Masters of the Deal: How tax policy shapes global trade and M&A

John is joined by Naz Klendjian, a Partner in PwC's Infrastructure and Energy Deals Tax practice, with 30 years advising sovereign wealth funds, infrastructure investors, and private equity firms on major transactions. He started out as KPMG Edinburgh's first ever tax graduate. What followed was a decade in Australia, a front-row seat at the collapse of Babcock & Brown in the credit crunch, and a return to UK advisory, where he became a leading voice on infrastructure tax. In this episode, he explains how tax has moved from the back office to the boardroom, and why geopolitics shapes where global investors put their money. Naz also unpacks: How the financial crisis changed his view of risk A financial modeling error that cost a client millions Why AI is becoming critical to dealmaking What "responsible tax" means in practice The new players in energy and infrastructure