Filing Flows › Cushman & Wakefield (CWK) › Takeover & LBO
Is Cushman & Wakefield (CWK) a takeover target?
A leveraged buyout at today's price plus 30% ($18.41 a share) would return about 9% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $13.05 a share (−8% against today's $14.16). Historically 3.6% of companies with its figures were bought within a year (0.72× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $18.41 | today's $14.16 plus 30% |
| × shares | 237.2 million | |
| = Equity value | $4.4B | |
| + Debt refinanced | $2.6B | |
| − Cash | $489M | |
| + Other claims | $300K | preferred stock, minority interests |
| = Enterprise value | $6.5B | 10.7× EBITDA of $606M |
| Fees | $130M | 2% of the price |
| New debt | $3.3B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $3.3B | 50% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $11.9B | $654M | $255M | $138M | $3.2B |
| Year 2 | $12.7B | $698M | $244M | $180M | $3.0B |
| Year 3 | $13.4B | $737M | $231M | $224M | $2.8B |
| Year 4 | $14.0B | $768M | $213M | $268M | $2.5B |
| Year 5 | $14.4B | $791M | $193M | $312M | $2.2B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 9.0× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $7.2B | |
| − Debt left | $2.2B | |
| = Buyer's equity | $4.9B | |
| Money multiple | 1.51× | on $3.3B put in |
| Buyer's yearly return (IRR) | 8.5% |
Price against return
What the buyer makes at other premiums over today's $14.16; the IRR reaches 20% at $13.05 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $15.58 | 13.7% |
| 20% | $17.00 | 10.9% |
| 30% | $18.41 | 8.5% |
| 40% | $19.83 | 6.4% |
| 50% | $21.25 | 4.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $11.0B | |
| EBITDA, last 12 months | $606M | 5.5% of revenue |
| Depreciation and amortization | $106M | |
| Capital spending | $81.5M | |
| Debt | $2.6B | |
| Cash | $489M | |
| Share price | $14.16 | 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 30% 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, Cushman & Wakefield would cost about $18.77 a share, $4.5B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $17.00 | $4.0B |
| Median | 32.5% | $18.77 | $4.5B |
| High end (a quarter paid more) | 51.8% | $21.50 | $5.1B |
The odds, from history
Historically 3.6% of companies with its figures were bought within a year (0.72× the average). Its figures put it in decile 3 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.
Cushman & Wakefield's latest quarter
Cushman & Wakefield, Q3 2026: revenue $2.8B (+8% year over year), operating margin 4.6%, net earnings $52.1M, operating cash flow $214M. The chart follows the revenue to costs, profit and cash.
Questions
Is Cushman & Wakefield being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Cushman & Wakefield?
A leveraged buyout at today's price plus 30% ($18.41 a share) would return about 9% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $13.05 a share (−8% against today's $14.16).
What would a takeover of Cushman & Wakefield 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, Cushman & Wakefield would cost about $18.77 a share, $4.5B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.