Filing Flows › Flutter Entertainment (FLUT) › Takeover & LBO
Is Flutter Entertainment (FLUT) a takeover target?
A leveraged buyout at today's price plus 30% ($107.86 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 $28.60 a share (−66% against today's $82.97). It already carries 16.1× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $107.86 | today's $82.97 plus 30% |
| × shares | 176.0 million | |
| = Equity value | $19.0B | |
| + Debt refinanced | $12.3B | |
| − Cash | $1.7B | |
| + Other claims | $234M | preferred stock, minority interests |
| = Enterprise value | $29.8B | 45.4× EBITDA of $657M |
| Fees | $596M | 2% of the price |
| New debt | $3.6B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $26.8B | 88% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $18.6B | $710M | $276M | $193M | $3.4B |
| Year 2 | $19.9B | $757M | $262M | $261M | $3.2B |
| Year 3 | $21.0B | $799M | $242M | $332M | $2.8B |
| Year 4 | $21.9B | $833M | $216M | $407M | $2.4B |
| Year 5 | $22.5B | $858M | $185M | $483M | $1.9B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 38.7× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $33.2B | |
| − Debt left | $1.9B | |
| = Buyer's equity | $31.3B | |
| Money multiple | 1.17× | on $26.8B put in |
| Buyer's yearly return (IRR) | 3.1% |
Price against return
What the buyer makes at other premiums over today's $82.97; the IRR reaches 20% at $28.60 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $91.27 | 5.6% |
| 20% | $99.56 | 4.3% |
| 30% | $107.86 | 3.1% |
| 40% | $116.16 | 2.0% |
| 50% | $124.45 | 1.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $17.2B | |
| EBITDA, last 12 months | $657M | 3.8% of revenue |
| Depreciation and amortization | $1.7B | |
| Capital spending | $95.0M | |
| Debt | $12.3B | |
| Cash | $1.7B | |
| Share price | $82.97 | 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 21% 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, Flutter Entertainment would cost about $107.86 a share, $19.0B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $92.93 | $16.4B |
| Median | 30% | $107.86 | $19.0B |
| High end (a quarter paid more) | 31% | $108.69 | $19.1B |
Flutter Entertainment's latest quarter
Flutter Entertainment, Q3 2026: revenue $3.9B (+2% year over year), operating margin -30.7%, net loss $1.1B, operating cash flow $211M. The chart follows the revenue to costs, profit and cash.
Questions
Is Flutter Entertainment being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Flutter Entertainment?
A leveraged buyout at today's price plus 30% ($107.86 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 $28.60 a share (−66% against today's $82.97). It already carries 16.1× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own.
What would a takeover of Flutter Entertainment 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, Flutter Entertainment would cost about $107.86 a share, $19.0B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.