EQT Infrastructure agrees A$9.3 billion scheme to take Cleanaway Waste Management private

EQT Infrastructure has agreed to acquire 100% of Cleanaway Waste Management by scheme of arrangement, in a transaction that implies an enterprise value of approximately A$9.3 billion. Mirage News reported the scheme implementation deed on October 29, 2026.

Cleanaway Waste Management is Australia's largest publicly listed waste management company, running a national network of waste infrastructure across more than 350 locations and 135 licensed facilities. EQT is a global private markets firm whose funds cover infrastructure, real estate and private equity.

Cleanaway's A$9.3 Billion Scheme With EQT

The scheme implementation deed sets out EQT's acquisition of all issued Cleanaway shares by scheme of arrangement, at an implied enterprise value of approximately A$9.3 billion. The scheme is expected to be implemented by the end of March 2027, subject to customary conditions.

Ashurst Perkins Coie is advising Cleanaway on the proposed acquisition. Neil Pathak, head of the firm in Australia and co-head of M&A (Australia), said: "Ashurst Perkins Coie is delighted to be supporting our long-term client Cleanaway on this landmark transaction which will deliver a strong outcome to Cleanaway shareholders at a significant premium to its share price prior to the transaction."

Pathak and Susannah Macknay led the Ashurst Perkins Coie team. The firm's antitrust and competition, tax, global loans and global markets, projects, complex litigation and real estate practices also advised, with tax and corporate partners in Frankfurt among the team.

Cleanaway's Scale Across Australia

According to akta.pro company records, Cleanaway operates more than 350 active sites across Australia, including collection, recycling, treatment and disposal facilities, and employs more than 10,000 people. The same records put its fleet at more than 6,400 vehicles, one of Australia's largest waste collection fleets, serving small and medium businesses, large enterprises and approximately 140 municipal councils.

The company was founded in 1955 and is headquartered in Melbourne. Mark Schubert is chief executive and managing director, Nigel Simonsz is chief financial officer and Samantha Hogg is independent non-executive chair.

EQT's Earlier Approach to Cleanaway

On September 28, 2026, Cleanaway said EQT did not intend to vary proposal terms to make the deal less favourable, committing to proceed at consideration no less than the indicative offer price while continuing confirmatory due diligence, The future of trading reported. On October 4, 2026, the same outlet reported that EQT had provided written re-confirmation under the deal process deed as of October 5, 2026 and did not intend to vary terms to less favourable for shareholders.

On October 18, 2026, EIN Presswire reported that EQT signed a deal to end Cleanaway's 21-year ASX listing, with an announcement expected that morning and a $9.4 billion bid.