Blackstone wants to buy it for 5.5 billion euros

The greatest business operation of what we have been in Spain is going unnoticed between more striking headlines and more names Sexiesbut its magnitude is extraordinary: two giants of risk capital want to buy the company that manages your waste for a sidereal price.

The latest. Blackstone and EQT have signed an exclusivity agreement to negotiate Urbaser for approximately 5.5 billion euros, debt included, as progressing The economist. The consortium will now make a Due Diligence Four -week confirmatory to close the final fringes.

Why is it important. This assessment makes Urbaser, a waste management company that was born as an ACS subsidiary, a more valuable asset than airlines such as China Airlines or Easyjet, and even that Indra, the Spanish Technological Giant of Defense.

Incidentally, demonstrates the growing interest of global funds in the Spanish environmental sector.

Between the lines. The Platinum Equity Fund, current owner –Urser is of Spanish origin but of US capital – will triple its investment in just three years. Urbaser bought the Chinese Chinese group Tianying (Cnty) in 2021 for 3,500 million, which in turn I had acquired it from ACS for only 1,114 million in 2016.

The money trail. Platinum already has extracted a considerable value of Urbaser:

• He charged a dividend of 300 million euros in previous exercises.
• I had prepared another extraordinary dividend of 1,000 million if the sale failed.
• He sold four subsidiaries for approximately 1,000 million (United Kingdom, Nordic countries, water and operations business in Portugal).

In figures. Urbaser is a growing giant:

• Ebitda of 2024: 560 million euros (without Argentina)
• Ebitda forecast by 2025: 600 million (without Argentina)
• The Argentine subsidiary, excluded from the operation, provides additional 90 million.

What is happening. Blackstone continues with its strategy to buy Spain for fascicles. The American giant already has a large number of strategic assets in our country, from homes and hotels to logistics centers. This operation fits its global commitment to critical infrastructures and essential public services.

And now what? If the operation is completed, it will be the largest of the year in Spain and one of the largest in Europe. The Argentine subsidiary will be sold separately, according to Expansionwhile the new owners must manage an important debt after the acquisition.

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Outstanding image | Urbaser