The 11th M&A Challenge
Ignite innovation and lead the future. Join the 2026 M&A case competition!
PwC Philippines invites you to join the 11th M&A Challenge
We are excited to uphold our legacy of crafting solutions for the nation’s toughest business challenges through the premier M&A case competition!
As the Philippines continues to modernize and build a more resilient economy, next-generation infrastructure is emerging as a key driver of growth and innovation. From AI and digital infrastructure that enable data and connectivity solutions to physical infrastructure that improves the movement of people, goods, and services, these systems are creating new opportunities for economic growth and long-term value creation.
In today’s transforming business landscape, companies are increasingly turning to artificial intelligence (AI) and cross-sector expansion to unlock new sources of growth and value. A 2026 Global PwC study of 4,454 CEOs found that approximately one-third of companies have realized tangible benefits from AI adoption over the past 12 months, with one in eight reporting both higher revenues and lower costs.
At the same time, traditional industry boundaries are becoming less distinct as technology reshapes how businesses operate and compete. Among CEOs planning major acquisitions in the next three years, 44% expect to pursue transactions outside their existing sector or industry, reflecting a growing focus on acquiring new capabilities, accessing emerging markets, and accelerating innovation.
As AI, transportation and logistics, semi-conductor and critical mineral sectors, digital infrastructure, and other sectors increasingly converge, businesses are viewing strategic investments and acquisitions not only as a means of growth, but as critical drivers of long-term competitiveness and value creation.
Overview
We are excited to invite all undergraduate students to join our 11th 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 step into the role of a Private Equity or Venture Capital firm, identifying and evaluating businesses that can help shape the future of the next-generation infrastructure in the Philippines. From AI and digital infrastructure to physical infrastructure and logistic solutions, participants will assess investment opportunities while building practical skills and gain valuable exposure to real-world business scenarios.
As PwC adapts a modern identity that focuses 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 Private Equity or Venture Capital investor (the "Client") to identify potential target companies to help its commitment to shaping the future of next-generation infrastructure in the Philippines. This initiative may involve investing in businesses related to AI and digital infrastructure, physical infrastructure and logistics, or semi-conductor and critical mineral companies.
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.
- 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.
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 will run from 11 September 2026 until 22 January 2027.
Rounds and mechanics
The competition offers business students from universities and colleges nationwide a unique opportunity to gain 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 step into the shoes of a PE or VC investor, exploring key opportunity areas across AI and digital infrastructure, physical infrastructure and logistics, or semi-conductor and critical mineral companies. Through the M&A challenge, they will test their business acumen and develop solutions that contribute to a modern and more resilient Philippines.
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
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 Private Equity or Venture Capital firm.
Teams must recommend investment strategies for selected PE/VC firms, focusing on companies across the AI and digital infrastructure, connectivity and infrastructure, and semi-conductor and critical mineral sectors. Teams must then identify a potential acquisition target that aligns with the recommended investment strategy within the assigned sector (the “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 round teams will be selected from the Semi-Final Round based on established criteria a Final 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 investment opportunity to help shape the Next-Generation Infrastructure
- Macroeconomic landscape in the Philippines
- Analysis of the policy and regulatory landscape
- Cost and environmental benefits from investments in AI and digital infrastructure, physical infrastructure and logistics, or semi-conductor and critical mineral companies
Teams must conduct an assessment of the investment opportunity, which may include market attractiveness, strategic fit, operational value creation, or any other analysis the teams deem appropriate.
Based on their findings, teams shall evaluate the chosen next-generation infrastructure strategy and provide the Client with recommendations and advice based on the investment opportunity.
The analysis and results from the preceding tasks shall be presented in a summary report.
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 and maximum of four members.
- Each team shall work under the mentorship of a coach. A coach is permitted to mentor more than one team.
- Schools or universities may register multiple teams, provided that each team meets all eligibility and composition requirements.
Registration period is from 11 September to 12 October 2026. 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.
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 or four 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 12 October 2026, 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 16 November 2026, 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.
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 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 15 January 2027, 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.
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