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Filing Flows › Liberty Global (LBTYA) › Takeover & LBO

Is Liberty Global (LBTYA) a takeover target?

A leveraged buyout at today's price plus 30% ($10.10 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%. It already carries 14.9× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own. Historically 3.0% of companies with its figures were bought within a year (0.6× the average).

Share price$7.77
Offer at +30%$10.10
Buyer's IRR0%
EV / EBITDA17.7×
Buyout debt5.5× EBITDA

The buyout, step by step

EntryAmountHow
Offer price a share$10.10today's $7.77 plus 30%
× shares347.1 million
= Equity value$3.5B
+ Debt refinanced$20.5B
− Cash$2.0B
+ Other claims$807Mpreferred stock, minority interests
= Enterprise value$22.8B18.4× EBITDA of $1.2B
Fees$456M2% of the price
New debt$6.8B5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA
Buyer's own money$16.4B71% of the cost

5 years under the buyer

Liberty Global: buyout debt left, year by yearLiberty Global: buyout debt left, year by year$6.8BEntry$7.8BYear 1$8.8BYear 2$10.0BYear 3$11.2BYear 4$12.6BYear 5
Free cash flow after interest and tax repays the debt; a shortfall is borrowed.
YearRevenueEBITDAInterestFree cash flowDebt left
Year 1$6.0B$1.3B$521M−$960M$7.8B
Year 2$6.5B$1.4B$595M−$1.1B$8.8B
Year 3$6.8B$1.5B$676M−$1.2B$10.0B
Year 4$7.1B$1.6B$764M−$1.3B$11.2B
Year 5$7.3B$1.6B$860M−$1.4B$12.6B

The exit and the buyer's return

ExitAmount
Exit multiple17.7× EBITDAtoday's trading multiple, before any premium
Enterprise value at exit$28.7B
− Debt left$12.6B
= Buyer's equity$16.1B
Money multiple0.98×on $16.4B put in
Buyer's yearly return (IRR)−0.4%

Price against return

What the buyer makes at other premiums over today's $7.77.

PremiumPrice a shareBuyer's IRR
10%$8.550.3%
20%$9.32−0.1%
30%$10.10−0.4%
40%$10.88−0.7%
50%$11.65−1.0%

The figures used

FigureAmount
Revenue, last 12 months$5.6B
EBITDA, last 12 months$1.2B22.1% of revenue
Depreciation and amortization$1.3B
Capital spending$1.6B
Debt$20.5B
Cash$2.0B
Share price$7.77on 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 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 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, Liberty Global would cost about $10.30 a share, $3.6B for all its shares.

Premium%Price a shareAll shares
Low end (a quarter of deals paid less)20%$9.32$3.2B
Median32.5%$10.30$3.6B
High end (a quarter paid more)51.8%$11.79$4.1B

The odds, from history

Historically 3.0% of companies with its figures were bought within a year (0.6× the average). Its figures put it in decile 2 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.

Liberty Global's latest quarter

Liberty Global, Q3 2026: revenue $1.9B (+59% year over year), operating margin -0.9%, net earnings $548M, operating cash flow $606M. The chart follows the revenue to costs, profit and cash.

Questions

Is Liberty Global being acquired?

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

Could private equity buy Liberty Global?

A leveraged buyout at today's price plus 30% ($10.10 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%. It already carries 14.9× 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 Liberty Global 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, Liberty Global would cost about $10.30 a share, $3.6B 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.