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Cleanaway Agrees to A$9.3B Takeover
19 Oct
Summary
- Cleanaway Waste Management agreed to a A$9.3 billion takeover by EQT.
- Shareholders to receive A$3.095 cash per share in the deal.
- The offer represents a 32.1% premium to the share price before disclosure.
Cleanaway Waste Management has entered into an agreement to be acquired by the Swedish private equity firm EQT. The proposed deal values the Australian waste management company at approximately A$9.3 billion, which includes its existing debt.
Under the terms of the agreement, Cleanaway shareholders are set to receive A$3.095 in cash for every share they possess. This offer represents a substantial premium, specifically 32.1% above the company's closing share price on August 12, the final trading day before EQT's initial approach was revealed.
The board of Cleanaway has unanimously recommended that shareholders vote in favor of the scheme implementation deed. This recommendation stands in the absence of any superior proposals. EQT Infrastructure, managed by EQT, was previously granted exclusive due diligence in August.
