EQT Agrees to Buy Australia's Cleanaway in A$9.3 Billion Deal; Shares Jump 20%

Cleanaway signed a scheme implementation deed on October 19 to be acquired by Sedum Group, an entity owned by funds managed or advised by EQT, for A$3.095 in cash per share, less any dividends paid before completion. The transaction values the business at approximately A$9.3 billion including debt, or about US$6.5 billion, according to the Reuters report carried by.

The price is a 32.1% premium to Cleanaway's August 12 close, before the approach became public, and the board unanimously recommends that shareholders vote in favour, absent a superior proposal and subject to an independent expert's conclusion. Cleanaway shares closed up 50 Australian cents, or 20.24%, at A$2.97, lifting its market value to about A$6.7 billion, IBTimes Australia reported. That close still sits below the offer price.

Cleanaway may pay further dividends of up to A$0.19 per share, including a fully franked special dividend, which would reduce the cash consideration. Shareholders are expected to vote before the end of February 2027, with implementation targeted by the end of March 2027. Capital Brief reported that the deal needs approval from the ACCC and FIRB as well as competition authorities in Kuwait and Saudi Arabia.

The remaining gap between the share price and the offer reflects time to completion and regulatory risk. A ticking fee of 0.02 cents per share per day applies if completion slips past May 31, 2027, per IBTimes Australia, which gives the buyer an incentive to close on schedule. The deal is EQT Infrastructure's bet on a stable, essential-services business at a time when infrastructure investors are paying up for contracted cash flows.