Australian waste company Cleanaway Waste Management Limited has agreed to a takeover by EQT Infrastructure VI through Sedum Group Pty Ltd at an enterprise value of about A$9.3 billion ($6.5 billion), including debt.
Cleanaway said shareholders would receive a base cash payment of A$3.095 per share. Any dividends paid before the takeover takes effect would reduce that payment by the same amount. If completion occurs after May 31, 2027, the payment would increase by A$0.0002 per share for each additional day.
The original offer valued each share at A$3.13, including an A$0.035 dividend Cleanaway paid Oct. 8. That original value was 32.1% above Cleanaway’s Aug. 12 closing price of A$2.37, before the proposal became public. Cleanaway may pay further dividends of up to A$0.19 per share before completion, with a corresponding reduction in the takeover payment.
Cleanaway’s board unanimously recommends the deal if no better proposal emerges and an independent expert concludes, and continues to conclude, that it is in shareholders’ best interests.
Cleanaway operates waste collection and resource recovery businesses in Australia. EQT said it sees an opportunity to invest in the company’s infrastructure and support its management as it improves the operating network.
The takeover requires Cleanaway shareholder approval, a ruling by the Federal Court of Australia and regulatory clearances in Australia, Kuwait and Saudi Arabia. Cleanaway expects to hold a shareholder vote by the end of February 2027 and, if the conditions are met, complete the deal by the end of March 2027.
