In May 2025, Swedish private equity firm EQT AB (STO: EQT) entered into a definitive agreement to acquire a 54.1% stake in Waga Energy SA (EPA: WAGA), a French leader in renewable natural gas (RNG) production, in a transaction that values the company at approximately €534 million (US$611 million). The strategic move marks EQT’s latest effort under its Transition Infrastructure strategy, which focuses on accelerating the energy transition through sustainable investments.
The transaction price of €21.55 per share represents a 27% premium to Waga Energy’s closing stock price prior to the announcement, and a 70% premium over the company’s three-month volume-weighted average. The acquisition also includes a potential earn-out of up to €2.15 per share, contingent on the monetization of U.S. investment tax credits (ITCs) tied to Waga’s projects in the United States.
From Majority Stake to Full Ownership
Following the completion of the initial transaction, EQT intends to file a mandatory public offer to acquire the remaining shares at the same price and pursue a squeeze-out and delisting of Waga Energy from the Euronext Growth Paris exchange. Upon closing, EQT will hold 65.9% of voting rights, giving it effective control of the company.
The sellers include Waga Energy’s co-founders — Mathieu Lefebvre, Guenaël Prince, Nicolas Paget, and Holweb SAS — alongside key institutional investors such as Starquest Capital, Tertium, Noria, SWEN Impact Fund for Transition, and ALIAD (Air Liquide’s venture capital arm).
A Strategic Bet on Biomethane and Landfill Gas
Founded in France, Waga Energy specializes in the production of biomethane, also known as renewable natural gas (RNG), from landfill gas, using its patented WAGABOX® technology. This innovative system upgrades methane emitted from landfills into pipeline-quality biomethane, which can be injected directly into the gas grid.
As of April 2025, Waga operates or is building 50 production units across Europe and North America, with a total commercial pipeline of 16.8 terawatt-hours (TWh) annually. The company has scaled rapidly, supported by public and private funding, and has become a key player in decarbonizing the natural gas value chain.
To support its ongoing global expansion, particularly in North America, Waga recently expanded a syndicated loan facility by €24 million, bringing the total to €124 million. EQT’s investment is expected to significantly strengthen Waga’s financial base and provide strategic guidance in scaling its business internationally.
Strategic and Financial Synergies
EQT views Waga Energy as a critical asset in its energy transition portfolio. The firm believes that RNG is set to play an essential role in the decarbonization of hard-to-abate sectors and that Waga’s technology, global presence, and experienced management team position it as a future market leader.
In addition to aligning with EQT’s environmental, social and governance (ESG) investment strategy, the deal provides financial advantages. By supporting Waga’s continued international growth — particularly in the U.S. where investment tax credits can enhance returns — EQT expects the transaction to unlock long-term value.
Waga’s board of directors has unanimously welcomed the deal, expressing strong support for EQT’s plan to help the company achieve global scale while maintaining its sustainability mission. EQT plans to work closely with Waga’s leadership to maintain continuity and operational independence, while accelerating international project development.
Timeline and Next Steps
The deal is currently pending regulatory approvals and is expected to close in the second half of 2025. Once the acquisition is finalized, EQT will launch the mandatory cash offer for the remaining equity and work toward delisting the company.
About EQT AB
EQT is a global investment organization with €232 billion in assets under management across multiple strategies including private capital and real assets. Through its Transition Infrastructure platform, EQT invests in sustainable infrastructure assets that are positioned to benefit from long-term macro trends in energy transition, digitalization, and environmental innovation.
About Waga Energy
Waga Energy is a French company that develops and operates facilities that recover landfill gas and convert it into renewable natural gas (biomethane). Its patented WAGABOX® units are designed to meet gas grid standards, helping decarbonize the energy mix and valorize waste methane emissions.
Recent Update: EQT Signs 10-Year Gas Supply Deals with Duke and Southern
EQT Corp. has finalized long-term gas supply agreements with Duke Energy and Southern Company, securing delivery of 1.2 Bcf/d beginning in 2027. The deals—800 MMcf/d with Duke and 400 MMcf/d with Southern—represent approximately 20% of EQT’s total production.
The agreements utilize EQT’s capacity on the Mountain Valley Pipeline, enhancing access to Southeast U.S. markets. Both utilities are transitioning from coal to gas-fired generation to meet the rapidly rising power demand, including that from new data centers.
Duke and Southern are also key shippers on Williams’ 1.6 Bcf/d Southeast Supply Enhancement, expected online in Q4 2027, reinforcing long-term supply and infrastructure alignment.
