Highlights

• EQT Infrastructure has proposed acquiring 100% of Cleanaway for $3.13 cash per share.
• The proposal implies an enterprise valuation of approximately $9.4 billion and a 32.1% premium to the 12 August closing price.
• Cleanaway expects FY27 underlying EBIT of $500 million to $530 million.

Takeover Proposal Sends Cleanaway Higher

Cleanaway Waste Management Limited (ASX: CWY) jumped 14.77% to $2.720 on 13 August 2026 after the company disclosed a conditional, non-binding takeover proposal from EQT Infrastructure for all outstanding shares via a proposed scheme of arrangement.

EQT’s proposal values Cleanaway at $3.13 per share in cash, subject to adjustments for future dividends and other distributions. Based on the company’s announcement, the offer implies an enterprise valuation of approximately $9.4 billion and represents a 32.1% premium to Cleanaway’s $2.37 closing price on 12 August.

Board Opens the Door to a Potential Deal

The Cleanaway Board has granted EQT an exclusive period of up to nine weeks to conduct due diligence and negotiate a binding scheme implementation deed. Directors have indicated that they intend to recommend a transaction priced at no less than $3.13 per share, provided acceptable terms are agreed, there is no superior proposal and an independent expert considers the deal to be in shareholders’ best interests.

The proposed takeover is still subject to further negotiations and is not yet binding, with Cleanaway noting that completion cannot be guaranteed. The transaction would also need to satisfy several conditions, including regulatory requirements involving the Australian Competition and Consumer Commission and the Foreign Investment Review Board.

FY27 Guidance Signals Continued Growth

Alongside the takeover update, Cleanaway expects FY27 underlying EBIT of $500 million to $530 million, supported by collections-led growth and recovery across areas that underperformed in FY26. These gains are expected to be partly offset by higher spending on IT systems, technology upgrades and Blueprint 2030 2.0 capabilities.

With the shares trading below the indicative offer price, investor attention may now centre on whether EQT progresses to a binding agreement or whether another potential bidder emerges during the process.Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise. 

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