The bid for The Urbaser waste giantwhich stars the most important corporate operation among private capital funds, is approaching its final stretch. The list that was disputed so far between Blackstone, ADQ (ABU Dhabi Developmental Holding Company) and EQT He has left the first two in a more advanced position, while the Swedish fund has backed away in the last hours, according to ‘Bloomberg’ and has confirmed this medium with knowledgeable sources of the process. The operation will be closed in the coming months with forecast to set an assessment of approximately 5,000 million of euros for the Spanish company.
The owner of Urbaser, Platinum Equityalso known for being controlled by Tom Goresowner of the Detroit PisToshopes to receive final offers at the end of February and end a process that started in 2024, when Deloitte was sent to start sales preparations and later to Banco Santander and Citi as financial advisors and process coordinators. Other advisors of the operation are PWC in fiscal work and Bain & Co in the commercial diligence ‘.
It is unknown if the interest of the American Blackstone and ADQ, the state conglomerate of Abu Dhabi, You have to add that of the Japanese group Ittoh. The industrial company has been present during the process, although financial sources indicate that its proposal goes through the one to take a minority position with one of the great bidders – or both – with sufficient capacity to undertake an operation of this size.
Urbaser’s size also conditions the structure of the operation and has led financial advisors to comb the market to Guarantee Financing Tropa (Staple Financing) To help the future buyer to digest. The credit to be supplied amounts to 4,000 million euros.
EQT, who declined to comment after being consulted, He has cooled his interest in Urbaser despite sending a non -binding offer (NBO) in mid -January, just as other bidders referred. The Swedish background backed by the Wallenberg family would continue, however, live in the process.
His proposal was selected, unlike that of other funds that looked with interest in this active, such as Kkr and Macquarie, who sent Greenhill and Barclays as advisors. He also unraveled the offer of I Squared, known in Spain for having formed consortium last year to buy Applus.
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