Australia's Cleanaway Agrees to $6.5 Billion EQT Buyout Bid; Shares Surge

3-line summary

• Australian waste-management company Cleanaway agreed Monday to an all-cash buyout by private equity firm EQT at A$3.095 per share, valuing the deal at about A$9.3 billion (US$6.48 billion), a 32.1% premium over the share price on August 12, the trading day before EQT's offer; the price will be reduced by any dividends paid before completion, with a fully franked special dividend of up to 19 Australian cents (expected range 14.5-19 cents) also possible.
• Cleanaway's board unanimously recommended shareholders vote in favor, subject to no superior proposal emerging and an independent expert concluding the deal is in shareholders' interests; shares rose about 20% to A$2.96 following the announcement, their highest since August 2024.
• A shareholder scheme vote is expected before the end of February 2027, with completion targeted by the end of March 2027.

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