The 10th M&A Challenge

Fueling change, driving innovation: Rise to the challenge in the 2025 M&A case competition!

PwC Philippines welcomes you to the 10th M&A Challenge

We are thrilled to celebrate a decade of developing solutions to the country’s most pressing business challenges with the premier M&A case competition!

Amid global challenges, the energy sector is transforming through the energy transition, with infrastructure upgrades and renewable advancements at the forefront. Smart grids enhance electricity efficiency, while solar and wind energy accelerate our shift from fossil fuels. Companies embracing these innovations unlock growth and competitive advantages in the global market. As industries collaborate on these initiatives, the energy landscape leads us into an era marked by sustainability and innovation.

In the evolving post-pandemic landscape, companies pursuing energy transition are primed for significant growth. A 2025 Global PwC study of 4,701 CEOs highlight the profitability of climate-friendly investments, revealing they are six times more likely to boost revenue than cut operating costs. With nearly two-thirds of CEOs reporting either reduced or unchanged costs, the feared financial burden of sustainability often translates into efficiency gains and innovation. Businesses are increasingly viewing sustainability efforts not just as ESG obligations, but as strategic imperatives that enhance profitability, drive innovation, and secure long-term success.

Join the M&A Challenge

We are excited to invite undergraduate students to join our 10th M&A Challenge, a dynamic platform for students to develop and expand their skills in tackling real-world business tasks designed to test and enhance their business acumen.

Participants will work on an M&A case, focusing on key aspects of energy transition, and provide insights on better managing this transition to generate long-term value for clients. The competition offers the opportunity to build practical skills and gain valuable exposure to real-world business scenarios.

As PwC adapts a modern identity with focus on bringing to life the firm’s commitment to drive clients to the leading edge—where ambition meets real-world results, continuous efforts are made to help clients move faster, unlock new value and stay ahead in a constantly evolving world. For this year's M&A Challenge case, PwC Philippines is engaged by a listed firm (the "Client") to identify potential target companies to accelerate its energy transition. The Client, a corporation in the Philippines, seeks to enhance its commitment to sustainability and efficiency through transitioning to focus investments on cleaner energy solutions. This initiative may involve a combination of renewable energy (RE) investment through green financing, partnership, asset retirement or acquisition, divestment and RE adoption, among others.

Up for the challenge?

The Competition

The competition will consist of three rounds: the Preliminary and Semi-Final Rounds which will be held online, and the Final Round which will be conducted in person.

Each round will require different technical and soft skill sets in coming up with solutions to issues and challenges that may arise during an M&A transaction.

Teams will be provided ample time to work on the requirements of the case for each round. In both the Semi-Final and Final rounds, the finalists will have the opportunity to present their case to a panel of leading professionals.

The winning teams will each be awarded with respective cash prizes.

Participants will also have an exclusive opportunity to attend "The M&A Skills Bootcamp", a series of webinars by PwC professionals. These seminars are designed to equip participants with essential knowledge and skills that will be beneficial throughout the competition.

The M&A Challenge 2025 will run from 3 September 2025 until 16 January 2026.

Competition Rounds and Mechanics

The competition offers business students from universities and colleges nationwide a unique opportunity to gain an interactive experience with a hypothetical M&A case.

Participants will gain comprehensive knowledge of the Philippine M&A process, acquiring deep insights that align with the current business and regulatory landscape.

They will also get a chance to explore the risks and opportunities of key energy transition strategies, highlighting how eco-conscious initiatives can strengthen the business value and drive long-term resilience. Through this challenge, participants will learn how to drive impactful change towards a greener economic future.

The undergraduate finalists will present their final cases in person to interact with PwC professionals and prominent business leaders. The winning teams will receive cash prizes.

Preliminary Round
Semi-Final Round
Final Round
Cash prizes

Preliminary Round

Teams that have signed up and submitted their work online shall be the confirmed participants.

PwC will pre-identify the hypothetical client, specifically a publicly listed Philippine company.

Teams must recommend an energy transition strategy, with options such as green financing, partnership, asset retirement or acquisition, divestment and RE adoption, among others. Teams must then select a potential target for the recommended energy transition strategy within the assigned sector (the “Subject Entity”).

Teams are required to prepare a comprehensive market and industry analysis relevant to both the Client and the chosen Subject Entity.

Semi-Final Round

15 semi-finalist teams will be selected from the Preliminary Round, based on the specified criteria in the Preliminary case data pack.

Teams will present their cases virtually in the Semi-Final Round via video conferencing. Each team will deliver a 10-minute presentation to experienced PwC professionals, followed by a 20-minute Q&A session.

