EQT and Blackstone Infrastructure Set to Acquire Urbaser for Sustainable Growth
On February 12, 2026, EQT Infrastructure VI and Blackstone Infrastructure announced their agreement to acquire Urbaser, a prominent waste management infrastructure platform based in Spain. This strategic acquisition reflects the growing emphasis on sustainability in today's economy and reinforces both EQT and Blackstone's commitment to supporting initiatives that promote a circular economy.
Urbaser is not just any waste management company; it is a leader in environmental services, providing essential waste solutions for over 60 million people globally. The company has established itself through an integrated waste management model that covers everything from collection to advanced treatment processes, aiming to maximize recycling and regeneration. With long-term contracts in place with municipalities and industrial clients, Urbaser demonstrates its reliability as a service provider in the waste management sector.
Innovation has always been at the core of Urbaser’s operations. The company has gained expertise in developing and managing energy-from-waste facilities alongside other advanced waste treatment technologies. These innovations are pivotal in supporting the sustainable development of the waste management value chain and enhancing the cooperation with municipalities and industrial clients.
With the backing of EQT’s global experience in sustainable waste management investments, Urbaser is poised for significant growth. EQT plans to leverage its expertise and local team to bolster Urbaser’s leadership in Spain, while also exploring expansion opportunities into other markets. Both EQT and Blackstone aim to enhance Urbaser's core municipal waste operations while capitalizing on the opportunities present in the rapidly growing industrial waste sector.
Guillermo García-Barrero, Partner at EQT Infrastructure, expressed enthusiasm about the acquisition: ‘Urbaser has a remarkable history of collaboration with municipalities and industrial clients to offer advanced waste treatment and infrastructure services. Together with Blackstone, we look forward to supporting their management team and employees in furthering investments in the circular economy for lasting societal value.’
Equally excited about this collaboration, Adam Kuhnley, Co-Head of European Investments at Blackstone, highlighted Urbaser’s status as Spain's leading waste management platform. ‘With its technical proficiency and strong customer relationships developed over decades, we are thrilled to partner with management and EQT to facilitate the next phase of growth for Urbaser as it meets the increasing demand for resource efficiency.’
Fernando Abril-Martorell, CEO of Urbaser, reflected on the acquisition as a significant milestone in the company’s potential for value creation. He looks forward to further investments and growth, emphasizing the importance of the collaboration with EQT and Blackstone to achieve their strategic goals.
This acquisition marks a milestone for EQT, as it now boasts over €7 billion invested in Spain across various business lines since opening its office there in 2015. Under this new agreement, EQT and Blackstone will each own 50% of Urbaser and will jointly manage the company, pending customary conditions and regulatory approvals. Financial advisement during this transaction was provided by respected firms, including Morgan Stanley and J.P. Morgan, among others.
Overall, the collaboration between EQT, Blackstone, and Urbaser is indicative of a transformative shift towards more sustainable waste management solutions, spotlighting their commitment to innovation and effective environmental stewardship as the world progresses towards more sustainable practices.
Urbaser is not just any waste management company; it is a leader in environmental services, providing essential waste solutions for over 60 million people globally. The company has established itself through an integrated waste management model that covers everything from collection to advanced treatment processes, aiming to maximize recycling and regeneration. With long-term contracts in place with municipalities and industrial clients, Urbaser demonstrates its reliability as a service provider in the waste management sector.
Innovation has always been at the core of Urbaser’s operations. The company has gained expertise in developing and managing energy-from-waste facilities alongside other advanced waste treatment technologies. These innovations are pivotal in supporting the sustainable development of the waste management value chain and enhancing the cooperation with municipalities and industrial clients.
With the backing of EQT’s global experience in sustainable waste management investments, Urbaser is poised for significant growth. EQT plans to leverage its expertise and local team to bolster Urbaser’s leadership in Spain, while also exploring expansion opportunities into other markets. Both EQT and Blackstone aim to enhance Urbaser's core municipal waste operations while capitalizing on the opportunities present in the rapidly growing industrial waste sector.
Guillermo García-Barrero, Partner at EQT Infrastructure, expressed enthusiasm about the acquisition: ‘Urbaser has a remarkable history of collaboration with municipalities and industrial clients to offer advanced waste treatment and infrastructure services. Together with Blackstone, we look forward to supporting their management team and employees in furthering investments in the circular economy for lasting societal value.’
Equally excited about this collaboration, Adam Kuhnley, Co-Head of European Investments at Blackstone, highlighted Urbaser’s status as Spain's leading waste management platform. ‘With its technical proficiency and strong customer relationships developed over decades, we are thrilled to partner with management and EQT to facilitate the next phase of growth for Urbaser as it meets the increasing demand for resource efficiency.’
Fernando Abril-Martorell, CEO of Urbaser, reflected on the acquisition as a significant milestone in the company’s potential for value creation. He looks forward to further investments and growth, emphasizing the importance of the collaboration with EQT and Blackstone to achieve their strategic goals.
This acquisition marks a milestone for EQT, as it now boasts over €7 billion invested in Spain across various business lines since opening its office there in 2015. Under this new agreement, EQT and Blackstone will each own 50% of Urbaser and will jointly manage the company, pending customary conditions and regulatory approvals. Financial advisement during this transaction was provided by respected firms, including Morgan Stanley and J.P. Morgan, among others.
Overall, the collaboration between EQT, Blackstone, and Urbaser is indicative of a transformative shift towards more sustainable waste management solutions, spotlighting their commitment to innovation and effective environmental stewardship as the world progresses towards more sustainable practices.
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