Filing Flows › Alliant Energy (LNT) › Takeover & LBO
Is Alliant Energy (LNT) a takeover target?
A leveraged buyout at today's price plus 30% ($93.15 a share) would return about 7% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $51.45 a share (−28% against today's $71.65). Historically 3.4% of companies with its figures were bought within a year (0.69× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $93.15 | today's $71.65 plus 30% |
| × shares | 258.8 million | |
| = Equity value | $24.1B | |
| + Debt refinanced | $11.4B | |
| − Cash | $365M | |
| = Enterprise value | $35.2B | 18.8× EBITDA of $1.9B |
| Fees | $704M | 2% of the price |
| New debt | $10.3B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $25.6B | 71% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $4.8B | $2.0B | $789M | $1.2B | $9.1B |
| Year 2 | $5.1B | $2.2B | $700M | $1.4B | $7.8B |
| Year 3 | $5.4B | $2.3B | $595M | $1.6B | $6.2B |
| Year 4 | $5.6B | $2.4B | $474M | $1.8B | $4.4B |
| Year 5 | $5.8B | $2.4B | $338M | $2.0B | $2.4B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 15.8× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $38.7B | |
| − Debt left | $2.4B | |
| = Buyer's equity | $36.2B | |
| Money multiple | 1.42× | on $25.6B put in |
| Buyer's yearly return (IRR) | 7.2% |
Price against return
What the buyer makes at other premiums over today's $71.65; the IRR reaches 20% at $51.45 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $78.82 | 10.7% |
| 20% | $85.98 | 8.9% |
| 30% | $93.15 | 7.2% |
| 40% | $100.31 | 5.7% |
| 50% | $107.48 | 4.3% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $4.4B | |
| EBITDA, last 12 months | $1.9B | 42.4% of revenue |
| Depreciation and amortization | $857M | |
| Debt | $11.4B | |
| Cash | $365M | |
| Share price | $71.65 | 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, Alliant Energy would cost about $94.94 a share, $24.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $85.98 | $22.3B |
| Median | 32.5% | $94.94 | $24.6B |
| High end (a quarter paid more) | 51.8% | $108.76 | $28.1B |
The odds, from history
Historically 3.4% of companies with its figures were bought within a year (0.69× 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.
Alliant Energy's latest quarter
Alliant Energy, Q3 2026: revenue $1.3B (+6% year over year), operating margin 30.3%, net earnings $398M, operating cash flow $428M. The chart follows the revenue to costs, profit and cash.
Questions
Is Alliant Energy being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Alliant Energy?
A leveraged buyout at today's price plus 30% ($93.15 a share) would return about 7% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $51.45 a share (−28% against today's $71.65).
What would a takeover of Alliant Energy 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, Alliant Energy would cost about $94.94 a share, $24.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.