Morgan Stanley Infrastructure Partners Completes Investment in Valoriza Servicios Medioambientales S.A.

Morgan Stanley Investment Management (“MSIM”), through investment funds managed by Morgan Stanley Infrastructure Partners (“MSIP”), a private infrastructure investment platform within MSIM, announced today it has closed the acquisition of Valoriza Servicios Medioambientales S.A. (“Valoriza” or the “Company”) from Sacyr, S.A. (“Sacyr”).

Valoriza provides waste services primarily to public entities (mainly municipalities) in Spain. The requirement to meet the European Commission’s 2035 landfill reduction target in Spain is expected to drive a sizeable value-add investment opportunity for Valoriza as the country moves to more environmentally friendly recycling and waste-to-energy alternatives. Valoriza operates a concession-based business, with medium to long-term contracts with local municipalities that are inflation-linked with limited volume exposure.

“As a well-established player in the waste sector with over 20 years of experience, we believe Valoriza, with its innovative environmental services offering, is well placed to contribute to the transformation of the Spanish waste market,” said Alberto Donzelli, Co-Head of Europe for MSIP. “We look forward to working with the company’s entrepreneurial management team to continue serving the local municipalities and further expanding the company’s waste treatment division.”

The acquisition of Valoriza further strengthens MSIP’s track record in Iberia, following the completion of several transactions in the region such as Madrileña Red de Gas in Spain and FastFiber and Omtel in Portugal.

About Valoriza

Valoriza Servicios Medioambientales is a leading waste management company with presence across the entire waste management cycle. An established player with over 40 years of experience, Valoriza provides essential waste treatment and collection services to over 12 million people and has 11,000 employees across Spain, Australia and Colombia.

Valoriza provides waste services primarily to public entities (mainly municipalities) in Spain under two main divisions: municipal waste treatment and municipal waste services. The municipal waste treatment division builds and operates waste treatment facilities, including solid waste recycling, biological mechanical treatment, anaerobic digestion, composting, and energy recovery facilities. The municipal waste services division includes waste collection and street cleaning, maintenance of green areas, and mobility service management.

About Morgan Stanley Infrastructure Partners

Morgan Stanley Infrastructure Partners (“MSIP”) is a leading global private infrastructure investment platform with approximately $16 billion in assets under management¹. Founded in 2006, MSIP has invested in a diverse portfolio of over 35 investments across transport, digital infrastructure, energy transition and utilities. MSIP targets assets that provide essential public goods and services with the potential for value creation through active asset management. For further information about Morgan Stanley Infrastructure Partners, please visit www.morganstanley.com/im/infrastructurepartners.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.4 trillion in assets under management or supervision as of September 30, 2023. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

1. AUM reflects assets managed by MSIP platform since inception.

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