Key Highlights

  • Cleanaway (ASX:CWY) entered a Scheme Implementation Deed on 19 October 2026 under which its shares would be acquired for $3.095 cash per share, less any dividends paid.
  • The scheme consideration implies an Enterprise value of about $9.3 billion and a 34.5% premium to the 3-month VWAP to 12 August 2026.
  • Share price data for CWY is not included in this article because it was not in the trading information provided for 6 November 2026.

Cleanaway Waste Management Limited (ASX:CWY) is one of Australia's largest waste and resource recovery companies. Share price data for Cleanaway was not available in the trading information provided for the session on 6 November 2026, so no closing price or percentage movement is reported here. For context, the S&P/ASX 200 Industrials index (XNJ) closed at 8,421.00, down 1.80 points or about 0.02%. The S&P/ASX 200 finished at 9,020.80, up 0.49%, and the All Ordinaries closed at 9,144.70, up 0.66%.

Latest Developments

Scheme Implementation Deed with EQT-Backed Bidder (19 October 2026)

On 19 October 2026, Cleanaway announced it had entered into a Scheme Implementation Deed with Sedum Group Pty Ltd, an entity owned by funds managed or advised by the EQT AB Group. Under the scheme of arrangement, the bidder would acquire 100% of Cleanaway's shares.

Shareholders would receive $3.095 in cash per share, less the cash amount of any dividends paid. The release described this as a premium of 34.5% to the 3-month VWAP to 12 August 2026, and an implied enterprise value of about $9.3 billion.

The Cleanaway Board said it unanimously recommends that shareholders vote in favour of the scheme in the absence of a superior proposal, and subject to an Independent Expert concluding that the scheme is in shareholders' best interests.

Special Dividend Provision (19 October 2026)

The release said the Cleanaway Board may declare and pay a fully franked Special Dividend of up to $0.19 per share before implementation of the scheme. The dividend is currently expected to be in a range of $0.145 to $0.190 per share, subject to the availability of franking credits.

About the Company

Cleanaway provides waste collection, resource recovery, landfill and industrial services across Australia. The company operates a broad network of collection vehicles, transfer stations, processing facilities and landfills, serving municipal, commercial and industrial customers.

Sector Context

Waste management is a regulated and infrastructure-intensive sector. Demand is supported by population growth, municipal contracts and industrial activity, and the sector has attracted interest from infrastructure investors looking for long-term, asset-backed cash flows. Scheme transactions of this type are assessed by independent experts and subject to Shareholder and court approval.

Risks to Watch

Completion of the scheme depends on several conditions, including shareholder approval, the Independent Expert continuing to conclude that the scheme is in shareholders' best interests, and the absence of a superior proposal. If these conditions are not met, the scheme may not proceed.

The final cash amount depends on any dividends paid before implementation, and the special dividend amount depends on franking Credit availability. Business performance during the transaction period is another consideration.

Catalysts on Watch

Key items include the Independent Expert's report, the scheme meeting and vote, court approval, and the timing of the special dividend. Any update on the conditions precedent set out in the scheme implementation deed will also be relevant.

Closing Remarks

Cleanaway agreed to a scheme under which EQT-backed funds would acquire the company for $3.095 cash per share. Share price data was not included for the session on 6 November 2026, so trading levels cannot be reported here. The scheme's progress and the Independent Expert's conclusions will be the next key disclosures.