Infrastructure

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An aerial view of a landfill, with a compactor driving across a broad layer of mixed household waste and bare earth beyond.
Business

EQT Agreed to Buy Cleanaway for A$3.095 a Share, a A$9.3 Billion Deal. Three Days Earlier, the Stock Fell 7.6 Per Cent and the ASX Asked Why.

Cleanaway Waste Management said on Monday 19 October, Sydney time, that it has signed a binding scheme implementation deed under which an EQT Infrastructure vehicle will buy all its shares for A$3.095 each in cash, implying an enterprise value of about A$9.3 billion. The board recommends the deal subject to an independent expert's report. Shareholders vote before the end of February 2027, and FIRB and ACCC clearance are still needed.

Overhead electricity wires and a utility pole strung between brick buildings on a narrow street in Lahore, under a blue sky with white clouds.
World

Pakistan Has Nine Bidders for a State Power Distributor. The Losses Will Stay on Everyone's Bill.

Pakistan's privatisation board has prequalified nine bidders, three of them Turkish, for a controlling stake in the Gujranwala Electric Power Company, one of nine state electricity distributors the government has told the IMF it will sell by December 2027. Under the plan as reported, the national uniform tariff stays, so customers of efficient distributors will keep paying for the losses of weak ones.

A line of steel lattice transmission towers carrying high-voltage lines across flat, freshly tilled farmland, with wind turbines on the horizon.
Explainer

The Senate's Permitting Deal Would Give Opponents 150 Days to Sue. It Would Also Send Data Centers Their Grid Bill.

The leaders of the two Senate committees that oversee energy and the environment released a 400-page permitting bill on 30 September. It would set two-year deadlines for environmental reviews, give opponents 150 days to sue, make it harder for any administration to block a whole class of energy projects and require data centers to pay all of their transmission costs. The Senate does not return until after the election.

A coastal residential street under a foot or more of standing water, the centre line just visible beneath the surface, with stilted beach houses, mailboxes and utility poles on both sides under a flat grey sky.
Explainer

Eight-Tenths of a Foot Below Sandy: The Nor'easter, Product by Product

A 995-millibar coastal low is driving major coastal flooding from the Delmarva to southern New England across multiple high-tide cycles. Emergency declarations cover eight New York counties and eight in New Jersey. Every figure below is tied to the National Weather Service product that carried it and the hour it was issued, because forecasts move and this one has several tide cycles left to run.

A graphics card and circuit board photographed close up.
The Long View

The Chipmaker Bought the Neutral Ground

Nvidia has agreed to acquire Hugging Face, the hub through which a very large share of open models, datasets and tooling reaches developers, in a deal reported around $13bn. The platform's value came substantially from belonging to none of the hardware vendors. That property is what has just been bought.