Swedish investment firm EQT has agreed to acquire Australian waste management company Cleanaway in a deal valued at approximately US$6.5 billion, strengthening its exposure to essential environmental infrastructure and resource recovery services.
Swedish private equity firm EQT has agreed to acquire Australia’s Cleanaway Waste Management in a transaction valued at approximately US$6.5 billion (A$9.3 billion), including debt, marking a major investment in the country’s environmental services sector.
Announced on October 19, 2026, the agreement will see EQT Infrastructure VI acquire all outstanding shares of the Australian waste management company through a scheme of arrangement.
The transaction highlights growing institutional interest in businesses providing essential waste collection, recycling and resource recovery services.
Deal Values Cleanaway at A$9.3 Billion
Under the agreement, Cleanaway shareholders will receive A$3.095 in cash per share, subject to adjustments for any dividends or distributions paid before completion.
The offer represents a 32.1% premium to Cleanaway’s closing share price of A$2.37 on August 12, 2026, the last full trading day before the potential transaction became public.
Cleanaway’s board has unanimously recommended that shareholders vote in favour of the proposed acquisition, provided no superior offer emerges and an independent expert concludes that the transaction is in shareholders’ best interests.
The agreement follows negotiations and due diligence discussions that began after EQT’s initial acquisition proposal in August.
Expanding Investment in Environmental Infrastructure
Cleanaway operates one of Australia’s largest integrated waste management and resource recovery networks.
Its services include waste collection, recycling, treatment and disposal for households, businesses, municipalities and industrial customers.
The company employs more than 9,700 people across more than 350 locations in Australia, New Zealand and the Middle East.
Its operations are supported by a fleet exceeding 6,200 vehicles, alongside recycling facilities, transfer stations, engineered landfills and treatment infrastructure.
For EQT, the acquisition offers an opportunity to invest in an established environmental services platform with extensive infrastructure and a nationwide operating presence.
Supporting Cleanaway’s Next Growth Phase
EQT has indicated that it intends to support Cleanaway’s future development through its experience in infrastructure investment and waste management.
The investment firm plans to draw on its global operational expertise, Australian market presence and long-term ownership approach.
The acquisition also reflects the strategic importance of waste management infrastructure as businesses and governments pursue improved resource efficiency and recycling capabilities.
For Cleanaway, the proposed transition to private ownership could provide a different investment structure for pursuing long-term operational and infrastructure priorities.
Transaction Expected to Close in 2027
The acquisition remains subject to approval by Cleanaway shareholders, the Federal Court of Australia and relevant regulatory authorities.
Subject to these conditions, the companies expect the transaction to be completed by the end of March 2027.
Until the required approvals are obtained and the scheme is implemented, Cleanaway will remain a publicly listed company.
The agreement represents a significant development in Australia’s environmental services industry and demonstrates continued investor interest in infrastructure businesses that provide essential services.
If completed, the transaction will place Cleanaway under EQT’s ownership, positioning the company for its next phase of development within the investment firm’s global infrastructure portfolio.
Sources: EQT, Official Acquisition Announcement; Reuters; Cleanaway Waste Management, ASX disclosures; PE Insights
