You're given the following details of an acquisition of Target Co. by Acquirer Ltd.. What is the expected pro forma enterprise value of Acquirer Ltd.? Assume that the pro forma share price for Acquirer Ltd. is equal to its standalone price. Also, assume that equity raised by Acquirer Ltd. in the public markets. Acquisition of Target Co. by Acquirer Ltd. Acquisition Structure Assumptions Acquisition Premium 15% Equity Issuance Discount (to Current Price) 6% Debt Financing 35% $15,014 Equity Financing 65% $27,883 Acquirer and Target Assumptions Acquirer Ltd. Target Co. Acquirer Target Share Price ($/sh.) $2,169.58 $31.00 Fully Diluted Shares Outstanding (MM) 362 1,213 Net Debt $46,818 ($347) FY + 1 Normalized Net Earnings $16,581 ($406) FY + 1 Normalized Cash Flow $48,877 $233 Pro Forma Adjustment FY + 1 Normalized Net Earnings $1,870 FY + 1 Normalized Cash Flow $449 Pro Forma Net Debt $59,916 Review Later $873,187 $874,966 $869,462 $832,206