First Step to Final Offer (01/16/24)

Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internship, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!

We have a special referral giveaway this week! Refer just 1 friend and you will receive a full list of all internships & events available for Summer 2025. The list has 130+ opportunities that breaks down deadlines, salary ranges, and a timeline of opening and closing dates. Anyone who has referred a friend will receive it as well. The first batch will be sent tonight. Also, at bottom of the newsletter is an answer to the technical question from last week.

CAREER OPPORTUNITIES

Class of 2026

Summer 2025 Applications

  • Morgan Stanley Summer 2025 Application [NEW] - Link Here

  • Bain Capital Summer 2025 Application [NEW] - Link Here

  • Wells Fargo Summer 2025 Applications [NEW] - Link Here

  • Baird Summer 2025 Applications [NEW] - Link Here

  • Audax Group Summer 2025 Application [NEW] - Link Here

  • Lincoln International Summer 2025 Applications [NEW] - Link Here

  • William Blair Summer 2025 Applications [NEW] - Link Here

  • JMI Equity Summer 2025 Application [NEW] - Link Here

  • Leerink Partners Summer 2025 Application [NEW] - Link Here

  • Aeris Partners Summer 2025 Application [NEW] - Link Here

  • Qatalyst Summer 2025 Application [NEW] - Check your school’s Handshake

  • Lazard Summer 2025 Application - Link Here

  • Ares Summer 2025 Application - Link Here

  • Moelis Summer 2025 Application - Link Here

  • MUFG Summer 2025 Application - Link Here

  • KKR Summer 2025 Application - Link Here

  • Raine Group Summer 2025 Application - Link Here

  • J.P. Morgan Summer 2025 Application- Link Here

  • UBS Summer 2025 Application - Link Here

  • RBC Summer 2025 Applications - Link Here

  • Insight Partners Summer 2025 Applications - Link Here

  • Houlihan Lokey Summer 2025 Applications - Link Here

  • Rothschild Summer 2025 Applications - Link Here

  • Guggenheim Summer 2025 Applications - Link Here

  • Deutsche Bank Summer 2025 Applications - Link Here

  • Aeris Partners Summer 2025 Applications - Link Here

  • Union Square Advisors Summer 2025 Applications - Link Here

  • GTCR Summer 2025 Applications - Link Here

  • Stout Summer 2025 Applications - Link Here

  • Deloitte Corporate Finance Summer 2025 Applications - Link Here

Diversity Program Applications

  • Lazard Sophomore Women’s Day - Link Here

  • Lazard Sophomore Diversity Day - Link Here

  • Barclays Banking Analyst Discovery Program - Link Here

  • J.P. Morgan Winning Women Insights Program  - Link Here

  • Deutsche Bank dbAchieve Sophomore Summer Internship - Link Here

  • Centerview Women’s Leadership Program Networking Event - Link Here

Class of 2027

  • Guggenheim Freshman Enhancement Program (Upcoming) - Link Here

  • Morgan Stanley Freshman Enhancement Program - Link Here

  • J.P. Morgan Freshman Focus Program - Link Here

MARKET NEWS

Google cuts hundreds of jobs across engineering, hardware teams (CNBC)

Google has confirmed laying off several hundred employees across hardware, central engineering, and Google Assistant teams, as part of an efficiency drive to focus on key product priorities. The move is a continuation of Google's efforts to control headcount growth initiated during the pandemic, with the company emphasizing a shift towards prioritizing developments in artificial intelligence amid competition from rivals like Microsoft and Amazon.

Apple’s Vision Pro headset could sell out quickly at launch, top analyst predicts (CNBC)

Apple's Vision Pro virtual reality headset, priced at $3,499, is anticipated to face supply shortages at launch, with only 60,000 to 80,000 units produced initially, according to analyst Ming-Chi Kuo. Despite uncertainties about its applications, the groundbreaking technology and Apple's fanbase may lead to a quick sell-out. The Vision Pro marks Apple's first major product release since the Apple Watch in 2014

Honda teases new EVs with futuristic ‘Space-Hub’ and ‘Saloon’ concept cars (CNBC)

Honda showcased two concept cars, "Space-Hub" and "Saloon," at CES, providing a glimpse into its upcoming lineup of electrified vehicles arriving in North America in 2026. The new "Honda 0 Series" EV, emphasizing "Thin, light, and wise" principles, will debut with the Saloon model in North America, followed by releases in other regions. Both concepts feature futuristic designs with autonomous driving capabilities, and the 0 Series models are projected to offer fast charging from 15% to 80% in about 10 to 15 minutes.

M&A DEAL OVERVIEW

VillageMD’s $8.9bn Acquisition of Summit Health (Walgreens Boots Alliance)

VillageMD is in the process of acquiring Summit Health in a hefty $8.9 billion deal, with support from Walgreens Boots Alliance's $3.5 billion investment. The merged entity, with a substantial workforce, aims to reshape the landscape of healthcare services. Despite concerns about market concentration and potential antitrust scrutiny, the deal is set to fortify VillageMD's position, providing an all-encompassing healthcare experience and pushing CVS Health to keep up in the primary care sector.

TECHNICAL QUESTION OF THE WEEK:

If a company raises debt to buy back shares, what happens to the EPS?

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ADDITIONAL RESOURCES

We are excited to announce a new educational series ran by Diversity of Wall Street & RecruitU. Below is the schedule for the spring. Last night we had 75 people attend the first session. To sign up for all future sessions in advance click the link below and go to “Events” and then “Add My Calendar” & then also sign up for Diversity of Wall Street below.

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANWSER:

The right answer was it can’t be determined. While most answered it would be accretive, we are unable to determine this because we do not know the structure of the deal and whether it was all cash, all stock, or a combination of both. If it was a pure stock-for-stock transaction, the acquisition of a lower P/E company by a higher P/E company would likely be accretive.

AUTHOR

Written by Beckett Kreter

Formerly BK. Finance Newsletter (Acquired by RecruitU)