demonstration of the firm's M&A and operational approach, highlighting its on-the-ground capabilities in Spain and Europe. The company's seasoned management team and defined strategic plan remain positioned to support continued operations under new ownership.
Urbaser operates as an integrated environmental infrastructure platform with global reach, serving more than 60 million people through a network of over 50,000 employees. The company's operations span three primary business segments: Urban Services (encompassing waste collection, street cleaning, and water management), Municipal Waste Treatment, and Industrial Waste Treatment. As a Madrid-headquartered entity, Urbaser maintains a significant presence across multiple geographies, positioning it as a material player in the global waste management and environmental services sector.
A notable aspect of the transaction structure involves Platinum Equity's retention of Urbaser's waste management operations in Argentina. This selective carve-out has operated in the region for three decades and generated approximately $90 million (€80 million) in EBITDA during 2025, suggesting the acquirers' strategic focus differs from Platinum Equity's broader portfolio approach.
Louis Samson, Co-President of Platinum Equity, characterized the transaction as the culmination of a multi-year transformation initiative that strengthened the business, simplified its organizational structure, and unlocked its potential as a focused environmental infrastructure platform. Igor Chacartegui, Managing Director at Platinum Equity, noted the transaction as a demonstration of the firm's M&A and operational approach, highlighting its on-the-ground capabilities in Spain and Europe. The company's seasoned management team and defined strategic plan remain positioned to support continued operations under new ownership.
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