EQT Infrastructure has agreed to acquire Cleanaway Waste Management, Australia's largest integrated waste and recycling group, in a deal valuing the business at an enterprise value of about A$9.3bn ($6.5bn). The binding agreement concludes a two-month process initiated when EQT first made a non-binding offer of A$3.13 a share on 3 August. This represents a 32.1% premium to Cleanaway's closing price of A$2.37 on 12 August 2026.
The final price adjusts to A$3.13 minus the 3.5-cent dividend paid on 8 October, with potential extra dividends of up to A$0.19 a share before completion. For EQT, Cleanaway is one of the final major investments for its current flagship infrastructure fund, leaving EQT Infrastructure VI 85% to 90% invested. The transaction requires approval from Australia's Foreign Investment Review Board, the Australian Competition and Consumer Commission, and competition clearances in Kuwait and Saudi Arabia, alongside shareholder and Federal Court approval.
Cleanaway's board unanimously recommends shareholder approval. The deal is expected to close by the end of March 2027.
Source: PE Insights · Summarized by HeadlinesBriefing