BBVA, joint financial advisor on the acquisition of Urbaser by EQT and Blackstone

BBVA has acted as joint financial advisor on the acquisition of Urbaser by EQT and Blackstone. The transaction represents one of the largest infrastructure deals in Iberia and further underscores the dynamism of the European environmental infrastructure sector oriented towards sustainability and innovation.

BBVA advised on the acquisition of Urbaser by funds managed by EQT and Blackstone Infrastructure from Platinum Equity. In terms of size, the transaction represents the largest announced deal in Iberia since 2024 (excluding financial institutions transactions). Furthermore, it ranks among the largest infrastructure transactions in Iberia and is the third-largest environmental transaction in Europe since 2011.

Urbaser is a leading global platform in comprehensive waste management and environmental services, with a strong international footprint and an integrated model covering the entire waste treatment value chain, providing essential services to municipalities and industrial clients.

Building on this strong industrial foundation, EQT and Blackstone Infrastructure, which will jointly hold 50% in the company, will drive Urbaser’s next phase of development. The new shareholders will support the management team in expanding the business, with a particular focus on the industrial waste segment, strengthening the municipal business and reinforcing the company’s role as a strategic partner in the transition towards a circular economy.

“This transaction represents a milestone in the European infrastructure sector focused on environmental services and reflects the structural attractiveness of platforms linked to the circular economy,” said Eva Gutiérrez Managing Director - Infrastructure Advisory at BBVA CIB. “We are proud to have supported EQT and Blackstone in a transaction of this relevance, contributing our global infrastructure M&A expertise, our strong execution capabilities and our in-depth knowledge of the Iberian market in a strategic and highly complex transaction.”

For BBVA, this transaction marks a further milestone in its track record advising on M&A transactions involving Spanish targets. With this mandate, BBVA reinforces its position as a leading infrastructure advisor, having participated in some of the most significant deals in recent years and consolidating its leadership in advising on strategic transactions in sectors that are key to the sustainable transition.