SYDNEY — Shares of Cleanaway Waste Management surged more than 20% on Monday after the company signed a binding agreement to be acquired by private equity firm EQT Infrastructure, ending weeks of uncertainty over Australia's largest waste management takeover.

Cleanaway shares closed up 50 Australian cents, or 20.24%, at 2.97 dollars, near the session high of 2.99 dollars. Trading volume was exceptionally heavy, with more than 210 million shares changing hands, more than four times the volume of Friday's session. The company's market value rose to about 6.7 billion dollars.

The rally reversed Friday's 6% slide, when investors grew anxious that the deal might fall apart ahead of Monday's deadline.

Binding agreement signed

Cleanaway said Monday it had entered into a scheme implementation deed with Sedum Group, an entity owned by funds managed or advised by EQT, under which the buyer will........

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