Filing Flows › Playtika Holding (PLTK) › Takeover & LBO
Is Playtika Holding (PLTK) a takeover target?
A leveraged buyout at today's price plus 30% ($2.57 a share) would return about 3% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. It already carries 16.2× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own. Historically 7.4% of companies with its figures were bought within a year (1.48× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $2.57 | today's $1.98 plus 30% |
| × shares | 382.9 million | |
| = Equity value | $986M | |
| + Debt refinanced | $2.4B | |
| − Cash | $595M | |
| = Enterprise value | $2.8B | 25.2× EBITDA of $110M |
| Fees | $55.4M | 2% of the price |
| New debt | $605M | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $2.2B | 79% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $2.9B | $114M | $46.3M | $27.2M | $578M |
| Year 2 | $3.0B | $118M | $44.2M | $32.4M | $545M |
| Year 3 | $3.1B | $122M | $41.7M | $38.0M | $507M |
| Year 4 | $3.2B | $126M | $38.8M | $44.0M | $463M |
| Year 5 | $3.3B | $130M | $35.5M | $50.4M | $413M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 23.1× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $3.0B | |
| − Debt left | $413M | |
| = Buyer's equity | $2.6B | |
| Money multiple | 1.16× | on $2.2B put in |
| Buyer's yearly return (IRR) | 3.1% |
Price against return
What the buyer makes at other premiums over today's $1.98.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $2.18 | 4.6% |
| 20% | $2.38 | 3.8% |
| 30% | $2.57 | 3.1% |
| 40% | $2.77 | 2.4% |
| 50% | $2.97 | 1.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $2.8B | |
| EBITDA, last 12 months | $110M | 3.9% of revenue |
| Depreciation and amortization | $190M | |
| Capital spending | $29.0M | |
| Debt | $2.4B | |
| Cash | $595M | |
| Share price | $1.98 | 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 3.7% 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 in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Playtika Holding would cost about $2.57 a share, $986M for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $2.22 | $849M |
| Median | 30% | $2.57 | $986M |
| High end (a quarter paid more) | 31% | $2.59 | $993M |
The odds, from history
Historically 7.4% of companies with its figures were bought within a year (1.48× the average). Its figures put it in decile 9 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.
Playtika Holding's latest quarter
Playtika Holding, Q3 2026: revenue $674M (-0.1% year over year), operating margin 17.2%, net earnings $40.4M, operating cash flow $173M. The chart follows the revenue to costs, profit and cash.
Questions
Is Playtika Holding being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Playtika Holding?
A leveraged buyout at today's price plus 30% ($2.57 a share) would return about 3% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. It already carries 16.2× 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 Playtika Holding cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Playtika Holding would cost about $2.57 a share, $986M for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.