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- First Step to Final Offer 1/28/25
First Step to Final Offer 1/28/25
Brooks Gammill
January 29, 2025
Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internships, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!
CAREER OPPORTUNITIES
RecruitU Partner Opportunities
Guggenheim Partners 2026 Guggenheim Securities Investment Banking Summer Analyst Programs – Multiple Locations Link
Evercore 2026 Summer Analyst Programs – Multiple Locations Link
Warburg Pincus 2026 US Analyst Program (full-time) Link
Raymond James Financial 2026 Investment Banking Summer Analyst Link
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Class of 2027 Investment Banking Opportunities
BMO Capital Markets New York Summer 2026 Investment Banking Internship Link
MUFG 2026 Corporate, Investment Banking and Markets (CIBM) Summer Analyst Program | New York Link
Rockefeller Capital Management 2026 Summer Analyst - Investment Banking Link
DC Advisory Summer Analyst Investment Banking Class - 2026 Link
Citi NAM Investment Banking, Summer Analyst - San Francisco Technology Group (North America - 2026) Link
Citi NAM Investment Banking, Summer Analyst - San Francisco Healthcare Group (North America - 2026) Link
KeyBank 2026 KBCM Cain Brothers Investment Banking Summer Analyst - New York, NY Link
Stifel 2026 KBW Investment Banking Summer Analyst - Multiple Positions and Locations Link
Silversmith Capital Partners Summer Analyst (Boston, MA) - June 2026 Link
Harris Williams 2026 KBW Summer Analyst - Multiple Positions and Locations Link
Societe Generale Americas 2026 Investment Banking Summer Analyst Program - New York Link
Capital Group CAP Summer Associate - US (2026) Link
Tidal Partners 2026 Summer Analyst Link
Class of 2027 Other Finance Opportunities
HarbourVest 2026 Summer Analyst, Secondary Link
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2026 Opportunities
Deloitte Corporate Finance - Investment Banking 2025 Summer Analyst Link
TECHNICAL QUESTION OF THE WEEK:
If A is trading at 10x P/E and B is trading at 15x P/E, and B acquires A in an all stock deal at a 50% premium. A is $10/s and 120 shares. B is $30/s and 90 shares. What percentage of pro forma comp does B own? |
MARKET NEWS
Blackstone Predicts M&A Growth to Drive CLO Sales Surge in 2025
Blackstone projects a surge in collateralized loan obligation (CLO) sales in 2025, fueled by an anticipated uptick in merger and acquisition activity. With a strong pipeline of deals expected, the firm highlights the increasing role of CLOs in financing corporate buyouts, signaling robust demand from institutional investors seeking higher yields amid evolving market dynamics.
Source: Bloomberg
Hedge Funds Pivot to DeepSeek as US AI Investments Cool, Says Goldman
Goldman Sachs reports that hedge funds have temporarily slowed their AI investments in the US, redirecting their focus toward DeepSeek, an emerging AI innovator. The shift highlights growing investor caution in domestic markets while seeking growth opportunities in cutting-edge global AI players. As DeepSeek garners attention, analysts anticipate a broader realignment of capital within the AI sector.
Source: Reuters
M&A DEAL OVERVIEW
Blackstone to Acquire $1B Virginia Power Plant
Blackstone has agreed to purchase the Potomac Energy Center in Virginia for $1 billion, a power plant strategically located near several data centers. This acquisition is part of Blackstone’s ongoing efforts to expand its energy infrastructure portfolio, capitalizing on the growing demand for reliable power sources for tech-driven industries. The deal highlights the increasing intersection of energy and technology investments.
Source: Reuters
ADDITIONAL RESOURCES
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: B, Debt-to-EBITDA Ratio and EBITDA-to-Interest Ratio — A company seems to be boosting its ROE artificially by using leverage to fuel its growth. Which metrics or ratios could you look at to see if this is true?
Explanation: To determine if a company is artificially boosting its Return on Equity (ROE) through leverage, the Debt-to-EBITDA Ratio and EBITDA-to-Interest Ratio are key metrics to examine. The Debt-to-EBITDA Ratio measures the company's debt relative to its earnings capacity, highlighting how much leverage it employs. A high ratio suggests that the company is heavily reliant on debt. Meanwhile, the EBITDA-to-Interest Ratio assesses the firm's ability to cover its interest expenses with its earnings. A low ratio indicates that the company may be overleveraged, struggling to meet its debt obligations. Together, these metrics reveal whether increased leverage is driving ROE at the expense of financial stability.