Platinum Equity has completed the sale of Urbaser, the Madrid-based environmental infrastructure platform, to Blackstone and EQT in a transaction valued at approximately $6.6 billion. Platinum Equity acquired Urbaser from China Tianying in October 2021 for about $4.2 billion. As part of the deal, Platinum Equity retained Urbaser's Argentina waste management business, which has operated in the country for 30 years and generated about $90 million of EBITDA in 2025.

Under Platinum Equity's ownership, Urbaser executed 20 add-on acquisitions and divested 13 non-core divisions, investing €1.6 billion over five years in capital expenditure and M&A. Revenue grew by more than 60 percent and EBITDA by 70 percent since 2020, with double-digit growth across all geographies. The company's backlog increased to over €15 billion.

Igor Chacartegui, managing director at Platinum Equity, stated the transformation repositioned the portfolio toward sectors with stronger growth characteristics and long-term contracted revenues. The sale followed a refinancing of Urbaser's capital structure last year featuring a portability feature for senior debt and a cross-border PIK holdco structure. Citi and Santander served as financial advisers, while Latham & Watkins provided legal counsel.