Filing Flows › WillScot Holdings (WSC) › Takeover & LBO
Is WillScot Holdings (WSC) a takeover target?
A leveraged buyout at today's price plus 30% ($24.75 a share) would return about 0% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $3.21 a share (−83% against today's $19.04). It already carries 13.7× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own. Historically 2.2% of companies with its figures were bought within a year (0.45× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $24.75 | today's $19.04 plus 30% |
| × shares | 181.8 million | |
| = Equity value | $4.5B | |
| + Debt refinanced | $3.4B | |
| − Cash | $15.1M | |
| = Enterprise value | $7.9B | 31.7× EBITDA of $250M |
| Fees | $159M | 2% of the price |
| New debt | $1.4B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $6.7B | 83% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $2.3B | $251M | $105M | $111M | $1.3B |
| Year 2 | $2.4B | $254M | $96.8M | $118M | $1.1B |
| Year 3 | $2.4B | $258M | $87.7M | $127M | $1.0B |
| Year 4 | $2.5B | $264M | $78.0M | $138M | $881M |
| Year 5 | $2.5B | $272M | $67.4M | $151M | $730M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 27.6× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $7.5B | |
| − Debt left | $730M | |
| = Buyer's equity | $6.8B | |
| Money multiple | 1.01× | on $6.7B put in |
| Buyer's yearly return (IRR) | 0.2% |
Price against return
What the buyer makes at other premiums over today's $19.04; the IRR reaches 20% at $3.21 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $20.94 | 2.4% |
| 20% | $22.84 | 1.3% |
| 30% | $24.75 | 0.2% |
| 40% | $26.65 | −0.8% |
| 50% | $28.55 | −1.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $2.3B | |
| EBITDA, last 12 months | $250M | 10.7% of revenue |
| Depreciation and amortization | $93.4M | |
| Capital spending | $22.9M | |
| Debt | $3.4B | |
| Cash | $15.1M | |
| Share price | $19.04 | 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 0.4% 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 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, WillScot Holdings would cost about $26.65 a share, $4.8B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 14.7% | $21.83 | $4.0B |
| Median | 40% | $26.65 | $4.8B |
| High end (a quarter paid more) | 60.2% | $30.49 | $5.5B |
The odds, from history
Historically 2.2% of companies with its figures were bought within a year (0.45× 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.
WillScot Holdings' latest quarter
WillScot Holdings, Q3 2026: revenue $601M (+6% year over year), operating margin 21.0%, net earnings $51.6M, operating cash flow $198M. The chart follows the revenue to costs, profit and cash.
Questions
Is WillScot Holdings being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy WillScot Holdings?
A leveraged buyout at today's price plus 30% ($24.75 a share) would return about 0% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $3.21 a share (−83% against today's $19.04). It already carries 13.7× EBITDA in net debt (the model flags anything over 6×), so a buyer could add little debt of its own.
What would a takeover of WillScot Holdings 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, WillScot Holdings would cost about $26.65 a share, $4.8B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.