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Filing Flows › Exelon (EXC) › Takeover & LBO

Is Exelon (EXC) a takeover target?

A leveraged buyout at today's price plus 30% ($60.49 a share) would return a loss of about 7% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $11.58 a share (−75% against today's $46.53). At $111.4B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect. Historically 2.8% of companies with its figures were bought within a year (0.56× the average).

Share price$46.53
Offer at +30%$60.49
Buyer's IRR−7%
Most for 20%$11.58
EV / EBITDA10.9×
Buyout debt5.5× EBITDA

The buyout, step by step

EntryAmountHow
Offer price a share$60.49today's $46.53 plus 30%
× shares1,026.0 million
= Equity value$62.1B
+ Debt refinanced$50.1B
− Cash$713M
= Enterprise value$111.4B12.5× EBITDA of $8.9B
Fees$2.2B2% of the price
New debt$49.0B5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA
Buyer's own money$64.7B57% of the cost

5 years under the buyer

Exelon: buyout debt left, year by yearExelon: buyout debt left, year by year$49.0BEntry$53.2BYear 1$57.7BYear 2$62.5BYear 3$67.6BYear 4$73.1BYear 5
Free cash flow after interest and tax repays the debt; a shortfall is borrowed.
YearRevenueEBITDAInterestFree cash flowDebt left
Year 1$25.9B$9.3B$3.7B−$4.2B$53.2B
Year 2$27.0B$9.7B$4.1B−$4.5B$57.7B
Year 3$28.0B$10.1B$4.4B−$4.8B$62.5B
Year 4$29.0B$10.4B$4.8B−$5.1B$67.6B
Year 5$29.9B$10.7B$5.2B−$5.5B$73.1B

The exit and the buyer's return

ExitAmount
Exit multiple10.9× EBITDAtoday's trading multiple, before any premium
Enterprise value at exit$117.0B
− Debt left$73.1B
= Buyer's equity$43.9B
Money multiple0.68×on $64.7B put in
Buyer's yearly return (IRR)−7.5%

Price against return

What the buyer makes at other premiums over today's $46.53; the IRR reaches 20% at $11.58 a share.

PremiumPrice a shareBuyer's IRR
10%$51.18−4.4%
20%$55.84−6.0%
30%$60.49−7.5%
40%$65.14−8.8%
50%$69.80−10.0%

The figures used

FigureAmount
Revenue, last 12 months$24.8B
EBITDA, last 12 months$8.9B35.9% of revenue
Depreciation and amortization$3.7B
Capital spending$8.9B
Debt$50.1B
Cash$713M
Share price$46.53on 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 4.6% 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 17% 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, Exelon would cost about $61.65 a share, $63.3B for all its shares.

Premium%Price a shareAll shares
Low end (a quarter of deals paid less)20%$55.84$57.3B
Median32.5%$61.65$63.3B
High end (a quarter paid more)51.8%$70.63$72.5B

The odds, from history

Historically 2.8% of companies with its figures were bought within a year (0.56× the average). Its figures put it in decile 2 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.

Exelon's latest quarter

Exelon, Q1 2026: revenue $7.2B (+8% year over year), operating margin 22.2%, net earnings $919M, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.

Questions

Is Exelon being acquired?

No headline, 8-K or 13D about a sale is on file in the last year.

Could private equity buy Exelon?

A leveraged buyout at today's price plus 30% ($60.49 a share) would return a loss of about 7% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $11.58 a share (−75% against today's $46.53). At $111.4B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.

What would a takeover of Exelon 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, Exelon would cost about $61.65 a share, $63.3B for all its shares.

Open the interactive view →

Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.