Swedish private equity firm EQT has agreed to acquire Australia’s Cleanaway Waste Management in a deal that values the company at about A$9.3 billion ($6.5 billion), according to an announcement.
EQT, through EQT Infrastructure VI, will acquire all of Cleanaway’s issued ordinary shares through a scheme arrangement, offering shareholders A$3.095 in cash per share, less any dividends or other distributions declared or paid.
The offer represents a 32.1% premium to Cleanaway’s closing share price of A$2.37 on August 12, 2026, before the company first disclosed a potential transaction.
Cleanaway’s board unanimously recommended that shareholders approve the deal, provided there is no superior proposal and an independent expert concludes that the transaction is in shareholders’ best interests, per the announcement.
“Following a disciplined process and engagement with EQT, the Board is unanimous in its view that the Scheme delivers strong and certain cash value to shareholders, at a significant premium to Cleanaway’s undisturbed share price,” said Cleanaway chair Samantha Hogg.
The transaction remains subject to shareholder and Federal Court of Australia approval, regulatory clearances and other conditions.
It is expected to be completed by the end of March 2027, subject to the required conditions being satisfied or waived where permitted.
Cleanaway provides waste collection, recycling, treatment and disposal services to households, businesses and local councils across Australia.
Its nationwide infrastructure network and established customer base position it to benefit from demand for waste management and resource recovery services.
EQT said it would work with Cleanaway’s management and employees to support long-term growth, improve operational performance and invest in infrastructure to meet Australia’s waste management needs.
“Cleanaway has built an exceptional national platform providing services to Australians every day,” said Sam Franklin, managing director at EQT Infrastructure.
EQT has investments in waste and environmental services businesses including Urbaser, ReWorld, Encyclis and Arcwood, spanning markets in Asia Pacific, Europe, and North America.
The deal announcement comes as EQT reported 3 billion euros ($3.36 billion) in gross fund exits in the third quarter, including the sale of software provider Quantios and South Korean financial services group Acuon, alongside exits from a cybersecurity business and two US logistics property portfolios.
The Swedish private equity firm also realised 400 million euros ($448 million) for co-investors during the quarter, compared with 2 billion euros ($2.24 billion) in gross fund exits in the same period a year earlier, according to an announcement.
