Filing Flows › Vodafone Group Public (VOD) › Takeover & LBO
Is Vodafone Group Public (VOD) a takeover target?
A leveraged buyout at today's price plus 30% ($20.94 a share) would return about 18% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $20.94 | today's $16.11 plus 30% |
| × shares | 2,316.9 million | |
| = Equity value | $48.5B | |
| + Debt refinanced | $0 | |
| − Cash | $8.9B | |
| = Enterprise value | $39.7B | 3.8× EBITDA of $10.4B |
| Fees | $793M | 2% of the price |
| New debt | $25.8B | 2.5× EBITDA at 7.65% a year; the limit that binds: 65% of the price |
| Buyer's own money | $14.7B | 36% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $38.6B | $10.7B | $2.0B | $4.2B | $21.6B |
| Year 2 | $39.7B | $11.0B | $1.7B | $4.7B | $16.9B |
| Year 3 | $40.9B | $11.4B | $1.3B | $5.2B | $11.7B |
| Year 4 | $42.1B | $11.7B | $897M | $5.8B | $5.9B |
| Year 5 | $43.4B | $12.0B | $452M | $6.5B | $0 |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 2.7× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $33.0B | |
| − Debt left | $0 | |
| + Cash built up | $550M | |
| = Buyer's equity | $33.5B | |
| Money multiple | 2.29× | on $14.7B put in |
| Buyer's yearly return (IRR) | 18.0% |
Price against return
What the buyer makes at other premiums over today's $16.11.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $17.72 | 27.7% |
| 20% | $19.33 | 22.8% |
| 30% | $20.94 | 18.0% |
| 40% | $22.55 | 13.3% |
| 50% | $24.16 | 8.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $37.4B | |
| EBITDA, last 12 months | $10.4B | 27.8% of revenue |
| Depreciation and amortization | $10.8B | |
| Capital spending | $4.3B | |
| Debt | $0 | |
| Cash | $8.9B | |
| Share price | $16.11 | on Oct 16, 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 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 on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Vodafone Group Public would cost about $21.35 a share, $49.5B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $19.33 | $44.8B |
| Median | 32.5% | $21.35 | $49.5B |
| High end (a quarter paid more) | 51.8% | $24.45 | $56.7B |
Vodafone Group Public's latest quarter
Vodafone Group Public, Q4 FY25: revenue $603M (-84% year over year), operating margin 34.2%, net earnings $53.0M. The chart follows the revenue to costs, profit and cash.
Questions
Is Vodafone Group Public being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Vodafone Group Public?
A leveraged buyout at today's price plus 30% ($20.94 a share) would return about 18% a year to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of Vodafone Group Public cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Vodafone Group Public would cost about $21.35 a share, $49.5B for all its shares.
Updated Nov 9, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.