EQT is set to acquire a controlling 54.1% stake in Waga Energy, a French renewable natural gas producer, as part of its transition infrastructure strategy. The private equity firm intends to follow the acquisition with a full takeover bid for the remaining shares.

The stake will be purchased from Waga’s founders – Mathieu Lefebvre, Guénaël Prince, Nicolas Paget – and early investors including Holweb SAS, Starquest Capital, Tertium, Noria, SWEN Impact Fund for Transition, and ALIAD. EQT is offering €21.55 per share, with a potential top-up of €2.15 per share tied to future performance.

Waga Energy’s board supports the proposal. Shares surged 27% to €21.60 following the announcement, giving the company a market capitalisation of €534.4m.

Waga converts landfill gas into renewable natural gas (RNG) using proprietary technology and is Europe’s largest player in this space. The company now aims to scale operations across North America and Europe. EQT’s investment includes access to its industrial advisor network and significant capital to accelerate Waga’s 16.8TWh annual pipeline.

“This partnership would unlock significant investment to accelerate our growth,” said CEO Mathieu Lefebvre. “We are looking forward to welcoming a long-term infrastructure investor with deep sector expertise.”

Patrick Jaslowitzer and Asis Echaniz from EQT’s infrastructure advisory team praised Waga’s positioning, calling the company a perfect fit for EQT’s strategy to back scalable energy transition platforms that drive circular economy outcomes.

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