EQT Infrastructure Moves to Acquire Cleanaway Waste Management in A$9.4 Billion Deal
EQT Infrastructure has proposed a A$3.13 per share cash takeover of Cleanaway Waste Management, valuing the company at approximately A$9.4 billion.
Cleanaway Waste Management Limited has received a non-binding takeover proposal from EQT Infrastructure, marking a significant potential shift in Australia's waste management sector. The Swedish investment firm has offered A$3.13 in cash for each Cleanaway share, a price that would be adjusted for any dividends paid before the deal completes.
The proposal values Cleanaway at an enterprise value of roughly A$9.4 billion. EQT has been granted up to nine weeks of exclusive due diligence access under a deal process deed, allowing the firm to examine Cleanaway's books before finalising a binding offer.
Cleanaway's board has indicated it intends to recommend the scheme to shareholders, provided the final offer is no less than A$3.13 per share. The company also provided forward guidance, projecting underlying earnings before interest and tax (EBIT) of between A$500 million and A$530 million for fiscal year 2027.
The non-binding nature of the proposal means terms could still change during the due diligence period. If completed, the acquisition would rank among the largest takeovers in Australia's environmental services industry in recent years.