Cleanaway shares surge on AUD9.3bn EQT takeover news
TOP STORY: Swedish private markets investor EQT has agreed to acquire Cleanaway Waste Management in a transaction valuing the business at approximately A$9.3bn ($6.5bn), including debt, according to a report by Reuters.
EQT, a Swedish private markets investor, has struck a deal to acquire Australian waste management company Cleanaway Waste Management for roughly A$9.3 billion, including debt, according to Reuters. The Australian firm's shares jumped around 20% after the takeover news broke.
Cleanaway shareholders stand to receive AUD3.095 per share in cash, adjusted for any dividends paid before the deal's completion. This offer reflects EQT's initial AUD3.13-per-share proposal, adjusted to account for Cleanaway's final dividend, paid on October 8. The offer marks a 32.1% premium to Cleanaway's closing share price on August 12, prior to EQT's announcement.
The company's board has unanimously backed the transaction, provided a superior offer does not emerge. Cleanaway could also receive pre-completion dividends amounting to up to A$0.19 per share, with any payments offset against the acquisition consideration. EQT's Infrastructure arm secured exclusive due diligence access to Melbourne-based Cleanaway in August, setting the stage for the agreement.
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