(Reuters) - Private equity firm Platinum Equity said on Monday it has agreed to buy waste management business Urbaser from Chinese environmental services group China Tianying Inc for an enterprise value of about $4.2 billion.
The sale is expected to be completed during the third quarter of 2021, Platinum Equity said in a statement prn.to/3ghftZx.
José María López Piñol will continue to lead Urbaser as chief executive officer after the sale, according to the statement.
In January, Spanish newspaper Expansion reported that China Tianying wanted to sell its Spanish waste management unit Urbaser for about 2.4 billion euros ($2.92 billion).
China Tianying bought Urbaser as part of a consortium from Spanish infrastructure group ACS in 2016 for between 1.16 billion and 1.40 billion euros.
($1 = 0.8220 euros)
Reporting by Kanishka Singh in Bengaluru; Editing by Jacqueline Wong
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