Filing Flows › EnerSys (ENS) › Takeover & LBO
Is EnerSys (ENS) a takeover target?
A leveraged buyout at today's price plus 30% ($207.94 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $136.68 a share (−15% against today's $159.95).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $207.94 | today's $159.95 plus 30% |
| × shares | 37.6 million | |
| = Equity value | $7.8B | |
| + Debt refinanced | $1.0B | |
| − Cash | $531M | |
| + Other claims | $3.6M | preferred stock, minority interests |
| = Enterprise value | $8.3B | 13.7× EBITDA of $609M |
| Fees | $167M | 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 | $5.2B | 61% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $3.9B | $631M | $256M | $260M | $3.1B |
| Year 2 | $4.1B | $654M | $236M | $295M | $2.8B |
| Year 3 | $4.2B | $676M | $214M | $331M | $2.5B |
| Year 4 | $4.3B | $697M | $188M | $370M | $2.1B |
| Year 5 | $4.5B | $718M | $160M | $410M | $1.7B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 10.7× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $7.7B | |
| − Debt left | $1.7B | |
| = Buyer's equity | $6.0B | |
| Money multiple | 1.17× | on $5.2B put in |
| Buyer's yearly return (IRR) | 3.2% |
Price against return
What the buyer makes at other premiums over today's $159.95; the IRR reaches 20% at $136.68 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $175.94 | 8.9% |
| 20% | $191.94 | 5.8% |
| 30% | $207.94 | 3.2% |
| 40% | $223.93 | 0.9% |
| 50% | $239.92 | −1.2% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $3.8B | |
| EBITDA, last 12 months | $609M | 16.0% of revenue |
| Depreciation and amortization | $117M | |
| Capital spending | $59.5M | |
| Debt | $1.0B | |
| Cash | $531M | |
| Share price | $159.95 | 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 3.7% 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 15% 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, EnerSys would cost about $207.94 a share, $7.8B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $179.14 | $6.7B |
| Median | 30% | $207.94 | $7.8B |
| High end (a quarter paid more) | 31% | $209.53 | $7.9B |
EnerSys' latest quarter
EnerSys, Q1 FY27: revenue $936M (+5% year over year), operating margin 16.2%, net earnings $116M, operating cash flow $230M. The chart follows the revenue to costs, profit and cash.
Questions
Is EnerSys being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy EnerSys?
A leveraged buyout at today's price plus 30% ($207.94 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $136.68 a share (−15% against today's $159.95).
What would a takeover of EnerSys 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, EnerSys would cost about $207.94 a share, $7.8B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.