URBASER acquired by BLACKSTONE & EQT PARTNERS
Context
Blackstone Infrastructure and EQT Infrastructure agreed to jointly acquire Urbaser from Platinum Equity. The two firms will each own 50% of the company and co-manage the asset. The transaction supports Urbaser's strategy to lead the transition towards a circular economy. The new owners plan to invest in expanding the industrial waste segment while maintaining strong municipal relationships. The deal is subject to customary regulatory approvals.
In the past, Urbaser underwent an LBO led by Platinum Equity in 2021.
URBASER, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.
Target
Founded over 30 years ago, Urbaser is a global leader in integrated waste management and environmental services. The company focuses on maximizing recycling and regeneration through long-term contracts with municipalities and Corporate clients. It operates advanced waste treatment facilities, including energy-from-waste plants.
Ent. Value
€1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with URBASER
Other operations with URBASER
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2021 | PLATINUM EQUITY | URBASER | SPAIN | Waste Management |
Similar deals in Utilities (Regulated Infrastructure)
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2026 | PAPREC | CONVERTINI | ITALY | Collection & Recycling |
| 03/2026 | HERA GROUP | SOSTELIA GROUP | ITALY | Water |
| 01/2026 | PAPREC | PIZZORNO ENVIRONNEMENT | FRANCE | Collection & Recycling |
| 10/2025 | ITELYUM | La Cart | ITALY | Collection & Recycling |
| 08/2025 | TAQA | GS INIMA | SPAIN | Water |
| 07/2025 | CAPZA | DI ENVIRONNEMENT | FRANCE | Hazardous Waste |
| 06/2025 | SECHE ENVIRONNEMENT | GROUPE FLAMME | FRANCE | Waste Management |
| 03/2025 | ITELYUM | SPECIALACQUE AND SPECIALSPURGHI | ITALY | Waste Management |
| 03/2025 | LATOUR CAPITAL | SULO | FRANCE | Collection & Recycling |
| 02/2025 | IRETI | IREN ACQUA | ITALY | Water |
Other operations with BLACKSTONE / EQT PARTNERS
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|---|---|---|---|---|
| 05/2026 | BLACKSTONE | SKROUTZ | GREECE | E-commerce & Marketplaces |
| 02/2026 | BLACKSTONE | Champions Group | UNITED STATES | HVAC (Heating/AC) |
| 07/2025 | BLACKSTONE | NetBrain Technologies | UNITED STATES | Data, Analytics & AI |
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| 09/2024 | BLACKSTONE / CPP INVESTMENTS | AirTrunk | AUSTRALIA | Hosting / Datacenter |
| 06/2024 | BLACKSTONE | SEDIVER | FRANCE | Glass & Ceramics |
| 02/2024 | BLACKSTONE | Rover Group | UNITED STATES | Pet Care |
| 11/2023 | BLACKSTONE / PERMIRA | ADEVINTA | NORWAY | E-commerce & Marketplaces |
| 09/2023 | BLACKSTONE | GROUPE PREMIUM | FRANCE | Wealth & Asset Management |
| 07/2019 | BLACKSTONE | CRH EUROPE DISTRIBUTION | NETHERLANDS | Industrial & Technical Distribution |
REFERENCES
Valuation range: EV €1–10bn
EBITDA range: €450–900M
EV/EBITDA range: 10x - 18x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of URBASER by BLACKSTONE / EQT PARTNERS are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: urbaser
Acquirer: blackstone / eqt partners