Filing Flows › Everus Construction Group (ECG) › Takeover & LBO
Is Everus Construction Group (ECG) a takeover target?
A leveraged buyout at today's price plus 30% ($96.48 a share) would return about 5% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $67.73 a share (−9% against today's $74.21). Historically 3.3% of companies with its figures were bought within a year (0.67× the average). Latest signal (2026-11-03): Everus Reports Third Quarter 2026 Results, Raises 2026 Guidance.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $96.48 | today's $74.21 plus 30% |
| × shares | 51.2 million | |
| = Equity value | $4.9B | |
| + Debt refinanced | $566M | |
| − Cash | $264M | |
| = Enterprise value | $5.2B | 12.4× EBITDA of $423M |
| Fees | $105M | 2% of the price |
| New debt | $2.3B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $3.0B | 56% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $5.0B | $457M | $178M | $96.4M | $2.2B |
| Year 2 | $5.4B | $488M | $171M | $123M | $2.1B |
| Year 3 | $5.7B | $515M | $161M | $150M | $2.0B |
| Year 4 | $5.9B | $537M | $150M | $177M | $1.8B |
| Year 5 | $6.1B | $553M | $136M | $202M | $1.6B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 9.7× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $5.4B | |
| − Debt left | $1.6B | |
| = Buyer's equity | $3.8B | |
| Money multiple | 1.25× | on $3.0B put in |
| Buyer's yearly return (IRR) | 4.6% |
Price against return
What the buyer makes at other premiums over today's $74.21; the IRR reaches 20% at $67.73 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $81.63 | 11.0% |
| 20% | $89.06 | 7.5% |
| 30% | $96.48 | 4.6% |
| 40% | $103.90 | 2.1% |
| 50% | $111.32 | −0.1% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $4.7B | |
| EBITDA, last 12 months | $423M | 9.1% of revenue |
| Depreciation and amortization | $42.6M | |
| Capital spending | $78.2M | |
| Debt | $566M | |
| Cash | $264M | |
| Share price | $74.21 | 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 in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Everus Construction Group would cost about $103.90 a share, $5.3B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $85.12 | $4.4B |
| Median | 40% | $103.90 | $5.3B |
| High end (a quarter paid more) | 60.2% | $118.89 | $6.1B |
The odds, from history
Historically 3.3% of companies with its figures were bought within a year (0.67× 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.
Rumors and deal signals
- 2026-11-03 · 8-K deal · Everus Reports Third Quarter 2026 Results, Raises 2026 Guidance
Everus Construction Group's latest quarter
Everus Construction Group, Q3 2026: revenue $1.4B (+40% year over year), operating margin 8.8%, net earnings $91.9M, operating cash flow $70.5M. The chart follows the revenue to costs, profit and cash.
Questions
Is Everus Construction Group being acquired?
The latest signal on file is from 2026-11-03: Everus Reports Third Quarter 2026 Results, Raises 2026 Guidance. A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy Everus Construction Group?
A leveraged buyout at today's price plus 30% ($96.48 a share) would return about 5% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $67.73 a share (−9% against today's $74.21).
What would a takeover of Everus Construction Group cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Everus Construction Group would cost about $103.90 a share, $5.3B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.