|  

EU Commission approves acquisition of Grupo Urbaser

17.08.2021 − 

The European Commission has cleared the take-over of Spanish environmental services provider Urbaser by Platinum Equity, LLC. The Commission’s Competition Directorate-General concluded that the proposed acquisition would raise no competition concerns because there are no overlaps between the companies’ activities. The transaction was examined under the simplified merger review procedure.

Urbaser’s activities include waste collection and treatment, street cleaning and other urban services as well as water and wastewater services in more than 20 countries. In turnover terms, the company is among the world's top ten in these sectors. According to its most recent sustainability report, Urbaser's annual turnover stood at €2.27bn in 2020, up from €2.14bn in 2019. The company's earnings were not disclosed.

The US-based financial investor Platinum Equity announced in early June that it had entered into a definitive purchase agreement with Urbaser’s current owner, China Tianying. Under the terms of that deal, Urbaser was valued at approximately $4.2bn (ca. €3.5bn), Platinum Equity said. The company expects the transaction to close in the third quarter of 2021, subject to approval by China Tianying’s shareholders and customary regulatory authorisations.

previous − England seeks to expand bans on single-use plastic products

Updated rules for EU waste exports to non-OECD states "before the end of 2021"  − next