Filing Flows › Corsair Gaming (CRSR) › Takeover & LBO
Is Corsair Gaming (CRSR) a takeover target?
A leveraged buyout at today's price plus 30% ($16.38 a share) would return a loss of about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $7.85 a share (−38% against today's $12.60). Historically 7.1% of companies with its figures were bought within a year (1.4× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $16.38 | today's $12.60 plus 30% |
| × shares | 108.7 million | |
| = Equity value | $1.8B | |
| + Debt refinanced | $117M | |
| − Cash | $135M | |
| = Enterprise value | $1.8B | 28.7× EBITDA of $61.4M |
| Fees | $35.3M | 2% of the price |
| New debt | $338M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $1.5B | 81% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.5B | $62.4M | $25.8M | $17.0M | $321M |
| Year 2 | $1.5B | $63.6M | $24.5M | $18.4M | $302M |
| Year 3 | $1.6B | $65.1M | $23.1M | $20.1M | $282M |
| Year 4 | $1.6B | $66.8M | $21.6M | $22.0M | $260M |
| Year 5 | $1.7B | $68.8M | $19.9M | $24.2M | $236M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 22.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $1.5B | |
| − Debt left | $236M | |
| = Buyer's equity | $1.3B | |
| Money multiple | 0.88× | on $1.5B put in |
| Buyer's yearly return (IRR) | −2.6% |
Price against return
What the buyer makes at other premiums over today's $12.60; the IRR reaches 20% at $7.85 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $13.86 | 1.6% |
| 20% | $15.12 | −0.6% |
| 30% | $16.38 | −2.6% |
| 40% | $17.64 | −4.4% |
| 50% | $18.90 | −6.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.5B | |
| EBITDA, last 12 months | $61.4M | 4.2% of revenue |
| Depreciation and amortization | $14.7M | |
| Capital spending | $14.3M | |
| Debt | $117M | |
| Cash | $135M | |
| Share price | $12.60 | 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 1.6% 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 12% 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, Corsair Gaming would cost about $16.38 a share, $1.8B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $14.11 | $1.5B |
| Median | 30% | $16.38 | $1.8B |
| High end (a quarter paid more) | 31% | $16.51 | $1.8B |
The odds, from history
Historically 7.1% of companies with its figures were bought within a year (1.4× the average). Its figures put it in decile 9 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.
Corsair Gaming's latest quarter
Corsair Gaming, Q3 2026: revenue $367M (+6% year over year), operating margin -0.4%, net loss $2.4M, operating cash flow −$14.1M. The chart follows the revenue to costs, profit and cash.
Questions
Is Corsair Gaming being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Corsair Gaming?
A leveraged buyout at today's price plus 30% ($16.38 a share) would return a loss of about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $7.85 a share (−38% against today's $12.60).
What would a takeover of Corsair Gaming 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, Corsair Gaming would cost about $16.38 a share, $1.8B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.