Filing Flows › Fresenius Medical Care AG (FMS) › Takeover & LBO
Is Fresenius Medical Care AG (FMS) a takeover target?
A leveraged buyout at today's price plus 30% ($30.42 a share) would return about 17% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $27.18 a share (16% against today's $23.40).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $30.42 | today's $23.40 plus 30% |
| × shares | 279.3 million | |
| = Equity value | $8.5B | |
| + Debt refinanced | $7.8B | |
| − Cash | $930M | |
| = Enterprise value | $15.4B | 4.7× EBITDA of $3.3B |
| Fees | $307M | 2% of the price |
| New debt | $10.0B | 3.0× EBITDA at 7.65% a year; the limit that binds: 65% of the price |
| Buyer's own money | $5.7B | 36% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $19.9B | $3.3B | $764M | $1.3B | $8.7B |
| Year 2 | $20.3B | $3.4B | $667M | $1.4B | $7.4B |
| Year 3 | $20.8B | $3.5B | $562M | $1.5B | $5.9B |
| Year 4 | $21.3B | $3.6B | $448M | $1.6B | $4.2B |
| Year 5 | $21.9B | $3.7B | $324M | $1.8B | $2.5B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 4.1× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $15.0B | |
| − Debt left | $2.5B | |
| = Buyer's equity | $12.5B | |
| Money multiple | 2.20× | on $5.7B put in |
| Buyer's yearly return (IRR) | 17.1% |
Price against return
What the buyer makes at other premiums over today's $23.40; the IRR reaches 20% at $27.18 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $25.74 | 21.3% |
| 20% | $28.08 | 19.2% |
| 30% | $30.42 | 17.1% |
| 40% | $32.76 | 15.1% |
| 50% | $35.10 | 13.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $19.6B | |
| EBITDA, last 12 months | $3.3B | 16.8% of revenue |
| Depreciation and amortization | $1.5B | |
| Capital spending | $1.0B | |
| Debt | $7.8B | |
| Cash | $930M | |
| Share price | $23.40 | 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 1.5% 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 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Fresenius Medical Care AG would cost about $31.59 a share, $8.8B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $28.55 | $8.0B |
| Median | 35% | $31.59 | $8.8B |
| High end (a quarter paid more) | 45% | $33.93 | $9.5B |
Fresenius Medical Care AG's latest quarter
Fresenius Medical Care AG, Q3 2026: revenue $4.9B (+1% year over year), operating margin 7.8%, net earnings $160M, operating cash flow $798M. The chart follows the revenue to costs, profit and cash.
Questions
Is Fresenius Medical Care AG being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Fresenius Medical Care AG?
A leveraged buyout at today's price plus 30% ($30.42 a share) would return about 17% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $27.18 a share (16% against today's $23.40).
What would a takeover of Fresenius Medical Care AG cost?
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Fresenius Medical Care AG would cost about $31.59 a share, $8.8B for all its shares.
Updated Nov 9, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.