Private equity giants Blackstone and EQT have moved into the second round of bidding to acquire Urbaser, a global waste management company which could be valued at up to €5bn, according to a report by Reuters citing unnamed sources familiar with the matter.
Urbaser, owned by private equity firm Platinum Equity, is being advised by Citi and Santander on the sale process, initiated earlier this year.
Potential buyers in what could be one of the largest private equity deals in Europe in recent months, have been instructed to begin due diligence and prepare binding offers by late February, a source added.
While KKR and Macquarie were initially involved, they are no longer in contention, according to insiders. Representatives for all parties, including Platinum Equity, Citi, and Santander, declined to comment on the matter.
Urbaser operates in around 15 countries, including the US, India, Spain, and France, and recently sold its UK operations to Spain’s FCC Servicios Medio Ambiente. The company reported a €2.5bn turnover in 2023, as detailed in its sustainability report.
