Filing Flows › SPX Technologies (SPXC) › Takeover & LBO
Is SPX Technologies (SPXC) a takeover target?
A leveraged buyout at today's price plus 30% ($207.94 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $114.13 a share (−29% against today's $159.95). Historically 4.4% of companies with its figures were bought within a year (0.87× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $207.94 | today's $159.95 plus 30% |
| × shares | 50.6 million | |
| = Equity value | $10.5B | |
| + Debt refinanced | $1.3B | |
| − Cash | $119M | |
| = Enterprise value | $11.7B | 21.1× EBITDA of $558M |
| Fees | $235M | 2% of the price |
| New debt | $3.1B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $8.9B | 74% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $2.8B | $603M | $235M | $139M | $2.9B |
| Year 2 | $3.0B | $643M | $224M | $172M | $2.8B |
| Year 3 | $3.2B | $679M | $211M | $205M | $2.6B |
| Year 4 | $3.3B | $708M | $195M | $237M | $2.3B |
| Year 5 | $3.4B | $729M | $177M | $267M | $2.0B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 16.7× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $12.2B | |
| − Debt left | $2.0B | |
| = Buyer's equity | $10.1B | |
| Money multiple | 1.14× | on $8.9B put in |
| Buyer's yearly return (IRR) | 2.6% |
Price against return
What the buyer makes at other premiums over today's $159.95; the IRR reaches 20% at $114.13 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $175.94 | 6.9% |
| 20% | $191.94 | 4.6% |
| 30% | $207.94 | 2.6% |
| 40% | $223.93 | 0.8% |
| 50% | $239.92 | −0.9% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $2.6B | |
| EBITDA, last 12 months | $558M | 21.5% of revenue |
| Depreciation and amortization | $140M | |
| Capital spending | $148M | |
| Debt | $1.3B | |
| Cash | $119M | |
| Share price | $159.95 | 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 22% 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, SPX Technologies would cost about $223.93 a share, $11.3B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $183.46 | $9.3B |
| Median | 40% | $223.93 | $11.3B |
| High end (a quarter paid more) | 60.2% | $256.24 | $13.0B |
The odds, from history
Historically 4.4% of companies with its figures were bought within a year (0.87× the average). Its figures put it in decile 5 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.
SPX Technologies' latest quarter
SPX Technologies, Q3 2026: revenue $714M (+20% year over year), operating margin 16.1%, net earnings $81.9M, operating cash flow $59.3M. The chart follows the revenue to costs, profit and cash.
Questions
Is SPX Technologies being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy SPX Technologies?
A leveraged buyout at today's price plus 30% ($207.94 a share) would return about 3% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $114.13 a share (−29% against today's $159.95).
What would a takeover of SPX 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, SPX Technologies would cost about $223.93 a share, $11.3B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.