Cleanaway Waste Management has extended EQT Infrastructure's exclusivity period to 19 October 2026 so the private equity group can finish due diligence on its proposed A$9.4bn (about US$6.6bn) acquisition of Australia's biggest waste company, the company told the ASX on 12 October.
Deal terms and financing
EQT's indicative offer is A$3.13 cash per share, less any dividends paid after the proposal date, plus a ticking fee of 0.02c a share a day if the deal is implemented after 31 March 2027. The price is a 32.1% premium to Cleanaway's A$2.37 close on 12 August and implies about 20 times FY26 underlying EBIT. It followed an initial unsolicited approach at A$3.00. On 11 October EQT confirmed it does not intend to vary the terms in a way that would be less favourable to shareholders and is committed to signing an implementation deed before exclusivity expires.
Regulatory approvals and timing
A binding scheme would require clearance from the Foreign Investment Review Board and the Australian Competition and Consumer Commission, along with shareholder and court approval. Cleanaway has said there is no certainty the proposal will lead to a binding transaction.
Market context
Cleanaway's directors have said they intend to recommend a scheme at no less than A$3.13 a share, in the absence of a superior proposal and subject to an independent expert's opinion. EQT had already reconfirmed its terms on 14 September, 28 September and 4 October.
