Private Equity Firm EQT Agrees to Buy Desotec From Blackstone

EQT AB agreed to acquire a majority stake in European environmental service company Desotec from Blackstone Inc., four years after it sold the business to the US private equity firm.

EQT Future is partnering with German family offices Athos and Merckle, which will co-invest in the transaction, according to a statement on Friday that confirmed an earlier Bloomberg News report. Blackstone will remain a minority shareholder in Desotec.

While financial terms weren’t disclosed, people familiar with the matter have said the deal values Roeselare, Belgium-based Desotec at about €2 billion ($2.3 billion) including debt. The transaction is expected ...