Final Round

Six (6) Final round teams will be selected from the Semi-Final Round based on established criteria and scoring rubrics of the Semi-Final Round.

A university or college is only allowed one team in the final round.

Teams must prepare a business case showcasing the following from the Preliminary Round:
- Background of the market and industry of both the Client and the chosen strategic move towards renewable energy transition
- Macroeconomic landscape in the Philippines
- Analysis of the policy and regulatory landscape
- Cost and environmental benefits of investing in Renewable Energy
- Financial modelling and sensitivity analysis

Teams must conduct an assessment using income approach, capital budgeting, or any analysis appropriate for the transition.

Based on the previous analyses, teams shall evaluate the chosen energy transition strategy and provide the Client with investment recommendations and advice based on the transaction’s deal structure.

The analyses and results from the preceding tasks shall be presented in a summary report.

Cash prizes

First Place: PHP100,000 for the team, PHP15,000 for their college/university, a plaque, and internship opportunities with PwC Philippines’ Deals and Corporate Finance Department in 2025.

Second Place: PHP50,000 for the team, PHP10,000 for the college/university, and a plaque.

Third place: PHP25,000 for the team, and a plaque.

Other Finalists: Each of the remaining three (3) finalists will receive PHP10,000.

PwC Philippines bears no responsibility for the cash prize once the cash has been deposited.

Register your team

Joining details

Each participant must be enrolled in an undergraduate degree program at a university or college in the Philippines.
Team members must all be from the same university and at least in their third year of any business-related course.
Each student is permitted to join only one team.

Each team shall have a minimum of three (3) and maximum of four (4) members.
Each team shall work under the mentorship of a coach. A coach is permitted to mentor more than one (1) team.

Registration period is from 3 September to 10 October 2025. Information provided during registration will be verified with respective colleges/universities to confirm eligibility.

The Preliminary Round case as well as other competition details will be provided to registered participants at the end of the registration period.

Ready to unlock the transformative potential of M&A in the energy transition landscape?

Terms and conditions

By participating in the competition conducted by PwC Philippines (“the Competition”), you (“the Participant”) agree to the terms and conditions below which are subject to change by PwC Philippines at any time without prior notice.

Plagiarism rules and standards are strictly enforced. Participants must work independently, properly citing online information and ideas. Violations result in automatic disqualification.

Registration for the Competition is open only to currently enrolled undergraduate students who are at least in the third year of their degree course from universities and colleges in the Philippines. Each team can consist of three (3) or four (4) students from the same university or college.

PwC reserves the right to disqualify teams that are found to be noncompliant with these rules.

All registrations must be made online in the ‘Register the team’ tab before 10 October 2025, 11:59 PM Philippine Standard Time (PST).

Personal information and details of the competitors will not be disclosed to parties outside PwC Philippines.

To qualify for the Preliminary Round, your team must have completed and submitted their entries to PwC Philippines by 17 November 2025, 11:59 PM PST through email at ph_ma_challenge@pwc.com. PwC Philippines will only contact successful entries in the Preliminary Round regarding the procedures and other details for the Semi-Final Round.

Fifteen (15) teams from the Preliminary Round will be selected to advance to the Semi-Final Round. In the Semi-Final Round, your team must present your case virtually via video conferencing and adhere to the approved scoring rubrics and mechanics.

Six (6) teams from the Semi-Final Round will advance to the Final Round. In the Final Round, your team must complete and submit your entries to PwC Philippines before 12 January 2026, 11:59 PM PST through email at ph_ma_challenge@pwc.com.

The judging panel for both the Preliminary and Semi-Final Round will comprise of PwC professionals. For the Final Round, the judging will be composed of Partners from PwC Philippines, industry experts and business entrepreneurs. Judging will be made according to team performance and merit. Decisions made by the judging panel will be final and cannot be appealed.

The dates specified in the terms and conditions are subject to change. PwC Philippines reserves the right to change these terms and conditions at any time without prior notice.

The Final Presentation and Awarding Ceremony shall be conducted physically and in compliance with health and safety protocols. Further details on the full program will be announced during the Final Round period.

Winners from the Final Round will be made known on the day of the Final Round itself.

PwC Philippines takes no responsibility for any injury, loss or damage incurred by participants whilst participating in the Competition, whether it be negligence from PwC Philippines, the participating university, or otherwise. Participants agree that PwC Philippines will not be liable for any liability, claim, or damage suffered by the participants as a result of or in connection with their participation in the Competition.