EQT Launches A$7B Takeover Bid for Cleanaway Waste Management
EQT is trading near its 52-week low of $47.937 (13% above the low).
Summary
EQT's infrastructure arm has made a A$3.13 per share cash offer for Cleanaway Waste Management, valuing the Australian waste company at A$7 billion (US$4.94 billion). Cleanaway's board will recommend the offer, which represents a 32% premium to its last close. EQT will conduct due diligence for up to nine weeks before making a binding offer. This is a significant expansion of EQT's infrastructure portfolio into waste management, a sector with stable cash flows. The deal follows EQT's recent acquisitions of Intertek and Copia Power, underscoring its aggressive deployment of capital. Watch for the outcome of due diligence and any competing bids.
At the time of this announcement, EQT was trading at $54.09 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $33.8B. The 52-week trading range was $47.94 to $68.24. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.