Filing Flows › Relx (RELX) › Takeover & LBO
Is Relx (RELX) a takeover target?
A leveraged buyout at today's price plus 30% ($52.22 a share) would return a loss of about 0% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $27.55 a share (−31% against today's $40.17). At $95.0B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $52.22 | today's $40.17 plus 30% |
| × shares | 1,819.1 million | |
| = Equity value | $95.0B | |
| + Debt refinanced | $0 | |
| − Cash | $0 | |
| = Enterprise value | $95.0B | 25.1× EBITDA of $3.8B |
| Fees | $1.9B | 2% of the price |
| New debt | $20.8B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $76.1B | 79% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $9.9B | $3.9B | $1.6B | $1.9B | $18.9B |
| Year 2 | $10.2B | $4.0B | $1.4B | $2.1B | $16.8B |
| Year 3 | $10.5B | $4.1B | $1.3B | $2.3B | $14.5B |
| Year 4 | $10.8B | $4.3B | $1.1B | $2.5B | $12.0B |
| Year 5 | $11.1B | $4.4B | $918M | $2.8B | $9.2B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 19.3× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $84.7B | |
| − Debt left | $9.2B | |
| = Buyer's equity | $75.5B | |
| Money multiple | 0.99× | on $76.1B put in |
| Buyer's yearly return (IRR) | −0.2% |
Price against return
What the buyer makes at other premiums over today's $40.17; the IRR reaches 20% at $27.55 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $44.19 | 4.3% |
| 20% | $48.20 | 1.9% |
| 30% | $52.22 | −0.2% |
| 40% | $56.24 | −2.0% |
| 50% | $60.26 | −3.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $9.6B | |
| EBITDA, last 12 months | $3.8B | 39.4% of revenue |
| Depreciation and amortization | $752M | |
| Capital spending | $21.0M | |
| Debt | $0 | |
| Cash | $0 | |
| Share price | $40.17 | 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 3.0% 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 24% 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, Relx would cost about $56.24 a share, $102.3B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $46.07 | $83.8B |
| Median | 40% | $56.24 | $102.3B |
| High end (a quarter paid more) | 60.2% | $64.35 | $117.1B |
Relx's latest quarter
Relx, H1 2026: revenue $4.9B (+3% year over year), operating margin 32.5%, net earnings $1.2B, operating cash flow $2.0B. The chart follows the revenue to costs, profit and cash.
Questions
Is Relx being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Relx?
A leveraged buyout at today's price plus 30% ($52.22 a share) would return a loss of about 0% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $27.55 a share (−31% against today's $40.17). At $95.0B it would be larger than any buyout on record (the model flags anything over $60 billion), so this is a thought experiment more than a prospect.
What would a takeover of Relx 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, Relx would cost about $56.24 a share, $102.3B for all its shares.
Updated Nov 9, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.