Blackstone, ADQ Are Said to Be Final Bidders for Spain’s Urbaser

Blackstone Inc. and Abu Dhabi sovereign fund ADQ are the final bidders competing to acquire a stake in Urbaser SA, in a deal that could value the Spanish waste management firm at about €5 billion ($5.2 billion), according people with knowledge of the matter.

New York-based Blackstone has been pursuing a full acquisition of Urbaser, while ADQ is discussing the purchase of a minority stake, the people said. Interest from Swedish private equity firm EQT AB has cooled, the people said, asking not to be identified because the information is private.

Urbaser’s owner, Platinum Equity, expects to receive final ...