Platinum Equity strikes deal for Urbaser with China Tianying

Urbaser would be valued at $4.2bn in the transaction.
07.06.2021 − 

Spanish waste management and environmental services provider Urbaser will be changing hands. The US-based firm Platinum Equity announced on Sunday that it had entered into a definitive purchase agreement with Urbaser's current owner, China Tianying (CNTY). Under the terms of that deal Urbaser was valued at approximately $4.2bn (ca. €3.5bn), Platinum Equity said. The investment company expects the transaction to close in the third quarter of 2021, subject to approval by China Tianying's shareholders and customary regulatory approvals.

Urbaser will continue to be led by its current CEO José María López Piñol following the sale, according to Platinum Equity. Mr López Piñol says the new owner will enable the company to accelerate its geographic expansion, maintain a healthy balance sheet and continue to invest in sustainability.

Urbaser generated revenue of approximately €2.3bn in the financial year 2020. The company has around 50,000 employees in 25 countries. The Madrid-based company's activities include waste collection and street cleaning, and water and waste water services. Urbaser says it processes around 20 million tonnes of municipal waste at its 130 treatment facility annually.

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