What is the adjusted EBITDA multiple for a company with a revenue of $29.39 billion and EBITDA of $7.93 billion if another company is willing to pay 11.50 times EBITDA and expects $1.04 billion of synergies?

To determine the adjusted EBITDA multiple for the company, you need to take into account the expected synergies that the acquiring company anticipates from the merger or acquisition. The formula to calculate the adjusted EBITDA multiple is as follows:

1. Start with the actual EBITDA of the company, which is $7.93 billion.
2. Add the expected synergies to the EBITDA. In this scenario, the synergies are valued at $1.04 billion. So, the adjusted EBITDA would be calculated as:

Adjusted EBITDA = EBITDA + Synergies Adjusted EBITDA = $7.93 billion + $1.04 billion = $8.97 billion

3. Now, to find the adjusted EBITDA multiple based on what another company (the acquirer) is willing to pay, multiply the adjusted EBITDA by the EBITDA multiple that they are using, which is 11.50 times:

   Adjusted EBITDA Multiple = Price Paid / Adjusted EBITDA If we assume the company is willing to pay 11.50 times the adjusted EBITDA:

   Implied Value = EBITDA Multiple × Adjusted EBITDA Implied Value = 11.50 × $8.97 billion = $102.155 billion (hypothetical enterprise value