Jun 6, 2025 - Business

Private equity firm EQT to buy biomethane producer Waga

Illustration of a pipeline surrounded by money elements and abstract shapes. — Illustration: Gabriella Turrisi/Axios

Private equity firm EQT on Friday said it's agreed to acquire Waga Energy, via a two-part deal that would value the French biomethane producer at over $600 million.

Why it matters: This could set up expansion for Waga into the U.S., where biomethane may be one of the few types of renewables unhampered by the Trump administration — given that it utilizes existing natural gas infrastructure.

It also appears to be the first renewable natural gas deal for EQT (the global private equity giant, not the Pittsburgh-based energy producer).

Zoom in: EQT agreed to initially buy a 54.1% stake for €289 million, or €21.55 per share (27% premium to yesterday's closing price). Once that tranche closes, EQT would launch a mandatory tender for the remaining shares.

The bottom line: The gas is coming from landfills, but you can just add it to the conventional natural gas you're already producing, transporting, and consuming. It's a drop-in.

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Private equity firm EQT to buy biomethane producer Waga

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