EQT completes tender offer on Waga Energy
Following settlement-delivery, EQT will hold, directly and by assimilation, 22,777,033 Waga Energy shares representing 85.88% of its share capital and 85.82% of its voting rights
EQT today announced that EQT Transition Infrastructure (“EQT”), through the investment vehicle Box BidCo S.A.S., has increased its majority shareholding in Waga Energy (EPA: WAGA or the “Company”) following completion of its tender offer on the latter.
On 24 November2025, Box BidCo S.A.S. announced the opening of a mandatory simplified cash tender offer for all remaining outstanding shares of Waga Energy at a price of EUR 21.55per share, which will be increased by an earn-out amount of up to EUR 2.15 per share based on the aggregate amount of U.S. federal investment tax credits that could be monetized by Waga Energy by 30 June 2028 in connection with certain of its projects developed in the U.S. (the “Offer”).
After the closing of the Offer on 12 December 2025, Box BidCo S.A.S. holds, directly and by assimilation, 22,777,033 shares and voting rights of Waga Energy, representing 85.88% of the share capital and 85.82% of voting rights of the Company.
On 24 November2025, Box BidCo S.A.S. announced the opening of a mandatory simplified cash tender offer for all remaining outstanding shares of Waga Energy at a price of EUR 21.55per share, which will be increased by an earn-out amount of up to EUR 2.15 per share based on the aggregate amount of U.S. federal investment tax credits that could be monetized by Waga Energy by 30 June 2028 in connection with certain of its projects developed in the U.S. (the “Offer”).
After the closing of the Offer on 12 December 2025, Box BidCo S.A.S. holds, directly and by assimilation, 22,777,033 shares and voting rights of Waga Energy, representing 85.88% of the share capital and 85.82% of voting rights of the Company.
Asís Echániz, Partner and Head of EQT Transition Infrastructure Europe, said: “Waga Energy continues to demonstrate strong momentum in a fast-growing segment of the energy transition, having built a differentiated platform in renewable gas through proprietary technology and an industrial approach. We are pleased to enter into this new chapter alongside the team to support the Company’s industrial model at scale, in close partnership with all its stakeholders.”
Settlement-delivery of the Offer is expected to occur on 19 December 2025.
Contact
EQT Press Office
+46 8 506 55 334
About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of more than three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has €267 billion in total assets under management (€139 billion in fee-generating assets under management) as of 30 September 2025, within two business segments – Private Capital and Real Assets.
With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.
The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.
More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram
About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of more than three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has €267 billion in total assets under management (€139 billion in fee-generating assets under management) as of 30 September 2025, within two business segments – Private Capital and Real Assets.
With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.
The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.
More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram
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