Filing Flows › Unisys (UIS) › Takeover & LBO
Is Unisys (UIS) a takeover target?
A leveraged buyout at today's price plus 30% ($3.39 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 $1.10 a share (−58% against today's $2.61). Historically 6.4% of companies with its figures were bought within a year (1.27× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $3.39 | today's $2.61 plus 30% |
| × shares | 72.9 million | |
| = Equity value | $247M | |
| + Debt refinanced | $731M | |
| − Cash | $264M | |
| + Other claims | $16.8M | preferred stock, minority interests |
| = Enterprise value | $731M | 7.0× EBITDA of $105M |
| Fees | $14.6M | 2% of the price |
| New debt | $475M | 4.5× EBITDA at 7.65% a year; the limit that binds: 65% of the price |
| Buyer's own money | $271M | 36% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $2.0B | $107M | $36.4M | $14.8M | $461M |
| Year 2 | $2.0B | $109M | $35.2M | $16.1M | $445M |
| Year 3 | $2.1B | $112M | $34.0M | $17.6M | $427M |
| Year 4 | $2.1B | $115M | $32.7M | $19.3M | $408M |
| Year 5 | $2.2B | $118M | $31.2M | $21.2M | $386M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 6.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $761M | |
| − Debt left | $386M | |
| = Buyer's equity | $374M | |
| Money multiple | 1.38× | on $271M put in |
| Buyer's yearly return (IRR) | 6.7% |
Price against return
What the buyer makes at other premiums over today's $2.61; the IRR reaches 20% at $1.10 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $2.87 | 9.7% |
| 20% | $3.13 | 8.2% |
| 30% | $3.39 | 6.7% |
| 40% | $3.65 | 5.2% |
| 50% | $3.92 | 3.7% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $2.0B | |
| EBITDA, last 12 months | $105M | 5.4% of revenue |
| Depreciation and amortization | $21.2M | |
| Capital spending | $40.9M | |
| Debt | $731M | |
| Cash | $264M | |
| Share price | $2.61 | 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 1.9% 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, Unisys would cost about $3.39 a share, $247M for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $2.92 | $213M |
| Median | 30% | $3.39 | $247M |
| High end (a quarter paid more) | 31% | $3.42 | $249M |
The odds, from history
Historically 6.4% of companies with its figures were bought within a year (1.27× the average). Its figures put it in decile 8 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.
Unisys' latest quarter
Unisys, Q3 2026: revenue $472M (+2% year over year), operating margin 5.0%, net loss $200M, operating cash flow −$35.8M. The chart follows the revenue to costs, profit and cash.
Questions
Is Unisys being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Unisys?
A leveraged buyout at today's price plus 30% ($3.39 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 $1.10 a share (−58% against today's $2.61).
What would a takeover of Unisys 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, Unisys would cost about $3.39 a share, $247M for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.