Creating a consolidated entity from smaller players under a national mandate can be an arduous process involving numerous critical steps. One of the most important aspects is performing comprehensive due diligence and valuation to determine the fair and accurate shareholding for each player.
I would tend to go for a valuation based on comparables as a basis to get a high level idea of the intrinsic value of each company. Next I would take other elements into consideration such as management, IP, operational competitive advantage, IT systems, … to adjust (increase / decrease) the overall value. You can take a detailed approach (with assumptions) or a more generic by stating for each element that it impacts the overall value by the following selection: (+2% / +1% / 0% / -1% / -2%) –> of course you can adjust the selection field.