EQT Sells 25% Stake in Waste Management Firm to Singapore's GIC

By Dominic Chopping

STOCKHOLM--EQT agreed to sell a 25% stake in Reworld Waste to Singapore state investment firm GIC.

The Swedish buyout firm said Wednesday that the sale will see GIC become a strategic partner, with EQT remaining the largest shareholder.

"GIC's significant financial capital and scale will play an essential role in accelerating the company's growth plans, and meeting the growing demand for sustainable waste solutions from it's municipal, residential, commercial and industrial customers in North America," EQT said in a statement.

EQT took waste management company Reworld private in November 2021, and since then has nearly doubled its number of operational facilities and increased headcount by 800, significantly expanding its reach across new and existing core geographies, it said.

Reworld reduces, recycles and recovers more than 20 million metric tons of waste across over 100 facilities for more than 4,600 customers.

The deal is expected to close in the first quarter of 2025, subject to conditions.

Financial terms weren't disclosed.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

October 02, 2024 08:36 ET (12:36 GMT)

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