@thunderhead1,
My thoughts on this deal are no different to the thoughts expressed by you and others.
I think it fails the pub test.
When you pay 26x EV/EBITDA, even if you then avail yourself of thin capitalisation rules to minimise your tax obligations, you are still factoring in significant growth in order to recoup your capital, plus a satisfactory premium for your troubles, over 24-years.
This feels to me a bit like a "trust-us" kind of acquisition.
Or one that works because of some deft, fleet-footed financial engineering.
A bit out-of-character for TCL management, I feel, compared to the other major acquisitions of assets and other companies, which it has undertaken in the past.
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