Filing Flows › EQT (EQT) › Takeover & LBO
Is EQT (EQT) a takeover target?
A leveraged buyout at today's price plus 30% ($64.74 a share) would return about 11% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $51.35 a share (3% against today's $49.80). Historically 1.9% of companies with its figures were bought within a year (0.38× the average). Latest signal (2026-10-26): Agreed sale to EQT · pending.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $64.74 | today's $49.80 plus 30% |
| × shares | 629.2 million | |
| = Equity value | $40.7B | |
| + Debt refinanced | $5.6B | |
| − Cash | $78.7M | |
| + Other claims | $3.6B | preferred stock, minority interests |
| = Enterprise value | $49.8B | 7.6× EBITDA of $6.6B |
| Fees | $995M | 2% of the price |
| New debt | $32.3B | 4.9× EBITDA at 7.65% a year; the limit that binds: 65% of the price |
| Buyer's own money | $18.4B | 36% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $10.1B | $7.1B | $2.5B | $1.4B | $30.9B |
| Year 2 | $10.8B | $7.6B | $2.4B | $1.8B | $29.1B |
| Year 3 | $11.4B | $8.0B | $2.2B | $2.1B | $27.0B |
| Year 4 | $11.9B | $8.3B | $2.1B | $2.4B | $24.7B |
| Year 5 | $12.2B | $8.6B | $1.9B | $2.7B | $22.0B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 6.2× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $52.7B | |
| − Debt left | $22.0B | |
| = Buyer's equity | $30.7B | |
| Money multiple | 1.67× | on $18.4B put in |
| Buyer's yearly return (IRR) | 10.8% |
Price against return
What the buyer makes at other premiums over today's $49.80; the IRR reaches 20% at $51.35 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $54.78 | 17.6% |
| 20% | $59.76 | 14.2% |
| 30% | $64.74 | 10.8% |
| 40% | $69.72 | 7.4% |
| 50% | $74.70 | 4.1% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $9.3B | |
| EBITDA, last 12 months | $6.6B | 70.2% of revenue |
| Depreciation and amortization | $2.7B | |
| Capital spending | $2.5B | |
| Debt | $5.6B | |
| Cash | $78.7M | |
| Share price | $49.80 | 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 22% 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, EQT would cost about $65.98 a share, $41.5B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $59.76 | $37.6B |
| Median | 32.5% | $65.98 | $41.5B |
| High end (a quarter paid more) | 51.8% | $75.60 | $47.6B |
The odds, from history
Historically 1.9% of companies with its figures were bought within a year (0.38× the average). Its figures put it in decile 1 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
- 2026-10-26 · deal · Agreed sale to EQT · pending
EQT's latest quarter
EQT, Q3 2026: revenue $1.8B (-10% year over year), operating margin 26.0%, net earnings $279M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
Questions
Is EQT being acquired?
The latest signal on file is from 2026-10-26: Agreed sale to EQT · pending. A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy EQT?
A leveraged buyout at today's price plus 30% ($64.74 a share) would return about 11% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $51.35 a share (3% against today's $49.80).
What would a takeover of EQT 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, EQT would cost about $65.98 a share, $41.5B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.