Cleanaway Waste Management Advances EQT Infrastructure Takeover Discussions

Highlights

• EQT Infrastructure has reaffirmed its intention to progress the proposed acquisition of 100% of Cleanaway.
• Due diligence has not identified any issue likely to prevent the transaction from proceeding on the proposed terms.
• The parties are working towards an implementation deed, although there is currently no certainty that the transaction will proceed.

EQT Reaffirms Commitment to Proposed Transaction

Cleanaway Waste Management Limited (ASX: CWY) issued a further update on 5 October 2026 regarding its discussions with EQT Infrastructure, building on the previously established transaction process and exclusivity arrangements. EQT has since reaffirmed its confidential, non-binding proposal to acquire all outstanding Cleanaway shares through a scheme of arrangement.

The latest confirmation follows previous updates provided by EQT on 14 September and 28 September 2026. According to the update, EQT’s ongoing due diligence has not identified anything that is likely to prevent it from pursuing the potential transaction on the terms outlined in its proposal. EQT has further confirmed that it does not currently plan to alter the proposal in a way that would disadvantage Cleanaway shareholders.

Implementation Deed Negotiations Underway

EQT has reiterated its intention to move forward with the proposed acquisition at a consideration no lower than the indicative offer price. The parties are also working towards finalising an implementation deed before the current exclusivity period expires.

The parties are continuing to work through confirmatory due diligence and negotiations concerning the implementation deed. However, the transaction remains subject to further progress, and Cleanaway cautioned that there is no certainty that EQT’s proposal will result in a binding offer that can ultimately be presented to shareholders.

Shareholders Await Further Developments

Cleanaway confirmed that no action is currently required from shareholders regarding the proposal. The company will provide further updates to the market as developments arise. The proposed transaction follows EQT’s confidential, non-binding indicative proposal dated 3 August 2026 and the Transaction Process Deed announced by Cleanaway on 13 August 2026.

Cleanaway operates as a major waste management provider, with a workforce of more than 9,700 employees across over 350 sites in Australia, New Zealand and the Middle East. Its operations are supported by a fleet exceeding 6,200 vehicles, as well as recycling facilities, transfer stations, engineered landfills, liquid treatment plants and refineries. Cleanaway shares were last quoted at AU$2.625, up AU$0.035 or 1.35% based on the supplied market data.

Note- All data presented is based on information available at the time of writing.

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