EQT Infrastructure VI has agreed to acquire 100% of ASX-listed Cleanaway Waste Management through a scheme of arrangement. The cash offer of A$3.095 per share implies an enterprise valuation of about A$9.3 billion ($6.5 billion; €5.8 billion), representing a 32.1% premium to Cleanaway's last closing share price of A$2.37.
Cleanaway's board unanimously supports the scheme, recommending shareholders vote in favor, subject to an independent expert concluding it is in shareholders' best interests and no superior proposal emerging. The company operates a national network of waste management and resource recovery infrastructure across Australia.
EQT plans to collaborate with Cleanaway's management and employees on long-term growth and operational excellence, supporting Australia's circular economy. The firm noted its existing investments in the sector include Urbaser, Re World, Encyclis and Arcwood.
The scheme requires approval from Cleanaway shareholders, the Federal Court of Australia, and regulatory bodies. It is expected to be implemented by the end of March 2027. EQT expects its Infrastructure VI fund to be 85–90% invested post-deal. JP Morgan and RBC Capital Markets served as joint financial advisers, with Allens as legal adviser.
Source: PE Hub · Summarized by HeadlinesBriefing