Student-Led M&A & Private Markets Insights
This page showcases a curated selection of transaction reports produced by members of the Edinburgh Finance Society as part of our Deal Groups initiative.
Each report provides a concise, analytical deep dive into a real M&A or private markets transaction, focusing on strategic rationale, valuation, deal structure, and key investment considerations. The aim is to help students develop practical, deal-oriented thinking while building tangible work that can be referenced in applications and interviews.
The following materials were prepared independently by members of the Edinburgh Finance Society for educational purposes only. They do not constitute investment advice, nor do they reflect the views of any firms referenced. All information is based on publicly available sources and student analysis.

01
PNC’s Acquisition of FirstBank
PNC Financial Services | FirstBank | 2024
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Teaser:
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Regional bank consolidation strengthening PNC’s Southeast footprint
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Highlights strategic scale benefits and integration-driven value creation
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Authors: EFS Deal Group
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Sector: Banking / Financial Institutions
02
Blackstone’s Acquisition of AirTrunk
Blackstone Infrastructure | AirTrunk | 2024
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Teaser:
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Landmark digital infrastructure investment in hyperscale data centres
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Demonstrates strong thematic conviction around AI-driven demand
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Authors: EFS Deal Group
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Sector: Private Equity / Infrastructure / Tech

03

HSBC’s Strategic Repositioning of Hang Seng Bank
HSBC | Hang Seng Bank | 2024
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Teaser:
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Capital optimisation move sharpening HSBC’s Asia-focused strategy
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Reflects portfolio streamlining and minority stake dynamics
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Authors: EFS Deal Group
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Sector: Banking / Asia Strategy
04
PepsiCo’s Acquisition of Siete Foods
PepsiCo | Siete Foods | 2024
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Teaser:
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Expansion into fast-growing better-for-you Hispanic food segment
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Strategic bolt-on accelerating PepsiCo’s premium snacking platform
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Authors: EFS Deal Group
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Sector: Consumer / Food & Beverage / M&A

05

Air France-KLM & SAS Capital Restructuring
Air France-KLM | SAS | 2023–2024
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Teaser:
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Complex cross-border restructuring enabling SAS recapitalisation
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Blends state involvement, creditor negotiations and strategic investment
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Authors: EFS Deal Group
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Sector: Airlines / Restructuring / Cross-border M&A
06
Virgin Media O2 & Vodafone UK Network Sharing Deal
Virgin Media O2 | Vodafone UK | 2024
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Teaser:
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Strategic network consolidation improving capital efficiency in UK telecoms
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Highlights infrastructure synergies and competitive positioning
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Authors: EFS Deal Group
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Sector: Telecom / Infrastructure / M&A



