Filing Flows › Five9 (FIVN) › Takeover & LBO
Is Five9 (FIVN) a takeover target?
A leveraged buyout at today's price plus 30% ($48.89 a share) would return a loss of about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 3.8% of companies with its figures were bought within a year (0.75× the average). Latest signal (2026-11-05): On November 5, 2026, Five9, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Ujwal, Inc. (d/b/a Level AI), a Delaware corporation (“Level AI”), Lander Merger Sub, Inc., a .
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $48.89 | today's $37.61 plus 30% |
| × shares | 85.5 million | |
| = Equity value | $4.2B | |
| + Debt refinanced | $0 | |
| − Cash | $654M | |
| = Enterprise value | $3.5B | 27.8× EBITDA of $127M |
| Fees | $70.5M | 2% of the price |
| New debt | $697M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $2.9B | 81% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.3B | $137M | $53.3M | $30.2M | $667M |
| Year 2 | $1.4B | $146M | $51.0M | $38.9M | $628M |
| Year 3 | $1.5B | $154M | $48.0M | $47.8M | $580M |
| Year 4 | $1.5B | $161M | $44.4M | $56.6M | $523M |
| Year 5 | $1.6B | $165M | $40.0M | $65.1M | $458M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 20.2× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $3.3B | |
| − Debt left | $458M | |
| = Buyer's equity | $2.9B | |
| Money multiple | 1.00× | on $2.9B put in |
| Buyer's yearly return (IRR) | −0.1% |
Price against return
What the buyer makes at other premiums over today's $37.61.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $41.37 | 5.2% |
| 20% | $45.13 | 2.3% |
| 30% | $48.89 | −0.1% |
| 40% | $52.65 | −2.2% |
| 50% | $56.41 | −4.1% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.2B | |
| EBITDA, last 12 months | $127M | 10.5% of revenue |
| Depreciation and amortization | $70.4M | |
| Capital spending | $39.6M | |
| Debt | $0 | |
| Cash | $654M | |
| Share price | $37.61 | on Oct 23, 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 12% 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, Five9 would cost about $48.89 a share, $4.2B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $42.12 | $3.6B |
| Median | 30% | $48.89 | $4.2B |
| High end (a quarter paid more) | 31% | $49.27 | $4.2B |
The odds, from history
Historically 3.8% of companies with its figures were bought within a year (0.75× 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
- 2026-11-05 · 8-K deal · On November 5, 2026, Five9, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Ujwal, Inc. (d/b/a Level AI), a Delaware corporation (“Level AI”), Lander Merger Sub, Inc., a
Five9's latest quarter
Five9, Q3 2026: revenue $323M (+13% year over year), operating margin 4.4%, net earnings $14.5M, operating cash flow $58.4M. The chart follows the revenue to costs, profit and cash.
Questions
Is Five9 being acquired?
The latest signal on file is from 2026-11-05: On November 5, 2026, Five9, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Ujwal, Inc. (d/b/a Level AI), a Delaware corporation (“Level AI”), Lander Merger Sub, Inc., a . A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy Five9?
A leveraged buyout at today's price plus 30% ($48.89 a share) would return a loss of about 0% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Five9 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, Five9 would cost about $48.89 a share, $4.2B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.