Von Wobeser y Sierra secures Mexican clearance for Blackstone and EQT’s acquisition of Urbaser

Von Wobeser y Sierra advised Blackstone, EQT, Platinum Equity and Urbaser in the Mexican merger control proceedings relating to the acquisition of the Spanish environmental services company. According to information provided by the firm, the Comisión Nacional Antimonopolio (CNA), Mexico’s competition authority, cleared the deal without conditions. The Mexican team comprised partners Fernando Carreño Núñez de Álvarez and Michel Llorens Zapata, and associate Jaime Antonio Sánchez Reyes.

The work of Von Wobeser y Sierra focused on obtaining Mexican clearance for a cross-border acquisition centred on Madrid, where Urbaseris headquartered. The global deal closed on 22 September 2026 , giving joint control of the company to funds managed by Blackstone Infrastructure and the EQT Infrastructure VIfund. Each buyer acquired a 50% stake and both assumed joint management.

A €5.6 billion acquisition

The agreement was announced on 12 February 2026, subject to customary closing conditions and approvals. Urbaser had an enterprise value of approximately €5.6 billion, equivalent to around US$6.6 billion, according to Platinum Equity ’s announcement of the closing. Specialist publication Private Equity International put the valuation at approximately 11 times 2025 EBITDA.

The acquisition was also subject to merger control in the European Union. The European Commission received the notification on 9 March 2026 and reviewed case M.12371 under the simplified procedure. On 31 March, it declared the acquisition of joint control of Urbaser through the purchase of shares by Blackstone Inc. and EQT Fund Management S.à r.l. compatible with the internal market and the Agreement on the European Economic Area.

Platinum Equity retains Argentine business

Platinum Equity acquired Urbaser in October 2021 from China Tianying Inc., at an enterprise value of approximately €3.5 billion, then equivalent to around US$4.2 billion. As part of the sale to Blackstone and EQT, Platinum Equity retained Urbaser ’s waste management business in Argentina. The business had operated in the region for 30 years and generated approximately €80 million, or US$90 million, in EBITDA in 2025, according to the seller.

During its ownership, Platinum Equity reported €1.6 billion in investments in assets and M&A transactions, 20 add-on acquisitions and 13 divestments of divisions and other non-core assets. According to the seller, revenue increased by more than 60% and EBITDA grew by 70% from 2020, with double-digit increases in every market in which the company operated. The contracted revenue backlog increased by €3 billion to more than €15 billion.

The transformation included expanding municipal and industrial waste treatment activities, strengthening environmental, social and governance areas, and bringing in a new management team led by Fernando Abril-Martorell. Louis Samson, co-president of Platinum Equity, highlighted the investment in the platform and the strengthening of its position in environmental infrastructure. Igor Chacartegui, managing director at the investment firm, said the acquisitions and divestments had shifted the portfolio towards activities with greater growth potential and long-term contracted revenue.

Urbaser reduces debt and announces CEO succession

The sale was preceded by a refinancing in 2025 that included a senior debt portability clause and a cross-border payment-in-kind (PIK) debt structure at the holding company. At closing, Urbaser repaid the holding company’s PIK bond facilities and Blackstone and EQT made an additional capital contribution. Fernando Abril-Martorell put the debt reduction at approximately €1 billion and said the measure would reduce financing costs and increase the group’s investment capacity.

Urbaser announced that Carlos Albi, currently chief operating officer, will become CEO on 1 January 2027. On the same day, Fernando Abril-Martorell, CEO since 2022, will become non-executive chair of the board. Before leading operations, Albi was global director of corporate development, strategy and sustainability and helped implement the group’s transformation plan.

Albi joined the board on the closing date, alongside Abril-Martorell, Adam Kuhnley and Scott Schultzof Blackstone, and Matthias Fackler and Guillermo García-Barreroof EQT. Claudio Boada, a board member of Abertis Infraestructuras and former chair of Lehman Brothers Iberia and Círculo de Empresarios, and Ruud Sondag, former CEO of Van Gansewinkel Groep, Eneco and Royal Schiphol Group, joined as independent directors.

Environmental infrastructure and the circular economy

Urbaser provides urban waste collection, street cleaning and water management services, as well as operating municipal and industrial waste treatment plants. Its activities range from collection to treatment, recycling and energy recovery, through long-term contracts with municipalities and industrial clients. According to figures released by the company at closing, its cleaning and collection services reach more than 64 million people and the group manages 150 treatment plants, with more than 38,000 employees in around 15 countries.

Blackstone and EQT announced that they will support Urbaser ’s expansion in industrial waste, strengthen its municipal waste business and back its growth in Spain and other markets. Adam Kuhnley, co-head of European investments at Blackstone Infrastructure, highlighted Urbaser’s technical expertise and long-standing client relationships. Guillermo García-Barrero, partner at EQT Infrastructure, emphasised the group’s track record with municipalities and industrial clients and the potential for further investment in the circular economy. When announcing the agreement, EQT said that, following the acquisition, its cumulative equity investment in Spain would exceed €7 billion since the opening of its office in 2015 and that it expected EQT Infrastructure VI to be 60% to 65% invested, in accordance with the fund’s calculation criteria.

Deal advisers

In addition to Von Wobeser y Sierra ’s work on merger control in Mexico, Latham & Watkins LLP acted as global legal adviser to Platinum Equity. Simpson Thacher & Bartlett LLP, Linklaters LLP, Kirkland & Ellis LLP and Uría Menéndez advised Blackstone and EQT on the global deal and at the local level.

J.P. Morgan and UBS Investment Bank acted as financial advisers to Blackstone. Morgan Stanley & Co. International plc and BBVA provided financial advice to EQT, while Citi and Santander did the same for Platinum Equity.

Key facts

• Deal — Cross-border acquisition of Urbaser and unconditional clearance in Mexico by the Comisión Nacional Antimonopolio (CNA), according to the deal summary.
• Mexican adviser — Von Wobeser y Sierra advised Blackstone, EQT, Platinum Equity and Urbaser in the merger control proceedings.
• Von Wobeser y Sierra team — Fernando Carreño Núñez de Álvarez and Michel Llorens Zapata, partners, and Jaime Antonio Sánchez Reyes, associate.
• Buyers — Funds managed by Blackstone Infrastructure and EQT Infrastructure VI, each with a 50% stake and joint control.
• Seller and scope — Platinum Equity sold Urbaser and retained the waste management business in Argentina.
• Announced enterprise value — Approximately €5.6 billion, equivalent to around US$6.6 billion.
• Announcement and closing — 12 February and 22 September 2026, respectively.
• Jurisdictions — Spain, where Urbaser is headquartered and the corporate centre of the global deal. Mexico, the jurisdiction in which Von Wobeser y Sierraadvised. European Union, clearance on 31 March 2026 in case M.12371.
• Sectors — Private equity and infrastructure investment, environmental services, waste management, urban cleaning and the circular economy.
• Other legal advisers — Latham & Watkins LLP for the seller.