(Bloomberg) -- EQT AB is exploring strategic options including a minority stake sale for Reworld that could value the waste management company at more than $8 billion including debt, according to people with knowledge of the matter.

The Stockholm-based firm owns Reworld — known as Covanta until last month — through its infrastructure arm. EQT is working with advisers and is in the early stages of soliciting interest from potential suitors, said the people, who asked not to be identified discussing confidential information. No final decisions have been reached and EQT could decide against pursuing a transaction. 

A representative for EQT declined to comment. A Reworld spokesperson didn’t immediately respond to a request for comment. 

EQT acquired the company in 2021 for $5.3 billion, including the assumption of the company’s net debt. Reworld — through Covanta Holding Corp. — has about $4.3 billion in outstanding debt, according to data compiled by Bloomberg. 

Morristown, New Jersey-based Reworld, led by Chief Executive Officer Azeez Mohammed, has more than 100 facilities, according to its website. It describes itself as a leader in sustainable waste solutions and seeks to transform waste into a resource. 

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