Cleanaway Waste Management has agreed to be acquired by Swedish private-equity group EQT in a transaction valuing the Australian waste-management company at approximately A$9.3 billion, or about $6.5 billion, including debt.
The agreement represents a material advance from negotiations disclosed earlier this month.
Cleanaway had extended EQT’s exclusivity through October 19 while the buyer completed due diligence and the parties negotiated an implementation deed.
At that stage, Cleanaway warned that there was no certainty a binding transaction would result.
The new agreement removes that uncertainty at the transaction stage, although completion still depends on required shareholder, regulatory and court processes.
Shareholders are expected to receive A$3.095 per share after adjustments associated with a special dividend, and Cleanaway’s board supports the transaction in the absence of a superior proposal.
The takeover underscores private equity’s continuing appetite for essential infrastructure businesses whose revenue is tied to recurring services rather than discretionary spending.
For investors, attention now shifts from whether EQT will sign a binding agreement to whether the transaction clears its remaining approval requirements and proceeds on the agreed economics.
