EQT AB, Europe’s largest private equity firm, is weighing a US initial public offering of its waste management platform Reworld, potentially raising $1bn or more, according a report by Bloomberg citing unnamed sources close to the matter.
The Florham Park, New Jersey-based company, formerly known as Covanta, was acquired by EQT’s infrastructure arm in 2021 for $5.3bn including net debt. Reworld operates over 100 facilities across North America, serving municipal, residential, commercial, and industrial customers.
EQT is reportedly in talks with Goldman Sachs, JPMorgan, and RBC to manage the potential listing, which could come as early as 2026. Singaporean sovereign wealth fund GIC previously acquired a 25% stake in Reworld, although financial terms have not been disclosed.
The proposed IPO reflects a broader rebound in US equity capital markets, with IPO activity up nearly 40% year-to-date excluding SPACs, according to Bloomberg data. Sources cautioned that IPO timing, size, and syndicate composition are still under discussion.
The potential listing would allow EQT to partially realise its investment while tapping public market liquidity for a leading North American waste management platform.
