EQT has agreed to acquire Australian waste management group Cleanaway in a A$9.3bn ($6.5bn) deal through its EQT Infrastructure VI fund. Shareholders will receive just over A$3 per share, representing a 32.1% premium to Cleanaway’s share price before EQT’s initial approach became public in August. That number says more than any press release.
Cleanaway is Australia’s largest waste management and resource recovery business, employing more than 9,700 people across over 350 locations in Australia, New Zealand and the Middle East. The company generated A$3.74bn in net revenue and A$470.2m in underlying operating profit in the year to June 2026.
EQT’s existing waste management investments include Urbaser, ReWorld and Encyclis.
EQT has agreed to acquire Australian waste management group Cleanaway in a A$9.3bn ($6.5bn) deal through its EQT Infrastructure VI fund. Shareholders will receive just over A$3 per share, representing a 32.1% premium to Cleanaway’s share price before EQT’s initial approach became public in August. My read is that the premium reflects a competitive process or a seller’s market for defensive infrastructure assets.
Cleanaway is Australia’s largest waste management and resource recovery business, employing more than 9,700 people across over 350 locations in Australia, New Zealand and the Middle East. Its operations span household and commercial waste collection, recycling, landfills and industrial environmental services. The company generated A$3.74bn in net revenue and A$470.2m in underlying operating profit in the year to June 2026.
EQT’s existing waste management investments include Urbaser, ReWorld and Encyclis. I read this as EQT consolidating its grip on global waste with a deal that values Cleanaway at A$9.3 billion.