By Kush Mahawar, Xiao Xiao, Joe Colton and Sean Yeow (University of Oxford); Gilles Michaud and Marc Bellon (HEC Paris) Photo: Alexandre Debi è ve (Unsplash) Overview of the deal Acquirer: Power Finance Corporation (PFC) Target: Rural Electrification Corporation (REC) Implied Equity Value: Not fully disclosed (merger structure; earlier control stake transaction ≈ $2 billion (₹145 billion) for 52.63% of REC) Total Transaction Size:  Merger of two state-owned lenders creating a