Waga Energy SA: EQT’s Majority Takeover Signals Global Expansion

The French gas‑engineering specialist, Waga Energy SA, has entered a new chapter following the completion of a majority stake acquisition by investment firm EQT. The transaction, finalized on 18 September 2025, involved the purchase of 56.48 % of Waga Energy’s share capital at a price of EUR 21.55 per share, with the possibility of an additional earn‑out of up to EUR 2.15 per share. This deal marks a significant shift in ownership, with EQT acquiring shares from the company’s founders and several historical shareholders.

Transaction Details and Financial Implications

  • Purchase Price: EUR 21.55 per share, with a potential earn‑out of EUR 2.15 per share.
  • Stake Acquired: 56.48 % of the issued share capital.
  • Transaction Value: While the exact enterprise value is not disclosed, the per‑share price aligns closely with the company’s most recent closing price of EUR 21.50 on 16 September 2025, suggesting a modest premium for control.
  • Earn‑Out Structure: The earn‑out clause allows EQT to pay additional consideration based on future performance metrics, a common mechanism in buy‑outs to bridge valuation gaps between seller expectations and buyer assessment.

Strategic Rationale

Waga Energy’s core competencies—landfill gas recovery, upgrades, and grid‑injection projects—position it as a key player in the renewable natural gas (RNG) sector. With operations spanning France, Canada, and the United States, the company has cultivated a diversified geographic footprint. EQT’s investment is poised to accelerate Waga Energy’s global reach:

  1. Capital Injection: The infusion of resources will support expansion into new markets and the scaling of existing projects.
  2. Operational Synergies: EQT’s portfolio management expertise may streamline project development timelines and enhance cost efficiencies.
  3. Strategic Partnerships: Leveraging EQT’s network could unlock joint ventures with utility providers and industrial clients seeking RNG solutions.

Market Context

Waga Energy’s shares trade on the Frankfurt Stock Exchange and are also listed on NYSE Euronext Paris. The company’s market capitalization stands at approximately EUR 4.26 billion. Despite a negative price‑to‑earnings ratio of –28.817, indicative of current valuation challenges, the recent acquisition underscores confidence in the company’s long‑term growth trajectory.

The 52‑week price range for Waga Energy has seen significant volatility, with a low of EUR 8.01 on 6 April 2025 and a high of EUR 23.05 on 5 June 2025. The purchase price set by EQT sits comfortably within this band, suggesting a strategic alignment with the market’s upper valuation levels.

Forward‑Looking Statements

While the announcement confirms EQT’s controlling interest, it does not provide detailed operational or financial projections. Stakeholders should monitor forthcoming quarterly reports for insights into how the new ownership structure will influence Waga Energy’s revenue streams, project pipeline, and capital allocation strategies.

Conclusion

EQT’s majority stake acquisition in Waga Energy SA represents a pivotal development in the renewable energy sector, reinforcing the company’s potential to scale its RNG solutions globally. The transaction’s terms reflect a measured valuation approach, while the earn‑out provision provides flexibility to align future performance with investor expectations. As Waga Energy continues to navigate a dynamic market, the partnership with EQT is likely to be a catalyst for enhanced growth and operational excellence.