Filing Flows › Idacorp (IDA) › Takeover & LBO
Is Idacorp (IDA) a takeover target?
A leveraged buyout at today's price plus 30% ($188.99 a share) would return a loss of about 12% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $43.26 a share (−70% against today's $145.38). Historically 3.3% of companies with its figures were bought within a year (0.65× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $188.99 | today's $145.38 plus 30% |
| × shares | 54.8 million | |
| = Equity value | $10.4B | |
| + Debt refinanced | $3.3B | |
| − Cash | $216M | |
| + Other claims | $6.8M | preferred stock, minority interests |
| = Enterprise value | $13.5B | 22.0× EBITDA of $612M |
| Fees | $270M | 2% of the price |
| New debt | $3.4B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $10.4B | 76% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $2.0B | $661M | $258M | −$899M | $4.3B |
| Year 2 | $2.1B | $706M | $326M | −$1.0B | $5.3B |
| Year 3 | $2.2B | $745M | $403M | −$1.1B | $6.4B |
| Year 4 | $2.3B | $776M | $488M | −$1.2B | $7.6B |
| Year 5 | $2.4B | $800M | $581M | −$1.3B | $8.9B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 18.1× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $14.5B | |
| − Debt left | $8.9B | |
| = Buyer's equity | $5.6B | |
| Money multiple | 0.54× | on $10.4B put in |
| Buyer's yearly return (IRR) | −11.7% |
Price against return
What the buyer makes at other premiums over today's $145.38; the IRR reaches 20% at $43.26 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $159.92 | −8.7% |
| 20% | $174.46 | −10.3% |
| 30% | $188.99 | −11.7% |
| 40% | $203.53 | −13.1% |
| 50% | $218.07 | −14.3% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.8B | |
| EBITDA, last 12 months | $612M | 33.8% of revenue |
| Depreciation and amortization | $258M | |
| Capital spending | $1.2B | |
| Debt | $3.3B | |
| Cash | $216M | |
| Share price | $145.38 | on Oct 30, 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 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, Idacorp would cost about $192.63 a share, $10.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $174.46 | $9.6B |
| Median | 32.5% | $192.63 | $10.6B |
| High end (a quarter paid more) | 51.8% | $220.69 | $12.1B |
The odds, from history
Historically 3.3% of companies with its figures were bought within a year (0.65× 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.
Idacorp's latest quarter
Idacorp, Q3 2026: revenue $615M (+17% year over year), operating margin 29.1%, net earnings $160M, operating cash flow $199M. The chart follows the revenue to costs, profit and cash.
Questions
Is Idacorp being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Idacorp?
A leveraged buyout at today's price plus 30% ($188.99 a share) would return a loss of about 12% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $43.26 a share (−70% against today's $145.38).
What would a takeover of Idacorp 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, Idacorp would cost about $192.63 a share, $10.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.