Buyout groups Blackstone Inc. (NYSE:BX) and EQT AB (publ) (OM:EQT) have advanced to the second round of bids in the sale process of waste management company URBASER, S.A., according to two sources with knowledge of the situation. Urbaser´s owner, private equity firm Platinum, engaged Citi and Santander as advisors for the sale earlier this year, the sources said. A deal could value the waste management firm at around EUR 5 billion, one of the people and a third one said.

The private equity firm has told bidders to start due diligence and prepare binding offers for the last week of February, one of the sources said. KKR and Macquarie, which submitted a preliminary offers, are no longer in the race, said another of the people. All three sources asked not to be identified as the matter is private.

There is no certainty that any firm offers will be made. Spokespeople for Blackstone, EQT, KKR, Macquarie, Citi and Santander declined to comment. Platinum and Urbaser didn't reply to a request for comments.