EQT Infrastructure VI Agrees A$9.3 Billion Cleanaway Deal: What Asia-Pacific Allocators Can Read From an Australian Take-Private

On 19 October 2026, EQT Infrastructure VI, a fund managed by the Swedish private markets firm EQT, signed a binding agreement to buy Australian waste company Cleanaway Waste Management for A$3.095 a share in cash, a 32.1% premium, in a deal that values the business at about A$9.3 billion (roughly US$6.5 billion) including debt.

TL;DR

• EQT Infrastructure VI will acquire all of Cleanaway through a scheme of arrangement, with the board unanimously recommending the deal, subject to an independent expert's view and no superior proposal.
• The price is A$3.095 per share, 32.1% above the A$2.37 close on 12 August 2026, and implementation is expected by the end of March 2027, subject to conditions.
• For Asia-Pacific allocators, the deal shows large-cap infrastructure-style assets in Australia being taken private by global funds, and it raises questions about fund deployment and exit routes.

What did EQT agree to buy, and at what price?

Cleanaway Waste Management (ASX: CWY) is a Melbourne-based company that runs a national network for waste collection, recycling, treatment, resource recovery and disposal. EQT's release says the price of A$3.095 per share will be reduced by any dividends paid before completion, and Cleanaway may pay up to A$0.19 per share, according to Kalkine's reading of the company's announcement. A ticking fee of A$0.0002 per share per day applies if implementation falls after 31 May 2027. The enterprise value of about A$9.3 billion rests on EQT's disclosed inputs, including net debt and debt-like items of A$2,288.7 million and FY26 underlying EBIT of A$470.2 million. On our arithmetic, that implies an equity value near A$6.98 billion and roughly 19.8 times EBIT; these are our calculations, not figures stated by EQT.

What approvals and timing remain?

The scheme needs Cleanaway shareholder approval, Federal Court of Australia approval and required regulatory clearances. The board's recommendation depends on the independent expert concluding the scheme is in shareholders' best interests. EQT expects implementation by the end of March 2027. A scheme booklet with the expert's report is due later. Shareholders do not need to act now.

Why does this matter for Asia-Pacific allocators?

Cleanaway is a listed company with infrastructure-like, essential-service revenue, and it is moving into a private fund. Allocators in Singapore, Hong Kong and across the region who invest in global infrastructure or buyout funds should note two points from the release. First, EQT Infrastructure VI expects to be 85 to 90% invested after this deal, including completed and signed transactions, net of expected syndication. That suggests the fund is close to fully deployed, and it is our inference, not an EQT statement, that investors may soon see a successor fund. Second, EQT has not described the debt financing or named co-investors, so the release does not show how much equity may be syndicated to other investors. For related reading, see our coverage of EQT's evergreen strategy for Asia-Pacific (https://altassetasia.com/eqt-nexus-asia-what-a-new-evergreen-private-equity-route-means-for-asia-pacific-investors/), Bain Capital's record Asia Fund VI close (https://altassetasia.com/bain-capital-closes-asia-fund-vi-at-a-record-10-5-billion-what-it-signals-for-the-regions-private-equity-market/) and Asia buyout mega-fund fundraising (https://altassetasia.com/asia-buyout-mega-funds-drew-nearly-40-billion-in-q2-2026-as-growth-equity-held-at-5-what-apac-investors-should-ask/).

What is not confirmed?

The deal is not complete. EQT's release does not name specific regulatory approvals, describe the financing, or disclose Cleanaway's revenue and headcount, and we did not review the full ASX documents or scheme deed. Comments on what the deal means for allocators are interpretation. This article is not investment advice.

Frequently Asked Questions

How much is EQT paying for Cleanaway?

EQT Infrastructure VI will pay A$3.095 per share in cash, before any pre-completion dividends, at an enterprise value of about A$9.3 billion.

When will the Cleanaway deal complete?

EQT expects implementation by the end of March 2027, subject to shareholder, court and regulatory approvals.

What premium does the offer represent?

It is 32.1% above Cleanaway's A$2.37 close on 12 August 2026, the last full trading day before its first media statement on a potential deal.

Sources and Method

Primary source: EQT press release, 19 October 2026, as distributed by Europa Wire (https://news.europawire.eu/eqt-infrastructure-vi-reaches-agreement-to-acquire-cleanaway-in-transaction-valued-at-approximately-a9-3-billion/eu-press-release/2026/10/19/19/53/11/183485/). Independent sources: Private Equity Wire, 19 October 2026, citing Reuters (https://www.privateequitywire.co.uk/cleanaway-shares-surge-on-aud9-3bn-eqt-takeover-news/), and Kalkine on the scheme terms (https://kalkine.com.au/news/industrials/what-does-the-scheme-implementation-deed-between-cleanaway-asxcwy-and-eqt-involve). Figures were cross-checked across these sources.