Platinum Equity has agreed to sell Urbaser, the Madrid-based environmental services company, to Blackstone and EQT in a $6.6 billion deal that marks a major European infrastructure exit. The transaction, valued at approximately $6.6 billion (€5.6 billion), represents a significant return for Platinum, which acquired the waste management platform in October 2021 for roughly $4.2 billion (€3.5 billion).

This sale reflects a multi-year transformation strategy implemented by Platinum since its acquisition. The infrastructure services sector has seen increased investor interest as municipalities and corporations prioritize sustainable waste management solutions. Urbaser's operations span across Europe, providing waste collection, treatment, and recycling services to both public and private sector clients.

The deal underscores continued strong appetite for environmental infrastructure assets among global private equity firms. Both Blackstone and EQT have been actively expanding their infrastructure portfolios, particularly in the sustainability and environmental services space. This acquisition positions the joint venture to capitalize on growing regulatory pressures and investment in circular economy initiatives across Europe.