Cleanaway Waste reconfirms $9.4B EQT buyout proposal

• Private equity group EQT Infrastructure has confirmed plans to proceed with its $9.4 billion acquisition offer for Cleanaway Waste Management.
• The confirmation indicates no issues emerged during due diligence to stop the transaction from moving forward.
• The parties aim to negotiate and execute a formal implementation deed before the current exclusivity period ends.

Cleanaway Waste Management (ASX:CWY) has received written reconfirmation from EQT Infrastructure regarding its $9.4 billion takeover proposal.

The update follows initial due diligence reviews that showed no material issues likely to derail the proposed transaction.

"The reconfirmation states that nothing has arisen in EQT’s due diligence review that is likely to cause it not to proceed with the proposed takeover," said Cleanaway Waste Management in a statement.

The buyout firm confirmed it does not intend to vary its $3.13 per share offer price, as both parties work towards executing a binding implementation deed.

Following the announcement, the Cleanaway Waste Management share price was unchanged at $2.61.

The proposed acquisition values the waste group at an enterprise value-to-EBIT multiple of approximately 20 times based on expected earnings.

Cleanaway Waste Management currently projects underlying earnings before interest and taxes between $500 million and $530 million for fiscal 2027.