Platinum Equity acquires Urbaser

We advised Platinum Equity on the acquisition of Urbaser, one of the world's largest environmental services providers, from China Tianying Inc. (CNTY) in a transaction with an enterprise value of approximately €3.5 billion.

Cuatrecasas, through its offices in Madrid, Santiago de Chile, Bogotá, Mexico City and Lisbon, advised Platinum Equity on acquiring Urbaser, one of the world's largest providers of environmental services, from China Tianying (CNTY) in a transaction with an enterprise value of €3.5 billion.

The sale is expected to be completed during the third quarter of 2021, subject to China Tianying shareholder and customary regulatory approvals. Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. With this acquisition, the US private equity fund founded by Tom Gores continues with its ambitious investment plan in Europe.

Urbaser's business comprises three main segments—urban services (waste collection, street cleaning and water management), municipal waste treatment, and industrial waste treatment—concentrated primarily in Spain, Chile, Argentina, France, and the Nordic region.

Latham & Watkins, together with Cuatrecasas in certain jurisdictions, advised Platinum Equity on this transaction. The Cuatrecasas team was led by partner Javier Martí-Fluxá of the firm’s Madrid Corporate and Commercial Practice, with the participation of lawyers Álvaro López de Ceballos, Álvaro Vierna and Marta Gómez (Corporate and Commercial, Madrid); Roberto Guerrero, Josefina Yávar and Tomás Kubick (Santiago de Chile); Juan Felipe Vera and Pablo Martínez (Bogotá); Santiago Ferrer and Juan Galicia (Mexico City); and Francisco Santos Costa and Francisco Martins Caetano (Lisbon).