Press release from the Competition Council regarding the economic concentration project concerning the acquisition by the company “Blackstone Inc.” and the company “EQT Fund Management S.à r.l.” of the indirect joint control of the company “Urbaser S.A.U.” and its subsidiaries

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• Indirect Acquirer No. 1: company “Blackstone Inc.”;
• Indirect Acquirer No. 2: company “EQT Fund Management S.à r.l.”;
• The Target: company “Urbaser S.A.U.” and its subsidiaries;

Nature of the operation

• Takeover

Economic sectors concerned

• Environmental services.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e. April 8, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration project consisting of the indirect joint control acquisition of 50% each of the share capital and voting rights of the company “Urbaser S.A.U.” and its subsidiaries by funds advised and/or managed by subsidiaries of the company “Blackstone Inc.” and the company “EQT Fund Management S.à r.l.”.

“Blackstone Inc.” is a US company, headquartered in New York, United States, listed on the New York Stock Exchange (NYSE). It is a global alternative asset manager with offices worldwide.

“EQT Fund Management S.à r.l.” is a limited liability company under Luxembourg law, headquartered in Luxembourg. It is the manager of alternative investment funds of “EQT Infrastructure VI”, a private investment fund part of the “EQT” investment fund group. The “EQT” portfolio companies are active in various sectors and geographic regions.

“Urbaser S.A.U.” is a Spanish public limited company based in Madrid, Spain. It is a provider of environmental services mainly active in municipal and commercial waste management.

 

Done in Rabat on March 27, 2026.