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Filing Flows › Intercontinental Exchange (ICE) › Takeover & LBO

Is Intercontinental Exchange (ICE) a takeover target?

A leveraged buyout at today's price plus 30% ($226.20 a share) would return about 4% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $125.44 a share (−28% against today's $174.00). At $152.7B 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 2.3% of companies with its figures were bought within a year (0.45× the average).

Share price$174.00
Offer at +30%$226.20
Buyer's IRR4%
Most for 20%$125.44
EV / EBITDA17.0×
Buyout debt5.5× EBITDA

The buyout, step by step

EntryAmountHow
Offer price a share$226.20today's $174.00 plus 30%
× shares563.0 million
= Equity value$127.4B
+ Debt refinanced$26.3B
− Cash$936M
+ Other claims$48.0Mpreferred stock, minority interests
= Enterprise value$152.7B21.0× EBITDA of $7.3B
Fees$3.1B2% of the price
New debt$40.0B5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA
Buyer's own money$115.8B74% of the cost

5 years under the buyer

Intercontinental Exchange: buyout debt left, year by yearIntercontinental Exchange: buyout debt left, year by year$40.0BEntry$36.5BYear 1$32.5BYear 2$27.8BYear 3$22.6BYear 4$16.8BYear 5
Free cash flow after interest and tax repays the debt; a shortfall is borrowed.
YearRevenueEBITDAInterestFree cash flowDebt left
Year 1$15.2B$7.8B$3.1B$3.4B$36.5B
Year 2$16.2B$8.4B$2.8B$4.0B$32.5B
Year 3$17.1B$8.8B$2.5B$4.6B$27.8B
Year 4$17.8B$9.2B$2.1B$5.2B$22.6B
Year 5$18.3B$9.5B$1.7B$5.8B$16.8B

The exit and the buyer's return

ExitAmount
Exit multiple17.0× EBITDAtoday's trading multiple, before any premium
Enterprise value at exit$161.1B
− Debt left$16.8B
= Buyer's equity$144.2B
Money multiple1.25×on $115.8B put in
Buyer's yearly return (IRR)4.5%

Price against return

What the buyer makes at other premiums over today's $174.00; the IRR reaches 20% at $125.44 a share.

PremiumPrice a shareBuyer's IRR
10%$191.408.5%
20%$208.806.4%
30%$226.204.5%
40%$243.602.8%
50%$261.001.2%

The figures used

FigureAmount
Revenue, last 12 months$14.0B
EBITDA, last 12 months$7.3B51.7% of revenue
Depreciation and amortization$1.6B
Capital spending$484M
Debt$26.3B
Cash$936M
Share price$174.00on 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 23% 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 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Intercontinental Exchange would cost about $199.93 a share, $112.6B for all its shares.

Premium%Price a shareAll shares
Low end (a quarter of deals paid less)9.5%$190.53$107.3B
Median14.9%$199.93$112.6B
High end (a quarter paid more)33.6%$232.46$130.9B

The odds, from history

Historically 2.3% of companies with its figures were bought within a year (0.45× 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.

Intercontinental Exchange's latest quarter

Intercontinental Exchange, Q3 2026: revenue $3.6B (+21% year over year), operating margin 38.8%, net earnings $940M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.

Questions

Is Intercontinental Exchange being acquired?

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

Could private equity buy Intercontinental Exchange?

A leveraged buyout at today's price plus 30% ($226.20 a share) would return about 4% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $125.44 a share (−28% against today's $174.00). At $152.7B 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 Intercontinental Exchange cost?

Takeovers in its sector paid a median premium of 14.9% over the share price before the deal (the middle half 9.5% to 33.6%), according to the 17 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Intercontinental Exchange would cost about $199.93 a share, $112.6B 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.