EQT Agrees to Acquire Cleanaway in A$9.3 Billion Waste Management Deal

EQT Infrastructure VI has agreed to acquire Cleanaway Waste Management Limited in a deal that values the Australian waste management and resource recovery company at approximately A$9.3 billion. The proposed acquisition would bring one of Australia's major integrated waste services networks under EQT's ownership, with a focus on continued infrastructure investment and operational development.

Under the agreement announced on October 18, 2026, EQT will acquire all issued ordinary shares in Cleanaway through a scheme of arrangement. Shareholders are set to receive A$3.095 in cash per share, subject to applicable adjustments for dividends and other distributions. The offer represents a 32.1% premium to Cleanaway's closing share price of A$2.37 on August 12, 2026, the last full trading day before the company first disclosed a potential transaction.

Cleanaway provides waste collection, recycling, treatment and disposal services to households, businesses, local councils and communities across Australia. Its national network combines collection operations with infrastructure for waste processing and resource recovery, making it a key part of the country's waste management system.

EQT plans to work with Cleanaway's management team and employees on the company's future development. Its stated priorities include investing in infrastructure, improving operational performance and responding to Australia's evolving waste management and resource recovery requirements. EQT already has investments in waste and environmental services businesses including Urbaser, ReWorld, Encyclis and Arcwood, with operations and investments across Asia Pacific, Europe and North America.

Cleanaway's board has unanimously recommended that shareholders vote in favour of the proposed acquisition, provided no superior proposal emerges, and an independent expert continues to conclude that the deal is in shareholders' best interests. The transaction remains subject to shareholder approval, approval by the Federal Court of Australia, required regulatory approvals and other conditions under the agreement.

If the conditions are satisfied or waived where permitted, completion is expected by the end of March 2027. Cleanaway shareholders are not required to take action at this stage. Further information, including an independent expert's report and details of the scheme meeting, is expected to be provided in a scheme booklet.

The proposed acquisition reflects continued investment in established waste management and resource recovery infrastructure. For Cleanaway, the next stage will depend on completion of the transaction and how EQT works with the existing business to develop its national network and services.

Source: EQT

SUNSHINE Spotlight: EQT has agreed to acquire Cleanaway in a transaction valued at approximately A$9.3 billion. The proposed deal brings a major Australian waste management and resource recovery network into EQT's portfolio, with future plans centred on infrastructure investment and operational development. Completion is expected by the end of March 2027, subject to the required approvals.