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Filing Flows › Antero Midstream (AM) › Takeover & LBO

Is Antero Midstream (AM) a takeover target?

A leveraged buyout at today's price plus 30% ($27.91 a share) would return about 5% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $15.41 a share (−28% against today's $21.47). Historically 4.2% of companies with its figures were bought within a year (0.84× the average).

Share price$21.47
Offer at +30%$27.91
Buyer's IRR5%
Most for 20%$15.41
EV / EBITDA15.9×
Buyout debt5.5× EBITDA

The buyout, step by step

EntryAmountHow
Offer price a share$27.91today's $21.47 plus 30%
× shares477.1 million
= Equity value$13.3B
+ Debt refinanced$3.6B
− Cash$0
= Enterprise value$16.9B19.4× EBITDA of $871M
Fees$338M2% of the price
New debt$4.8B5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA
Buyer's own money$12.4B72% of the cost

5 years under the buyer

Antero Midstream: buyout debt left, year by yearAntero Midstream: buyout debt left, year by year$4.8BEntry$4.3BYear 1$3.8BYear 2$3.2BYear 3$2.5BYear 4$1.8BYear 5
Free cash flow after interest and tax repays the debt; a shortfall is borrowed.
YearRevenueEBITDAInterestFree cash flowDebt left
Year 1$1.3B$931M$367M$466M$4.3B
Year 2$1.4B$986M$331M$537M$3.8B
Year 3$1.5B$1.0B$290M$606M$3.2B
Year 4$1.5B$1.1B$243M$674M$2.5B
Year 5$1.6B$1.1B$192M$738M$1.8B

The exit and the buyer's return

ExitAmount
Exit multiple15.9× EBITDAtoday's trading multiple, before any premium
Enterprise value at exit$17.6B
− Debt left$1.8B
= Buyer's equity$15.8B
Money multiple1.27×on $12.4B put in
Buyer's yearly return (IRR)4.9%

Price against return

What the buyer makes at other premiums over today's $21.47; the IRR reaches 20% at $15.41 a share.

PremiumPrice a shareBuyer's IRR
10%$23.628.8%
20%$25.766.8%
30%$27.914.9%
40%$30.063.2%
50%$32.201.7%

The figures used

FigureAmount
Revenue, last 12 months$1.2B
EBITDA, last 12 months$871M70.6% of revenue
Depreciation and amortization$220M
Debt$3.6B
Cash$0
Share price$21.47on Oct 30, 2026

Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 6.9% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 27% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.

What a takeover could cost

Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Antero Midstream would cost about $28.45 a share, $13.6B for all its shares.

Premium%Price a shareAll shares
Low end (a quarter of deals paid less)20%$25.76$12.3B
Median32.5%$28.45$13.6B
High end (a quarter paid more)51.8%$32.59$15.5B

The odds, from history

Historically 4.2% of companies with its figures were bought within a year (0.84× the average). Its figures put it in decile 4 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.

Antero Midstream's latest quarter

Antero Midstream, Q3 2026: revenue $327M (+11% year over year), operating margin 170.4%, net earnings $393M, operating cash flow $600M. The chart follows the revenue to costs, profit and cash.

Questions

Is Antero Midstream being acquired?

No headline, 8-K or 13D about a sale is on file in the last year.

Could private equity buy Antero Midstream?

A leveraged buyout at today's price plus 30% ($27.91 a share) would return about 5% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $15.41 a share (−28% against today's $21.47).

What would a takeover of Antero Midstream cost?

Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Antero Midstream would cost about $28.45 a share, $13.6B for all its shares.

Open the interactive view →

Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.