Filing Flows › Clarivate (CLVT) › Takeover & LBO
Is Clarivate (CLVT) a takeover target?
A leveraged buyout at today's price plus 30% ($2.15 a share) would return about 18% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $1.80 a share (9% against today's $1.65). Historically 6.0% of companies with its figures were bought within a year (1.2× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $2.15 | today's $1.65 plus 30% |
| × shares | 639.7 million | |
| = Equity value | $1.4B | |
| + Debt refinanced | $4.2B | |
| − Cash | $257M | |
| = Enterprise value | $5.3B | 7.4× EBITDA of $716M |
| Fees | $106M | 2% of the price |
| New debt | $3.4B | 4.8× EBITDA at 7.65% a year; the limit that binds: 65% of the price |
| Buyer's own money | $2.0B | 36% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $2.7B | $762M | $263M | $231M | $3.2B |
| Year 2 | $2.9B | $805M | $245M | $278M | $2.9B |
| Year 3 | $3.0B | $843M | $224M | $327M | $2.6B |
| Year 4 | $3.1B | $875M | $199M | $375M | $2.2B |
| Year 5 | $3.2B | $901M | $170M | $424M | $1.8B |
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 | $6.3B | |
| − Debt left | $1.8B | |
| = Buyer's equity | $4.5B | |
| Money multiple | 2.28× | on $2.0B put in |
| Buyer's yearly return (IRR) | 17.9% |
Price against return
What the buyer makes at other premiums over today's $1.65; the IRR reaches 20% at $1.80 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $1.81 | 19.9% |
| 20% | $1.98 | 18.9% |
| 30% | $2.15 | 17.9% |
| 40% | $2.31 | 16.9% |
| 50% | $2.47 | 15.9% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $2.6B | |
| EBITDA, last 12 months | $716M | 28.0% of revenue |
| Depreciation and amortization | $790M | |
| Capital spending | $237M | |
| Debt | $4.2B | |
| Cash | $257M | |
| Share price | $1.65 | on 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 6.4% 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 21% 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 in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Clarivate would cost about $2.15 a share, $1.4B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $1.85 | $1.2B |
| Median | 30% | $2.15 | $1.4B |
| High end (a quarter paid more) | 31% | $2.16 | $1.4B |
The odds, from history
Historically 6.0% of companies with its figures were bought within a year (1.2× the average). Its figures put it in decile 8 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.
Clarivate's latest quarter
Clarivate, Q3 2026: revenue $482M (-9% year over year), operating margin 8.3%, net loss $80.8M, operating cash flow $166M. The chart follows the revenue to costs, profit and cash.
Questions
Is Clarivate being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Clarivate?
A leveraged buyout at today's price plus 30% ($2.15 a share) would return about 18% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $1.80 a share (9% against today's $1.65).
What would a takeover of Clarivate cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Clarivate would cost about $2.15 a share, $1.4B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.