Allens is advising leading global investment organisation EQT on its proposed acquisition of Cleanaway Waste Management for an implied enterprise value of $9.3 billion by way of scheme of arrangement.
The transaction represents the largest announced take-private of an ASX-listed company this calendar year and continues the strong momentum in Australian public-to-private transactions involving significant private capital investors.
The scheme will see Cleanaway shareholders receive $3.095 in cash for each Cleanaway share, representing a premium of 32.1% to the last closing share price and subject to any adjustment for further dividends or distributions.
A leading integrated waste management and resource recovery company, Cleanaway provides essential collection, recycling, treatment and disposal services to households, businesses, councils and communities across Australia.
Lead Partner Tom Story said: 'We are thrilled to have advised EQT on this investment. This is a significant transaction for the Australian public M&A market and reflects the continued strength of private capital activity.'
M&A Partner Kimberley Lowrie said: 'We congratulate EQT on this landmark transaction, which plays to its strengths as one of the world's most active investors in waste management and environmental services as well as to its disciplined, long-term investment approach.'
The scheme is subject to conditions including shareholder and required regulatory approvals, and is expected to be implemented by March 2027.
The transaction continues Allens' recent involvement in some of Australia's largest and most complex take-private transactions, including advising Qube Holdings on its landmark $11.7 billion take-private acquisition by a consortium led by Macquarie Asset Management, and Brookfield in relation to its proposed acquisition of ASX-listed plumbing and heating manufacturer Reliance Worldwide Corporation for an enterprise value of approximately $4.1 billion.
Allens legal team
M&A and Capital Markets
Tom Story (lead Partner), Noah Obradovic (Partner), Kimberley Lowrie (Partner)
Finance, Banking & Debt Capital
David Couper (Partner)
Funds, Super & Financial Services
James Kanabar (Partner), Rebecca Sheehy (Partner)
Environment & Planning
Rebecca Pleming (Partner), Darcy Doyle (Partner), Felicity Rourke (Partner)
Real Estate
Carrie Rogers (Partner)
Employment & Safety
Chloe Wilton (Partner), Simon Dewberry (Partner)
Competition, Consumer & Regulatory
Felicity McMahon (Partner)
Technology, Media & Telecommunications
Isabelle Guyot (Partner)