Cleanaway opens books to EQT after $6.6 billion takeover offer

Cleanaway Waste Management has agreed to open its books to EQT Infrastructure after receiving a A$9.4 billion (US$6.64 billion) takeover proposal, sending its shares to a near 10-month high.

The Swedish investment firm will pay A$3.13 per share in cash, valuing Cleanaway's equity at A$7.01 billion. The offer represents a 32% premium to the waste management company's last closing price.

Shares surged 16.9% in early trading to A$2.77, their highest since October 20 last year, making the stock the biggest gainer on the ASX200 benchmark, which slipped 0.2%.

Cleanaway's board said it would allow EQT to conduct exclusive due diligence for up to nine weeks to finalise a binding agreement. Directors intend to recommend shareholders vote in favour of the proposal.

The latest offer follows an earlier bid of A$3 per share, after which Cleanaway had provided limited non-public information on a non-exclusive basis.

The Melbourne-based company, which employs more than 10,000 people, also issued its earnings forecast for 2027, projecting underlying operating earnings between A$500 million and A$530 million — slightly below the Visible Alpha consensus estimate of A$531.8 million. It reiterated its 2026 operating earnings outlook of A$470 million.