EQT Infrastructure has provided written confirmation that it intends to proceed with its acquisition of Cleanaway Waste Management, with no issues identified in its due diligence review that would prevent the deal from moving forward. The infrastructure investor has committed to a price no less than its indicative offer and has pledged not to introduce terms less favorable to Cleanaway shareholders. This confirmation represents a significant milestone in a transaction that could reshape Australia’s waste management landscape.
The announcement follows Cleanaway’s disclosure on 13 August 2026 of a confidential, non-binding indicative proposal dated 3 August 2026 for EQT to acquire 100 percent of the company’s shares through a scheme of arrangement. At that time, the parties entered into a Transaction Process Deed with a hard exclusivity period of 20 business days from 17 August 2026. That exclusivity window has now closed, which is the point at which EQT was required to provide its written confirmation. The fact that confirmation has been delivered and contains the three commitments outlined suggests the process remains on track despite the exclusivity period ending.
The confirmatory due diligence phase is continuing, with both parties working toward negotiation and execution of an implementation deed. This deed would represent the binding agreement necessary before any scheme of arrangement could be put to Cleanaway shareholders for a vote. The timing of when this implementation deed might be executed remains unclear from the announcement, though the parties’ continued engagement suggests momentum in the process.
Investors should note that the announcement explicitly states there is no certainty the proposal will result in a binding proposal capable of being put to shareholders or that any transaction will proceed at all. This is standard cautionary language, yet it reflects genuine deal risks that remain. While EQT’s confirmation is positive, confirmatory due diligence can still uncover issues, and implementation deed negotiations can encounter obstacles. Regulatory approval and other closing conditions would also need to be satisfied.
The path forward requires execution of an implementation deed and ultimately approval from Cleanaway shareholders. EQT’s confirmation that it will maintain the indicative offer price provides a floor for shareholder consideration, but the deal’s final structure, timing, and likelihood of completion will become clearer as the implementation deed negotiations progress. Further announcements are expected as the transaction advances through subsequent stages.
This announcement has been classified as price sensitive and flagged as material by the ASX, reflecting its significance for investors in Cleanaway and the broader implications for the waste management sector.
View the full ASX announcement (PDF)
About Cleanaway Waste Management Limited (ASX: CWY)
Cleanaway Waste Management Limited is Australia’s largest waste management business providing collection, processing, treatment, recycling, and disposal of waste across municipal, commercial, and industrial sectors. The company operates a national footprint and handles hazardous liquids, medical waste, and various industrial waste streams. It also owns and manages transfer stations, recycling facilities, and landfills across Australia.
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