Three of Australia’s largest publicly listed companies are set to be taken private following a surge in foreign investor interest driven by attractive valuations. The recent wave of acquisitions highlights a growing appetite among international buyers for Australian assets.

Swedish private equity firm EQT has agreed to acquire Cleanaway Waste Management in a deal valuing the waste collection and recycling company at A$9.3 billion (US$6.5 billion), including A$2.3 billion in debt. The offer represents a 32 percent premium over Cleanaway’s share price in August prior to EQT’s nonbinding proposal. Cleanaway’s chair, Samantha Hogg, said the board viewed the offer as delivering “strong and certain cash value to shareholders at a significant premium” and recommended it for shareholder approval. This acquisition follows EQT’s recent purchase of the Melbourne Storm rugby league team and multiple bids for the wealth management firm Perpetual, signaling the firm’s continued interest in Australian assets.

Japan’s Dai-ichi Life has also made a near A$8 billion bid to acquire Challenger Group, an investment manager and retirement income company. Having acquired more than a 20 percent stake last year, Dai-ichi Life’s offer is about 20 percent higher than Challenger’s closing share price last Friday. Challenger’s board stated it would consider the proposal.

Additionally, FleetPartners has agreed to a A$1.1 billion takeover by SG Fleet, a subsidiary of Australian private equity firm Pacific Equity Partners. This followed earlier competition from Japanese bidders. SG Fleet increased its offer from an initial rejected bid of A$3.60 per share in July to A$5.30 per share last weekend, a price that secured agreement from FleetPartners.

These transactions are part of a broader trend of heightened foreign interest in Australian companies. Other businesses, such as plumbing supplier Reliance Worldwide and insurance broker Steadfast, have recently accepted multibillion-dollar offers from foreign investors. However, some targets, including gold miner Northern Star and education services provider IDP, have rejected takeover approaches. Insurance companies IAG and Suncorp are reportedly under consideration by a Japanese suitor.

Following the announcements, Cleanaway’s share price rose by 20 percent, Challenger’s by 19 percent, and FleetPartners’ by 7 percent. Ron Shamgar, head of Australian equities at Tamim Asset Management, described the current market as a “frenzy of deals,” highlighting the substantial premiums being offered relative to prevailing valuations. He anticipates that between five and ten additional takeover offers could be finalized before the end of the year, given the prevailing market conditions.