EFMS Blackstone Urbaser Merger Cleared Under EU Merger Regulation
Summary
The European Commission approved the acquisition of joint control over Urbaser S.A.U. by Blackstone Inc. and EQT Fund Management S.à r.l. The Commission determined the notified concentration falls within the scope of EU Merger Regulation and declared it compatible with the internal market and the EEA Agreement. The decision was adopted under the simplified treatment procedure with no conditions imposed.
What changed
The European Commission issued a clearance decision for the proposed concentration where Blackstone Inc. (United States) and EQT Fund Management S.à r.l. (Luxembourg) would acquire joint control over Urbaser S.A.U. (Spain). Urbaser provides urban services including municipal and commercial waste collection, management, and treatment, with core activities in Spain, France, Portugal, and Italy. The transaction was cleared under Article 6(1)(b) of the EU Merger Regulation as compatible with the internal market.
For investors and asset managers involved in M&A transactions within the EU, this decision confirms that concentrations meeting simplified treatment criteria (typically those without competitive concerns) can receive expedited clearance without Phase II investigation. Parties should ensure notifications are complete and fall within applicable thresholds to benefit from streamlined review procedures.
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Archived snapshot
Apr 14, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
EUROPEAN COMMISSION
DG Competition
Case M.12371 - EFMS / BLACKSTONE
/ URBASER
Only the English text is available and authentic. REGULATION (EC) No 139/2004
MERGER PROCEDURE
Article 6(1)(b)
Date: 31/03/2026
In electronic form on the EUR-Lex website under document number 32026M12371
Brussels, 31.3.2026 C(2026) 2337 final
PUBLIC VERSION
EQT Fund Management S.à r.l. 51A, Boulevard Royal 2449 Luxembourg Luxembourg Blackstone Inc. 345 Park Avenue New York, NY 10154 United States
Subject: Case M.12371 - EFMS / BLACKSTONE / URBASER Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004 ( ) and Article 57 of the Agreement on the European 1 Economic Area ( ) 2
Dear Sir or Madam,
(1) On 9 March 2026, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which Blackstone Inc. ('Blackstone', United States), and EQT Fund Management S.à r.l. ('EFMS', Luxembourg), controlled by EQT AB (publ) (Sweden), will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over Urbaser S.A.U. ('Urbaser', Spain), controlled by the Platinum Equity group (United States), by way of purchase of shares. ( ) 3 (2) The business activities of the undertakings concerned are the following: - Blackstone is a global alternative asset manager, - EFMS is the alternative investment fund manager of EQT Infrastructure VI, a private investment fund forming part of the EQT group of investment funds,
() OJ L 24, 29.1.2004, p. 1 (the 'Merger Regulation'). With effect from 1 December 2009, the Treaty 1 on the Functioning of the European Union ('TFEU') has introduced certain changes, such as the replacement of 'Community' by 'Union' and 'common market' by 'internal market'. The terminology of the TFEU will be used throughout this decision. () OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement'). 2 ) OJ C, C/2026/1802, 18.3.2026. (3
EUROPEAN COMMISSION
- Urbaser is a provider of urban services, primarily in municipal and commercial waste collection, management and treatment, with its core activities concentrated in Spain, France, Portugal and Italy. (3) After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(d) of the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004. ( ) 4 (4) For the reasons set out in the Notice on a simplified treatment, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.
For the Commission
(Signed)
Linsey MCCALLUM
Director-General (acting) Directorate-General for Competition
() OJ C 160, 5.5.2023, p. 1 (the 'Notice on a simplified treatment'). 4
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