Cleanaway Waste Management accepts $9.3B EQT takeover offer

• Cleanaway Waste Management has signed a scheme implementation deed for a proposed acquisition by EQT Infrastructure valued at $9.3 billion.
• Shareholders would receive $3.095 in cash per share, representing a 32.1% premium to the pre-proposal closing price.
• The Cleanaway board unanimously recommended the offer in the absence of a superior proposal.

Cleanaway Waste Management (ASX:CWY) has agreed to an $9.3 billion takeover by EQT Infrastructure under a binding scheme implementation deed.

Shareholders would receive $3.095 in cash per share, representing a 32.1% premium to the pre-proposal closing price as of Aug 12.

Cleanaway stated that the board unanimously recommended shareholders vote in favour of the scheme in the absence of a superior proposal.

Cleanaway Chair Samantha Hogg said, "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."

The transaction remains subject to customary conditions, including approval from Cleanaway shareholders, court approval, and regulatory clearances.

Following the announcement, the Cleanaway Waste Management share price was up 19.8% at $2.96.

The waste management operator previously granted EQT Infrastructure an exclusivity period to complete due diligence after receiving an initial proposal in August.

The deal will transition the company from public listing to private ownership under EQT Infrastructure if implemented successfully.