EQT enters exclusive talks to acquire majority stake in Waga Energy

Global investment firm EQT has entered exclusive negotiations to acquire a majority stake in Waga Energy, a French leader in the production of renewable natural gas (RNG) from landfill sites.
The proposed acquisition is being made through EQT’s Transition Infrastructure strategy and aims to establish Waga Energy as a leading global platform in the waste-to-energy sector.
Under the terms of the proposed deal, EQT would acquire approximately 54.1% of Waga Energy’s share capital, equating to 65.9% of the voting rights.
The offer price is set at €21.55 per share, with a potential earn-out of up to €2.15 per share linked to the monetisation of US federal tax credits.
Should the transaction complete, EQT intends to launch a mandatory cash offer for the remaining shares, with the aim of delisting the company if regulatory conditions allow.
Waga Energy operates a proprietary gas upgrading technology, WAGABOX®, which recovers methane from landfill gas and purifies it into grid-compatible biomethane.
This solution delivers high methane recovery rates at competitive cost, supporting energy transition goals while reducing greenhouse gas emissions, according to the company.
The company currently has 50 units in operation or under construction across Europe and North America, and a commercial pipeline amounting to 16.8 TWh per year.
EQT’s investment is intended to accelerate Waga Energy’s expansion, particularly in North America, where the firm has already secured a number of RNG projects.
The partnership would enable Waga Energy to access long-term capital and technical expertise, strengthening its ability to compete in a capital-intensive market.
Waga Energy’s board has expressed unanimous initial support for the transaction, pending further review and regulatory approval.
An independent expert has been appointed to assess the fairness of the offer, and a full opinion from the board is expected in due course.
The deal remains subject to customary conditions, including antitrust clearance and consultation with employee representatives.
Completion and formal filing of the public offer are anticipated in the second half of 2025.