HedgeCo.Net — EQT Infrastructure VI has signed a binding scheme implementation deed to acquire all of Cleanaway Waste Management Limited, ending the Australian waste and resource recovery group’s run on the ASX if shareholders and the court sign off. Cleanaway holders will receive A$3.095 in cash per share, less any dividends paid before implementation, a price that implies an enterprise value of approximately A$9.3 billion, according to announcements from both companies on Monday, October 19, Sydney time.
The consideration is a 32.1% premium to Cleanaway’s A$2.37 close on August 12, 2026, the last trading day before the company first disclosed EQT’s approach, and a 34.5% premium to the three-month volume-weighted average price to that date. Cleanaway said the A$3.095 figure reflects EQT’s indicative A$3.13 price reduced for the 3.5-cent final dividend paid on October 8, and that the implied valuation equals roughly 20 times FY26 underlying EBIT. The board may also pay a fully franked special dividend of up to 19 cents a share, currently expected between 14.5 and 19 cents, which would be deducted from the cash price. Investing.com reported the shares jumped about 20% in early Monday trading.
Cleanaway’s board unanimously recommends the scheme in the absence of a superior proposal and subject to an independent expert concluding it is in shareholders’ best interests. The deal still needs shareholder approval, Federal Court approval and regulatory clearances, with implementation expected by the end of March 2027. A ticking fee of A$0.0002 per share per day accrues if implementation slips past May 31, 2027.
For allocators, the transaction is a marker of how infrastructure funds are underwriting essential-service businesses with long-dated contracts and hard assets. EQT said the deal will leave EQT Infrastructure VI about 85% to 90% invested and cited its existing waste and environmental services holdings, including Urbaser, ReWorld, Encyclis and Arcwood. J.P. Morgan and RBC Capital Markets advised EQT, with Allens as legal counsel.
The next milestones are the independent expert’s report and scheme booklet, followed by a shareholder vote expected before the end of February 2027. Investors will watch whether a rival bidder emerges for a national waste platform of this size, and how EQT finances a take-private carrying roughly A$2.3 billion of net debt and debt-like items as of June 2026.