Sweden's EQT agrees to acquire Australia's Cleanaway Waste for $6.5 billion, marking another case in the wave of Australian stock privatizations.

According to reports from Zhihu Finance APP, Swedish private equity investment firm EQT AB has agreed to acquire Australian waste management company Cleanaway Waste Management Ltd. through one of its subsidiaries, in a deal that values the company at approximately AUD 9.3 billion (USD 6.5 billion). After a period of underperforming share price, this Australian domestic enterprise has become the latest local company to be taken private.

According to an exchange filing on Monday, EQT’s entity Sedum Group Pty Ltd. will acquire 100% of Cleanaway’s shares in cash at AUD 3.095 per share, less any cash amount for dividends. Before the transaction is implemented, the board of the waste management company will also distribute a fully franked special dividend to shareholders, ranging from AUD 0.145 to AUD 0.190 per share.

Based in Melbourne, Cleanaway is now joining an expanding group of companies that have become targets for private equity takeovers due to share price pressures in the public markets. Real estate group Ingenia Communities Group and IDP Education Ltd. are both in talks with private equity buyers; advertising company oOh!Media Ltd. agreed to be privatized for AUD 898 million in August.

The announcement stated that Cleanaway’s board unanimously recommends shareholders vote in favor of the deal; the transaction remains subject to conditions including shareholder and regulatory approval. Shareholders will be able to vote before the end of February 2027, and the deal is expected to be implemented by the end of March.

Barrenjoey Markets Pty Ltd. and Macquarie Capital are serving as Cleanaway’s joint financial advisers, while Ashurst Perkins Coie serves as its legal adviser.