Filing Flows › Clean Harbors (CLH) › Takeover & LBO
Is Clean Harbors (CLH) a takeover target?
A leveraged buyout at today's price plus 30% ($367.03 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $214.58 a share (−24% against today's $282.33). Historically 3.0% of companies with its figures were bought within a year (0.6× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $367.03 | today's $282.33 plus 30% |
| × shares | 52.9 million | |
| = Equity value | $19.4B | |
| + Debt refinanced | $2.9B | |
| − Cash | $517M | |
| = Enterprise value | $21.8B | 16.4× EBITDA of $1.3B |
| Fees | $436M | 2% of the price |
| New debt | $7.3B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $14.9B | 67% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $7.1B | $1.4B | $559M | $163M | $7.1B |
| Year 2 | $7.6B | $1.5B | $546M | $219M | $6.9B |
| Year 3 | $8.0B | $1.6B | $529M | $274M | $6.6B |
| Year 4 | $8.3B | $1.7B | $508M | $327M | $6.3B |
| Year 5 | $8.6B | $1.7B | $483M | $377M | $5.9B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 13.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $22.6B | |
| − Debt left | $5.9B | |
| = Buyer's equity | $16.7B | |
| Money multiple | 1.12× | on $14.9B put in |
| Buyer's yearly return (IRR) | 2.2% |
Price against return
What the buyer makes at other premiums over today's $282.33; the IRR reaches 20% at $214.58 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $310.56 | 7.0% |
| 20% | $338.80 | 4.5% |
| 30% | $367.03 | 2.2% |
| 40% | $395.26 | 0.3% |
| 50% | $423.50 | −1.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $6.6B | |
| EBITDA, last 12 months | $1.3B | 20.2% of revenue |
| Depreciation and amortization | $463M | |
| Capital spending | $519M | |
| Debt | $2.9B | |
| Cash | $517M | |
| Share price | $282.33 | 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 26% 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, Clean Harbors would cost about $374.09 a share, $19.8B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $338.80 | $17.9B |
| Median | 32.5% | $374.09 | $19.8B |
| High end (a quarter paid more) | 51.8% | $428.58 | $22.7B |
The odds, from history
Historically 3.0% of companies with its figures were bought within a year (0.6× 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.
Clean Harbors' latest quarter
Clean Harbors, Q3 2026: revenue $1.9B (+21% year over year), operating margin 17.0%, net earnings $208M, operating cash flow $419M. The chart follows the revenue to costs, profit and cash.
Questions
Is Clean Harbors being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Clean Harbors?
A leveraged buyout at today's price plus 30% ($367.03 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $214.58 a share (−24% against today's $282.33).
What would a takeover of Clean Harbors 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, Clean Harbors would cost about $374.09 a share, $19.8B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.