february 12, 2026
Funds managed by Blackstone and EQT to acquire Urbaser, a Spain-based leader in waste management infrastructure and environmental services
Blackstone and EQT will support Urbaser’s growth across its markets, underpinned by an accelerating transition towards a circular economy
LONDON, UK – February 12, 2026 – Funds managed by Blackstone Infrastructure and the EQT Infrastructure VI fund (“EQT”) have agreed to acquire Urbaser from funds managed by Platinum Equity.
Founded over three decades ago, Urbaser is a leading global provider of integrated waste management and environmental services aimed at maximising recycling and regeneration.
Its services are delivered through long-term contracts with municipalities and industrial clients.
Adam Kuhnley, Co-Head of European Investments, Blackstone Infrastructure, 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, Partner at EQT Infrastructure, said: “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.”
Urbaser’s commitment to innovation is reflected in its long-standing expertise in developing and operating energy-from-waste and other advanced waste treatment infrastructure that support the sustainable development of the waste management value chain.
The two firms will support the management team in continuing its expansion in the fast-growing industrial waste segment, while further strengthening Urbaser’s core municipal waste operations and its role as a long-term partner to municipalities.
Fernando Abril-Martorell, CEO of Urbaser, added: “This transaction is a reflection of the value creation potential of Urbaser and is the result of an excellent collaboration with Platinum Equity over these years. We are eager to continue providing leading solutions to our customers in this new phase, accelerating our investment and growth path, working hand by hand with EQT and Blackstone as our strategy partners.”
Blackstone and EQT will each own 50% of Urbaser and jointly manage the company.
The transaction is subject to customary conditions and approvals. J.P Morgan and UBS Investment Bank acted as financial advisors to Blackstone, and Morgan Stanley and BBVA acted as financial advisors to EQT. Simpson Thacher & Bartlett, Linklaters, Kirkland & Ellis and Uría Menéndez acted as legal advisors to Blackstone and EQT.
Blackstone Infrastructure Partners
Blackstone Infrastructure Partners 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.
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