Business & finance · also called take-private, going private, public-to-private
Take-private deal
A take-private deal is when an investor, usually a private equity firm, buys all the shares of a public company so it is delisted from the stock exchange and becomes privately owned.
In a take-private, a buyer offers shareholders a price (usually a premium to the current share price) for all their shares. If the board recommends the deal and shareholders and regulators approve, the company leaves the stock market. The buyer is often a private equity firm, sometimes financing the deal with significant debt (a leveraged buyout).
Take-privates tend to happen when a company's shares trade at low valuations relative to its cash flows, when management wants to restructure away from quarterly market pressure, or when a buyer sees a strategic combination. In ad tech, for example, Novacap completed its roughly US$1.9 billion take-private of the verification company Integral Ad Science in December 2025, and earlier ad tech companies have also been taken private.
For customers and partners, a take-private can mean new ownership priorities, cost cutting, mergers with portfolio companies, or less public information, since the company no longer files 10-Qs and 10-Ks.
Think of it like this
A take-private is like a group of investors buying every flat in a building so it stops being sold on the open property market and they can renovate it their way.
An example
A buyer offers US$10.30 per share for a company trading at US$8, a 29% premium; shareholders approve, and the stock is delisted when the deal closes.
Related terms
Market capitalization
Market capitalization is the total stock-market value of a public company, calculated as its share price multiplied by the number of shares outstanding.
EV/EBITDA
EV/EBITDA is a valuation ratio that divides a company's enterprise value (market cap plus debt minus cash) by its EBITDA, showing how many years of operating earnings the business is priced at.
Form 8-K
Form 8-K is the "current report" US public companies file with the SEC to announce major events, such as acquisitions, executive changes or earnings releases, usually within four business days.
Holding company (agency holdco)
An agency holding company (holdco) is a parent group that owns many advertising, media, creative and marketing agencies, such as WPP, Publicis Groupe, Omnicom, Dentsu and Havas.
Earnings report
An earnings report is the periodic announcement, usually quarterly, in which a public company discloses its revenue, profit and other key results, often with an investor call and updated guidance.