Filing Flows › TD Synnex (SNX) › Takeover & LBO
Is TD Synnex (SNX) a takeover target?
A leveraged buyout at today's price plus 30% ($279.98 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 $206.84 a share (−4% against today's $215.37). Historically 1.9% of companies with its figures were bought within a year (0.39× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $279.98 | today's $215.37 plus 30% |
| × shares | 79.4 million | |
| = Equity value | $22.2B | |
| + Debt refinanced | $5.5B | |
| − Cash | $749M | |
| = Enterprise value | $27.0B | 10.9× EBITDA of $2.5B |
| Fees | $540M | 2% of the price |
| New debt | $13.6B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $14.0B | 51% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $81.7B | $2.7B | $1.0B | $543M | $13.1B |
| Year 2 | $87.2B | $2.8B | $998M | $760M | $12.3B |
| Year 3 | $92.0B | $3.0B | $940M | $991M | $11.3B |
| Year 4 | $96.0B | $3.1B | $864M | $1.2B | $10.1B |
| Year 5 | $98.8B | $3.2B | $770M | $1.5B | $8.6B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 8.9× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $28.6B | |
| − Debt left | $8.6B | |
| = Buyer's equity | $20.0B | |
| Money multiple | 1.43× | on $14.0B put in |
| Buyer's yearly return (IRR) | 7.4% |
Price against return
What the buyer makes at other premiums over today's $215.37; the IRR reaches 20% at $206.84 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $236.91 | 13.8% |
| 20% | $258.44 | 10.4% |
| 30% | $279.98 | 7.4% |
| 40% | $301.52 | 4.9% |
| 50% | $323.06 | 2.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $75.7B | |
| EBITDA, last 12 months | $2.5B | 3.3% of revenue |
| Depreciation and amortization | $421M | |
| Capital spending | $197M | |
| Debt | $5.5B | |
| Cash | $749M | |
| Share price | $215.37 | 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 23% 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, TD Synnex would cost about $301.52 a share, $23.9B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $247.03 | $19.6B |
| Median | 40% | $301.52 | $23.9B |
| High end (a quarter paid more) | 60.2% | $345.02 | $27.4B |
The odds, from history
Historically 1.9% of companies with its figures were bought within a year (0.39× the average). Its figures put it in decile 1 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.
TD Synnex's latest quarter
TD Synnex, Q3 FY26: revenue $21.6B (+38% year over year), operating margin 3.0%, net earnings $416M, operating cash flow −$917M. The chart follows the revenue to costs, profit and cash.
Questions
Is TD Synnex being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy TD Synnex?
A leveraged buyout at today's price plus 30% ($279.98 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 $206.84 a share (−4% against today's $215.37).
What would a takeover of TD Synnex 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, TD Synnex would cost about $301.52 a share, $23.9B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.