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Swedish group EQT lobs $9.4b bid for waste giant Cleanaway
Australia’s largest waste collection company Cleanaway has received a $9.4 billion buyout offer from EQT Infrastructure and will grant the Swedish private investment giant a period of exclusive due diligence with a view to recommending a deal to shareholders.
EQT’s conditional, non-binding, indicative proposal was at $3.13 per share, representing a 32.1 per cent premium to the company’s last closing price, Cleanaway said in a statement to the ASX on Thursday.
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Cleanaway Receives EQT Infrastructure Takeover Proposal, Board Intends to Recommend
Cleanaway Waste Management Limited (ASX: CWY), Australia’s leading sustainable waste management, industrial, and environmental services company, has announced a conditional, non-binding indicative proposal from EQT Infrastructure to acquire 100% of its shares. The offer is priced at $3.13 cash per share, less any dividends, implying an enterprise valuation of approximately $9.4 billion. This represents a significant premium of 32.1% to Cleanaway’s last closing share price of $2.37 on 12 August 2026, and a 34.2% premium to the one-month volume-weighted average price.
The Cleanaway Board, after careful consideration and consultation with its advisers, has determined that it is in the best interests of shareholders to grant EQT Infrastructure exclusive due diligence for up to nine weeks. The directors confirmed their intention to recommend shareholders vote in favour of any scheme of arrangement at a price no less than $3.13 per share, subject to the negotiation and execution of a scheme implementation deed (SID) on acceptable terms, the absence of a superior proposal, and an independent expert concluding the proposal is in shareholders’ best interests. The proposal also contemplates a potential fully franked special dividend.
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