EQT Infrastructure VI and Blackstone Infrastructure to Acquire Urbaser to Expand Leadership in Global Waste Management and Circular Economy Solutions

EQT Infrastructure VI and Blackstone Infrastructure to Acquire Urbaser to Expand Leadership in Global Waste Management and Circular Economy Solutions

(IN BRIEF) EQT Infrastructure VI and funds managed by Blackstone Infrastructure have agreed to acquire Urbaser, a Spain-based global waste management and environmental services provider, from Platinum Equity. Urbaser serves more than 60 million people worldwide through long-term municipal and industrial contracts, operating across the waste value chain from collection to advanced treatment and energy-from-waste facilities. EQT and Blackstone will each hold a 50% stake and jointly manage the company, supporting its expansion in Spain and other markets while strengthening its position in the industrial waste segment. The transaction reflects growing investor focus on infrastructure platforms aligned with circular economy principles and resource efficiency. Following the acquisition, EQT’s total equity investments in Spain since 2015 will exceed €7 billion. The deal is subject to regulatory approvals and customary closing conditions.

(PRESS RELEASE) STOCKHOLM, 12-Feb-2026 — /EuropaWire/ — EQT and Blackstone have agreed to acquire Urbaser from funds managed by Platinum Equity, marking a significant transaction in the European environmental infrastructure sector. The acquisition will be carried out by EQT Infrastructure VI and funds managed by Blackstone Infrastructure, with each firm holding a 50% ownership stake and jointly managing the company.

Founded more than 30 years ago, Urbaser has developed into a global provider of integrated waste management and environmental services, serving over 60 million people worldwide. The company delivers essential municipal and industrial waste services under long-term contracts, operating across the full value chain from waste collection to advanced treatment and recycling solutions. Its model combines operational scale with technical expertise aimed at maximising resource recovery and regeneration.

Urbaser has built a strong reputation in the development and operation of energy-from-waste facilities and other advanced treatment infrastructure, positioning itself as a strategic partner to municipalities and industrial clients seeking to strengthen sustainability performance. The company’s infrastructure supports the transition to a circular economy by improving waste recovery rates and reducing environmental impact.

EQT plans to leverage its experience in investing in sustainable infrastructure platforms to support Urbaser’s continued expansion in Spain and other markets. The firm’s established local presence and track record in backing infrastructure and sustainability-focused businesses are expected to reinforce Urbaser’s growth strategy. In partnership with Blackstone, EQT will work alongside management to expand in the rapidly growing industrial waste segment while consolidating the company’s leadership in municipal waste services.

The transaction underscores increasing investor interest in environmental infrastructure assets that benefit from long-term contractual frameworks and structural demand linked to resource efficiency and decarbonisation. Following completion of the acquisition, EQT will have invested more than €7 billion of equity in Spain since opening its local office in 2015.

The deal remains subject to customary regulatory approvals and closing conditions. Financial advisory support for the transaction was provided by Morgan Stanley and BBVA to EQT, while J.P. Morgan and UBS Investment Bank advised Blackstone. Legal counsel to EQT and Blackstone included Simpson Thacher & Bartlett, Linklaters and Kirkland & Ellis.

Upon completion of the transaction, EQT Infrastructure VI is expected to be between 60% and 65% invested, including closed and signed transactions and announced public offers, subject to potential syndication adjustments.

Contact:
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 270 billion in total assets under management (EUR 141 billion in fee-generating assets under management) as of 31 December 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About Blackstone Infrastructure
Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

About Urbaser
Urbaser is one of the world leaders in environmental solutions, a global company focused on enhancing the value of the planet’s resources to build a more sustainable tomorrow. We serve more than 60 million people across the globe through our cleaning and collection services and manage more than 150 treatment plants, thanks to a huge network of more than 50,000 employees who promote real circularity every day.

More info: www.urbaser.com
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