Filing Flows

Filing Flows › CBRE Group (CBRE) › Takeover & LBO

Is CBRE Group (CBRE) a takeover target?

A leveraged buyout at today's price plus 30% ($177.25 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $100.21 a share (−27% against today's $136.35). Historically 2.8% of companies with its figures were bought within a year (0.56× the average).

Share price$136.35
Offer at +30%$177.25
Buyer's IRR3%
Most for 20%$100.21
EV / EBITDA15.9×
Buyout debt5.5× EBITDA

The buyout, step by step

EntryAmountHow
Offer price a share$177.25today's $136.35 plus 30%
× shares291.6 million
= Equity value$51.7B
+ Debt refinanced$7.9B
− Cash$1.7B
+ Other claims$344Mpreferred stock, minority interests
= Enterprise value$58.3B20.0× EBITDA of $2.9B
Fees$1.2B2% of the price
New debt$16.0B5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA
Buyer's own money$43.4B73% of the cost

5 years under the buyer

CBRE Group: buyout debt left, year by yearCBRE Group: buyout debt left, year by year$16.0BEntry$15.2BYear 1$14.1BYear 2$12.8BYear 3$11.3BYear 4$9.5BYear 5
Free cash flow after interest and tax repays the debt; a shortfall is borrowed.
YearRevenueEBITDAInterestFree cash flowDebt left
Year 1$48.6B$3.1B$1.2B$839M$15.2B
Year 2$51.9B$3.4B$1.2B$1.1B$14.1B
Year 3$54.7B$3.5B$1.1B$1.3B$12.8B
Year 4$57.1B$3.7B$980M$1.5B$11.3B
Year 5$58.8B$3.8B$863M$1.8B$9.5B

The exit and the buyer's return

ExitAmount
Exit multiple15.9× EBITDAtoday's trading multiple, before any premium
Enterprise value at exit$60.5B
− Debt left$9.5B
= Buyer's equity$51.0B
Money multiple1.17×on $43.4B put in
Buyer's yearly return (IRR)3.3%

Price against return

What the buyer makes at other premiums over today's $136.35; the IRR reaches 20% at $100.21 a share.

PremiumPrice a shareBuyer's IRR
10%$149.997.6%
20%$163.625.3%
30%$177.253.3%
40%$190.891.4%
50%$204.52−0.2%

The figures used

FigureAmount
Revenue, last 12 months$45.0B
EBITDA, last 12 months$2.9B6.5% of revenue
Depreciation and amortization$853M
Capital spending$465M
Debt$7.9B
Cash$1.7B
Share price$136.35on 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 22% 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, CBRE Group would cost about $180.66 a share, $52.7B for all its shares.

Premium%Price a shareAll shares
Low end (a quarter of deals paid less)20%$163.62$47.7B
Median32.5%$180.66$52.7B
High end (a quarter paid more)51.8%$206.98$60.4B

The odds, from history

Historically 2.8% of companies with its figures were bought within a year (0.56× the average). Its figures put it in decile 2 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.

CBRE Group's latest quarter

CBRE Group, Q3 2026: revenue $11.5B (+13% year over year), operating margin 4.9%, net earnings $443M, operating cash flow $869M. The chart follows the revenue to costs, profit and cash.

Questions

Is CBRE Group being acquired?

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

Could private equity buy CBRE Group?

A leveraged buyout at today's price plus 30% ($177.25 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $100.21 a share (−27% against today's $136.35).

What would a takeover of CBRE Group 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, CBRE Group would cost about $180.66 a share, $52.7B 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.