The agreement will see EQT acquire 100% of Cleanaway’s shares through a scheme of arrangement.
Cleanaway’s board has unanimously recommended that shareholders vote in favour of the deal, subject to no superior proposal emerging and an independent expert continuing to conclude that the scheme is in shareholders’ best interests.
The acquisition remains subject to shareholder and Federal Court of Australia approval, regulatory clearances and other conditions. If these are satisfied or waived where permitted, the transaction is expected to be completed by the end of March 2027.
Cleanaway
Cleanaway is an integrated waste management and resource recovery company operating across Australia, providing collection, recycling, treatment and disposal services to households, businesses and local authorities.
The company employs more than 9,700 people and operates a national network of over 350 sites, alongside what it describes as the largest fleet in Australia.
EQT said Cleanaway’s infrastructure network, established customer relationships and operational capabilities position it to meet growing demand for waste management and resource recovery services in the country.
Sam Franklin, Managing Director at EQT Infrastructure, said: “Cleanaway has built an exceptional national platform providing services to Australians every day.
“We see significant opportunity to build on these strong foundations by investing in the infrastructure needed to meet Australia’s evolving waste management and resource recovery needs, and to support Cleanaway’s management team as they enhance the performance of its integrated network and strengthen outcomes for customers and communities.”
EQT’s waste portfolio
EQT is a global investment organisation with a substantial portfolio of waste management and environmental services businesses across Asia Pacific, Europe and North America.
Its existing investments in the sector include Spanish waste management group Urbaser, US-based ReWorld, UK Energy from Waste (EfW) operator Encyclis and Arcwood.
Cleanaway chair Samantha Hogg said the board had assessed the proposal against the company’s standalone value, including the opportunities and investment requirements associated with its Blueprint 2030 2.0 strategy.
She commented: “Following a disciplined process and engagement with EQT, the Board is unanimous in its view that the Scheme delivers strong and certain cash value to shareholders, at a significant premium to Cleanaway’s undisturbed share price.”
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