Filing Flows › Mirion Technologies (MIR) › Takeover & LBO
Is Mirion Technologies (MIR) a takeover target?
A leveraged buyout at today's price plus 30% ($23.21 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $12.61 a share (−29% against today's $17.85). Historically 3.7% of companies with its figures were bought within a year (0.74× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $23.21 | today's $17.85 plus 30% |
| × shares | 272.9 million | |
| = Equity value | $6.3B | |
| + Debt refinanced | $445M | |
| − Cash | $419M | |
| = Enterprise value | $6.4B | 29.6× EBITDA of $214M |
| Fees | $127M | 2% of the price |
| New debt | $1.2B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $5.3B | 82% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $1.2B | $232M | $90.3M | $90.7M | $1.1B |
| Year 2 | $1.2B | $247M | $83.3M | $111M | $978M |
| Year 3 | $1.3B | $261M | $74.8M | $131M | $847M |
| Year 4 | $1.4B | $272M | $64.8M | $150M | $696M |
| Year 5 | $1.4B | $280M | $53.3M | $168M | $528M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 22.8× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $6.4B | |
| − Debt left | $528M | |
| = Buyer's equity | $5.9B | |
| Money multiple | 1.11× | on $5.3B put in |
| Buyer's yearly return (IRR) | 2.0% |
Price against return
What the buyer makes at other premiums over today's $17.85; the IRR reaches 20% at $12.61 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $19.64 | 6.4% |
| 20% | $21.42 | 4.1% |
| 30% | $23.21 | 2.0% |
| 40% | $24.99 | 0.2% |
| 50% | $26.78 | −1.4% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $1.1B | |
| EBITDA, last 12 months | $214M | 19.9% of revenue |
| Depreciation and amortization | $150M | |
| Capital spending | $39.0M | |
| Debt | $445M | |
| Cash | $419M | |
| Share price | $17.85 | 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 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 in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Mirion Technologies would cost about $24.99 a share, $6.8B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $20.47 | $5.6B |
| Median | 40% | $24.99 | $6.8B |
| High end (a quarter paid more) | 60.2% | $28.60 | $7.8B |
The odds, from history
Historically 3.7% of companies with its figures were bought within a year (0.74× 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.
Mirion Technologies' latest quarter
Mirion Technologies, Q3 2026: revenue $278M (+24% year over year), operating margin 6.2%, net earnings $7.4M, operating cash flow $59.2M. The chart follows the revenue to costs, profit and cash.
Questions
Is Mirion Technologies being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Mirion Technologies?
A leveraged buyout at today's price plus 30% ($23.21 a share) would return about 2% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $12.61 a share (−29% against today's $17.85).
What would a takeover of Mirion Technologies cost?
Takeovers in its sector paid a median premium of 40% over the share price before the deal (the middle half 14.7% to 60.2%), according to the 20 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Mirion Technologies would cost about $24.99 a share, $6.8B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.