Swedish investor commits A$3.095 a share in cash, a 32% premium, after two months of exclusive due diligence
EQT Infrastructure VI has agreed to buy Cleanaway Waste Management in a deal that values the ASX-listed waste and recycling group at about A$9.3bn including debt. The fund, managed by Sweden’s EQT, signed a binding scheme implementation deed at A$3.095 a share in cash, the firm said in a statement dated October 18, 2026, and Cleanaway confirmed the agreement to the Australian Securities Exchange the following day.
The price is a 32.1% premium to Cleanaway’s closing price of A$2.37 on August 12, 2026, the last full trading day before the company disclosed EQT’s approach.
From proposal to binding deal
EQT opened with an unsolicited, non-binding offer of A$3.00 a share. It raised that to an indicative A$3.13, which Cleanaway announced on August 13 alongside a grant of up to nine weeks of exclusive due diligence, according to the company’s ASX release.
The binding price is the A$3.13 indicative figure less the 3.5-cent fully franked final dividend Cleanaway declared with its fiscal 2026 results in August. Any further dividends or distributions will also be deducted from the consideration.
On EQT’s numbers, the deal values Cleanaway at roughly 19.8 times fiscal 2026 underlying earnings before interest and tax of A$470.2mn. Net debt and debt-like items stood at A$2.29bn at June 2026. By BCR’s calculation, the implied equity value is about A$6.98bn, based on the 2,255.1mn shares and performance rights EQT used in its calculation.
The Cleanaway board has unanimously recommended the scheme, absent a superior proposal and subject to an independent expert concluding that it is in shareholders’ best interests.
Conditions and timing
The scheme needs approval from Cleanaway shareholders and the Federal Court of Australia, as well as regulatory approvals. Cleanaway’s August release listed clearance from the Foreign Investment Review Board and the Australian Competition & Consumer Commission among the conditions.
EQT expects implementation by the end of March 2027. If it slips past May 31, 2027, a ticking fee of A$0.0002 a share per day will accrue from June 1 until completion, giving EQT an incentive to keep the regulatory process on track.
Why EQT wants it
EQT already owns waste and environmental services businesses in other markets, including Urbaser, ReWorld, Encyclis and Arcwood. Sam Franklin, managing director at EQT Infrastructure, said that Cleanaway “has built an exceptional national platform providing services to Australians every day”.
Samantha Hogg, Cleanaway’s chair, said the board had weighed the offer against the company’s standalone value, including the opportunities in its Blueprint 2030 2.0 strategy, and judged that it delivered “strong and certain cash value to shareholders”.
EQT said that, with this acquisition, EQT Infrastructure VI is expected to be 85% to 90% invested.
J.P. Morgan and RBC Capital Markets are advising EQT, with Allens as legal counsel. Barrenjoey and Macquarie Capital are Cleanaway’s financial advisers, with Ashurst Perkins Coie as legal adviser. A scheme booklet containing the independent expert’s report will be sent to shareholders ahead of the vote.