Swedish private equity firm EQT Partners has reached an agreement to acquire Australian waste management company Cleanaway in a deal valued at approximately A$9.3 billion, marking one of the largest privatisations on the Australian Securities Exchange (ASX) in recent years. The transaction will see Cleanaway, currently valued at around A$5.5 billion, delisted from the ASX and taken into private ownership.
Under the terms of the offer, Cleanaway shareholders will receive A$3.095 per share, minus a special dividend expected to range between 14.5 and 19 cents per share. This final offer reflects a premium of 32.1 percent over Cleanaway’s closing share price of A$2.37 on the day EQT initially announced its proposal. Following the announcement, Cleanaway saw its shares surge over 20 percent to A$2.97, making it the top-performing stock on the ASX 200 index that day.
Cleanaway’s board has unanimously recommended the scheme of arrangement to shareholders, emphasizing that the offer provides strong and certain cash returns at a significant premium to the company’s undisturbed share price. Chair Samantha Hogg stated that the board’s assessment considered both Cleanaway’s standalone value and the future opportunities requiring further investment and execution. The board’s recommendation is contingent on the absence of a superior proposal and receipt of a favorable report from an independent expert confirming the scheme’s alignment with shareholders’ best interests.
The transaction remains subject to regulatory clearance and shareholder approval. EQT has highlighted its intention to leverage Cleanaway’s existing national infrastructure platform, investing further to address Australia’s evolving waste management and resource recovery requirements. Sam Franklin, managing director of EQT Infrastructure, described Cleanaway as possessing an “exceptional national platform” that the firm aims to enhance through strategic investment and operational support.
Tobias Küng, a partner at EQT Infrastructure, noted the firm’s commitment to combining Cleanaway’s local expertise with EQT’s global experience in environmental services and a disciplined, long-term investment approach to support the company’s growth trajectory.
EQT’s pursuit of Cleanaway follows an initial indicative offer in 2024 and a revised bid in August this year, which valued the company at approximately A$9.5 billion, including debt. Despite some shareholder dissent, notably from investor John Wylie through Tanarra Capital, Cleanaway granted EQT exclusive due diligence rights. The deal’s progress had caused some market uncertainty in recent weeks, particularly after Cleanaway’s full-year 2026 results revealed a 38 percent decline in profits to A$98.2 million, despite revenue rising 13.5 percent to A$4.4 billion.
Cleanaway stated that EQT’s offer equates to a 20-times multiple on the company’s underlying earnings before interest and tax (EBIT) for fiscal year 2026. The transaction was advised by JPMorgan and RBC, while earlier interest from Kerry Stokes’ Seven Group Holdings in 2024 did not materialize into a bid.
If approved, the transaction will mark a significant shift in Cleanaway’s ownership and pave the way for private equity-led investment aimed at strengthening its position in Australia’s waste management sector.