EQT Infrastructure to acquire Australian waste management firm Cleanaway at $6.5bn valuation

✦ Meridian Analysis

EQT Infrastructure has agreed to take Cleanaway private at an estimated valuation of $6.5 billion, according to PE Hub. Cleanaway operates as an Australian waste management firm offering collection, recycling, treatment, and disposal services to households, businesses, councils, and communities across the country. In a take-private transaction of this scale, financial sponsors and their legal and financial advisers typically focus on the acquisition structure, regulatory clearance pathways, and the specific terms of the debt financing package required to fund the buyout. Because the target is a publicly listed entity, the mechanics involve a scheme of arrangement or a takeover offer, alongside the coordination of equity commitments from the sponsor's fund and debt underwriting from institutional lenders. This transaction follows a series of large-scale deployment and portfolio moves by the same financial sponsor across global markets. Earlier this month Meridian reported that EQT acquired a German diagnostics group in a €10.8 billion deal, and also reported on EQT's agreement to acquire Stockbridge, as well as its involvement alongside Lgt and Coller in a continuation fund for VDK Groep and discussions alongside Ardian for control of Acciona's energy subsidiary. Specific details regarding the transaction remain unconfirmed. The exact financing package, leverage levels, debt providers, and the complete roster of financial and legal advisers have not been disclosed. Additionally, the precise timetable for completion, the conditions of the regulatory approval process, and any potential shareholder vote thresholds have not been released.

Additional sources: PE Hub · PE Hub

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