EQT Infrastructure VI has entered into a binding agreement to acquire Cleanaway Waste Management Limited in a transaction valuing the Australian waste management and resource recovery company at approximately A$9.3 billion on an enterprise value basis.
Under the proposed scheme of arrangement, Cleanaway shareholders will receive A$3.095 in cash for each share, subject to adjustments for dividends or other distributions. The offer represents a 32.1% premium to Cleanaway’s A$2.37 closing share price on August 12, 2026, the last full trading day before the company first disclosed that a potential transaction was under consideration.
Cleanaway’s board unanimously recommends that shareholders vote in favor of the transaction, assuming there is no superior proposal and an independent expert concludes that the deal is in shareholders’ best interests.
Cleanaway operates an integrated national network of waste collection, recycling, treatment, resource recovery, and disposal infrastructure across Australia. Its customers include households, municipalities, businesses, and industrial clients.
EQT plans to support Cleanaway’s next phase of growth by investing in infrastructure and operational improvements while drawing on its experience across the global waste management and environmental services sector. EQT’s existing investments in the category include Urbaser, ReWorld, Encyclis, and Arcwood.
The investment firm said it intends to work with Cleanaway’s management team and employees to improve operating performance, expand infrastructure, and support Australia’s transition toward a more circular economy.
The transaction is subject to Cleanaway shareholder approval, Federal Court of Australia approval, required regulatory clearances, and other customary conditions. Subject to those approvals, the acquisition is expected to be completed by the end of March 2027.
If implementation occurs after May 31, 2027, shareholders would also be entitled to a ticking fee of A$0.0002 per share per day beginning June 1, 2027.
Following the transaction, EQT Infrastructure VI is expected to be approximately 85% to 90% invested, including completed and signed investments and excluding anticipated syndication.
Support: J.P. Morgan and RBC Capital Markets served as joint financial advisors to EQT, while Allens acted as legal advisor.
KEY QUOTES:
“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.”
Sam Franklin, Managing Director At EQT Infrastructure
“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.”
Tobias Küng, Partner At EQT Infrastructure
“The Board has carefully assessed EQT’s proposal against the value of Cleanaway on a standalone basis, including the opportunities ahead of us under Blueprint 2030 2.0 and the investment and execution required to deliver them. Following a disciplined process and engagement with EQT, the Board is unanimous in its view that the Scheme delivers strong and certain cash value to shareholders, at a significant premium to Cleanaway’s undisturbed share price. 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.”
Samantha Hogg, Chair Of Cleanaway
