Major infrastructure funds They continue to prepare for the tender Urban. The sales process of the waste giant, which aims to be a record operation in 2024, has pushed some groups to form alliances to realize a transaction worth approximately $ 5 billion. This led to: French coach Ardian outlining a joint proposal with Wren HouseAccording to sources consulted by ‘elEconomista.es’, Kuwait’s sovereign fund belongs to KIA.
But potential bidders continue to analyze their options as non-binding offers (NBO in industry jargon) are noted on the calendar. According to other sources, they won’t arrive until mid-November. The set schedule requires the operation to be signed off in 2025, and the second half of the year is the best time for the definitive closure to occur.
The entry of Wren House in alliance with Ardian marks the first time two ‘bidders’ have joined forces in this process. Considering the size of the transaction, which could reach 5 billion euros, Approximately 50 percent of the operation is expected to be covered by bank and non-bank financing.The remaining percentage is contributed by the new owner’s capital.
Although headquartered in London (United Kingdom), Wren House is owned by sovereign fund Kuwait Investment Authority (KIA) and its holdings include investments in areas such as telecommunications and energy.. One of the most important of these is Global Power Production (GPG), whose ownership is shared with Naturgy. GPG is the international manufacturing subsidiary of the Spanish group.
Ardian and Wren House are so far on the extensive list of interested parties preparing for this operation. Names in the market Other major infrastructure and private equity funds such as Blackstone, Stonepeak and I Squared. As this newspaper explains, other funds such as KKR and Macquarie already have investment banks (Greenhill and Barclays respectively) tasked with advising them on the buy side. Wren House and Ardian declined to comment after being consulted.
In recent weeks, the possibility that even industrial groups may apply has emerged. It is large enough to perform this type of operation. This category is occupied by several companies, such as the German Remondis, which operates in 30 countries and has an annual turnover of 6.4 billion or pre-zeroownership Schwarz Group, Known for acquiring Ferrovial’s environmental business for 1.133 million euros in 2021 in Spain and Portugal.
The sale of Urbaser will be the third change of ownership in the last eight years. ACS sold the company Ying Zhan Investment in 2016Between 1.164 and 1.399 million. The Chinese group did the same in 2021 and sold the company to its current owner. Platinum is controlled by Detroit Pistons owner Tom Gores. For 3,500 million euros.
Took first place in the 1,000 million concession
In recent weeks, Urbaser has emerged as the best-placed candidate to manage the construction and operation of the new Colmenar Viejo waste treatment plant, the largest ongoing concession in Spain. Company operated Fernando Abril Martorell It received 47.87 points out of a possible 48 at the technical stage and is waiting for economic offers to be opened. There have been claims about the process in the last few hours FCC Environment And Actionthose who were rejected.
