STOCKHOLM / BRUSSELS, 21 November 2025 — EQT AB (“EQT”) has agreed to acquire a majority stake in Belgium-based DESOTEC, a leading provider of mobile filtration-as-a-service solutions, from Blackstone Inc. (“Blackstone”), four years after selling the same business to the U.S. private-equity firm.
While the deal value was not disclosed in the public-release phase, sources cited by Bloomberg peg the enterprise value at about €2 billion (US$2.3 billion) including debt. The transaction is expected to close in the first half of 2026, subject to regulatory approvals.
Why the Move Matters
DESOTEC is headquartered in Roeselare, Belgium, and operates the largest fleet of mobile activated-carbon filtration units in Europe. It serves more than 2,000 industrial clients with services that remove pollutants such as VOCs, PFAS and hydrogen sulphide from air, water and soil. Its business model, which emphasises recurring revenues via the “Filtration-as-a-Service” model and carbon-reactivation logistics, aligns strongly with the ESG (environmental, social and governance) and circular-economy thrust.
EQT said the acquisition aligns with its strategy of backing companies with strong recurring revenue streams and environmental impact potential. According to Andreas Aschenbrenner, Partner at EQT Future:
“DESOTEC combines an attractive business model with measurable environmental impact. We see significant potential to continue scaling its circular filtration platform in North America and further across Europe.”
For Blackstone, which acquired DESOTEC in 2021 from EQT, the transaction reflects a partial exit while retaining a minority position and partnering with EQT for the next growth phase.
Implications for Asia-Pacific Investors & the Clean-Tech Space
The deal carries several implications relevant to Asia-Pacific and regional investors:
- The transaction underscores the growing global investor appetite for industrial-scale solutions aligned with sustainability, a trend that Asian markets, including Malaysia and Singapore, are increasingly tapping.
- Companies in Asia engaged in filtration, environmental services, waste-water treatment or circular economy models may benefit from improved access to capital and strategic M&A flows of the same ilk.
- For investors in the mid-market private-equity / infrastructure space in Southeast Asia, this deal may serve as a benchmarking event, highlighting valuations, risk-return expectations and ESG-driven growth criteria.
- The push into North America by DESOTEC under new ownership also signals that regions which have been slower to adopt modular filtration solutions may now accelerate, companies in ASEAN may be under pressure to catch up or partner.
What to Watch Next
Key milestones and risk-factors to monitor:
- Deal execution: Whether regulatory approvals in Europe and North America proceed smoothly and the closing timeline holds.
- Valuation and structure details: Although the €2 billion figure is cited, the ultimate purchase price and deal structure (equity vs debt, minority interest terms) will influence investor sentiment.
- Regional expansion: The path for DESOTEC’s expansion into North America and possibly Asia, whether EQT will roll out a similar “mobile filter fleet” strategy in Southeast Asia.
- Sustainability credentials: The ability of DESOTEC to deliver measurable environmental outcomes (PFAS removal, carbon reactivation metrics) and whether that drives premium valuation in future rounds.
- Private-equity dynamics: How this deal influences fundraising, exit expectations and deal appetite in the clean-tech / environmental-services segment globally and in Asia.
