Filing Flows › Anheuser-Busch InBev SA (BUD) › Takeover & LBO
Is Anheuser-Busch InBev SA (BUD) a takeover target?
A leveraged buyout at today's price plus 30% ($109.15 a share) would return about 4% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. At $190.8B 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 | $109.15 | today's $83.96 plus 30% |
| × shares | 1,797.2 million | |
| = Equity value | $196.2B | |
| + Debt refinanced | $0 | |
| − Cash | $5.4B | |
| = Enterprise value | $190.8B | 9.1× EBITDA of $21.1B |
| Fees | $3.8B | 2% of the price |
| New debt | $115.8B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $78.8B | 40% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $61.1B | $21.7B | $8.9B | $7.1B | $108.7B |
| Year 2 | $62.9B | $22.3B | $8.3B | $7.9B | $100.7B |
| Year 3 | $64.8B | $23.0B | $7.7B | $8.8B | $91.9B |
| Year 4 | $66.8B | $23.7B | $7.0B | $9.8B | $82.2B |
| Year 5 | $68.8B | $24.4B | $6.3B | $10.8B | $71.4B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 6.9× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $168.7B | |
| − Debt left | $71.4B | |
| = Buyer's equity | $97.3B | |
| Money multiple | 1.24× | on $78.8B put in |
| Buyer's yearly return (IRR) | 4.3% |
Price against return
What the buyer makes at other premiums over today's $83.96.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $92.36 | 13.6% |
| 20% | $100.75 | 8.9% |
| 30% | $109.15 | 4.3% |
| 40% | $117.54 | 0.7% |
| 50% | $125.94 | −2.3% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $59.3B | |
| EBITDA, last 12 months | $21.1B | 35.5% of revenue |
| Depreciation and amortization | $5.7B | |
| Capital spending | $3.7B | |
| Debt | $0 | |
| Cash | $5.4B | |
| Share price | $83.96 | 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 3.0% 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 25% 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, Anheuser-Busch InBev SA would cost about $111.25 a share, $199.9B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $100.75 | $181.1B |
| Median | 32.5% | $111.25 | $199.9B |
| High end (a quarter paid more) | 51.8% | $127.45 | $229.1B |
Anheuser-Busch InBev SA's latest quarter
Anheuser-Busch InBev SA, Q3 2026: revenue $16.5B (+9% year over year), operating margin 15.4%, net earnings $1.6B. The chart follows the revenue to costs, profit and cash.
Questions
Is Anheuser-Busch InBev SA being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Anheuser-Busch InBev SA?
A leveraged buyout at today's price plus 30% ($109.15 a share) would return about 4% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. At $190.8B 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 Anheuser-Busch InBev SA 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, Anheuser-Busch InBev SA would cost about $111.25 a share, $199.9B for all its shares.
Updated Nov 9, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.