EQT is acquiring Australian waste management firm Cleanaway Waste Management in a deal giving the company an enterprise value of A$9.3bn (€5.8bn).
EQT’s sixth global infrastructure fund, has agreed to offer Cleanaway’s shareholders A$3.095 in cash per share, representing a 32.1% premium to the ASX-listed firm’s closing price on 12 August 2026, prior to initial deal speculation.
Following completion, the €21bn EQT Infrastructure VI fund will be 85% to 90% invested.
Cleanaway is Australia’s largest integrated waste management, industrial and environmental services provider. The company operates a national network of more than 300 sites, including transfer stations, resource recovery facilities, liquid waste treatment plants and landfills.
Sam Franklin, managing director at EQT Infrastructure, said: “Cleanaway has built an exceptional national platform providing services to Australians every day.
“We see significant opportunity to build on these strong foundations by investing in the infrastructure needed to meet Australia’s evolving waste management and resource recovery needs, and to support Cleanway’s management team as they enhance the performance of its integrated network and strengthen outcomes for customers and communities.”
Tobias Küng, partner at EQT Infrastructure, said: “We look forward to partnering with Cleanaway’s management team, combining their deep local expertise with EQT’s global experience in waste and environmental services and disciplined, long-term investment approach to support the company’s next chapter of growth.”
Samantha Hogg, Cleanaway chair, said the board evaluated EQT’s offer against the company’s standalone growth prospects under its Blueprint 2030 2.0 strategy alongside the capital required to execute it.
Following engagement with EQT, the board unanimously concluded that the scheme provides certain cash value at a substantial premium to Cleanaway’s undisturbed share price.
Hogg added: “Accordingly, the board unanimously recommends that shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to the independent expert concluding – and continuing to conclude – that the scheme is in the best interests of Cleanaway shareholders.”
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