Filing Flows › Barrick Mining (B) › Takeover & LBO
Is Barrick Mining (B) a takeover target?
A leveraged buyout at today's price plus 30% ($52.44 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $29.78 a share (−26% against today's $40.34). At $94.6B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $52.44 | today's $40.34 plus 30% |
| × shares | 1,675.4 million | |
| = Equity value | $87.9B | |
| + Debt refinanced | $6.7B | |
| − Cash | $0 | |
| = Enterprise value | $94.6B | 15.5× EBITDA of $6.1B |
| Fees | $1.9B | 2% of the price |
| New debt | $33.5B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $62.9B | 65% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $18.3B | $6.6B | $2.6B | −$765M | $34.3B |
| Year 2 | $19.5B | $7.0B | $2.6B | −$703M | $35.0B |
| Year 3 | $20.6B | $7.4B | $2.7B | −$645M | $35.6B |
| Year 4 | $21.5B | $7.7B | $2.7B | −$596M | $36.2B |
| Year 5 | $22.1B | $8.0B | $2.8B | −$559M | $36.8B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 12.2× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $97.0B | |
| − Debt left | $36.8B | |
| = Buyer's equity | $60.2B | |
| Money multiple | 0.96× | on $62.9B put in |
| Buyer's yearly return (IRR) | −0.9% |
Price against return
What the buyer makes at other premiums over today's $40.34; the IRR reaches 20% at $29.78 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $44.37 | 4.2% |
| 20% | $48.41 | 1.5% |
| 30% | $52.44 | −0.9% |
| 40% | $56.48 | −2.9% |
| 50% | $60.51 | −4.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $17.0B | |
| EBITDA, last 12 months | $6.1B | 35.9% of revenue |
| Depreciation and amortization | $1.1B | |
| Capital spending | $3.8B | |
| Debt | $6.7B | |
| Cash | $0 | |
| Share price | $40.34 | on Nov 6, 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 8.0% 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 19% 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, Barrick Mining would cost about $53.45 a share, $89.5B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $48.41 | $81.1B |
| Median | 32.5% | $53.45 | $89.5B |
| High end (a quarter paid more) | 51.8% | $61.24 | $102.6B |
Barrick Mining's latest quarter
Barrick Mining, Q2 2025: revenue $3.7B (+16% year over year), operating margin 38.5%, net earnings $811M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
Questions
Is Barrick Mining being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Barrick Mining?
A leveraged buyout at today's price plus 30% ($52.44 a share) would return a loss of about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $29.78 a share (−26% against today's $40.34). At $94.6B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.
What would a takeover of Barrick Mining 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, Barrick Mining would cost about $53.45 a share, $89.5B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.