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Australia's Cleanaway hits 2-year high as Morningstar hikes PT after EQT deal

By Reuters News

** Shares of Cleanaway Waste Management CWY.AX rise as much as 1% to A$3, their highest level since mid-August 2024

** Morningstar raises its fair-value estimate for the waste management firm by 5% to A$2.95 after co agreed to be bought by Swedish private equity firm EQT AB EQTAB.ST

** Investment research firm assumes a 75% probability that the deal goes ahead, up from 50% previously

** Morningstar says it will revert to its standalone valuation of A$2.50 per share if the deal does not proceed

** Cleanaway on Monday agreed to a scheme implementation deed with EQT Infrastructure, managed by EQT, in a deal that valued co at A$9.3 billion ($6.48 billion), including debt

** Stock up 15.4% YTD, including the day's moves

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