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- First Step to Final Offer 10/21/25
First Step to Final Offer 10/21/25
Brooks Gammill
October 21, 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!
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Class of 2027 Finance Opportunities
Lazard 2026 Summer Internship - Multiple Roles and Locations Link
Jefferies 2026 Risk Management Summer Internship Program – New York Link
The D. E. Shaw Group Quantitative Analyst Intern (New York) – Summer 2026 Link
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Class of 2028 Finance and Consulting Opportunities
TECHNICAL QUESTION OF THE WEEK:
If a company raises debt to buy back shares, what happens to the EPS? |
MARKET NEWS
JPMorgan Flags Rising Bank Funding Costs Amid Fallout from First Brands and Tricolor Collapses
JPMorgan has warned that the recent bankruptcies of First Brands Group and Tricolor Holdings have pushed up banks’ funding costs, citing heightened investor anxiety over opaque lending ties with non-depository financial institutions (NDFIs), such as private equity firms and hedge funds. Analysts noted the sell-off in bank stocks was driven by poor risk disclosure and highlighted that U.S. and European banks hold around $4.5 trillion in NDFI exposure—roughly 9% of total loan books. JPMorgan expects European lenders to face increasing pressure to provide more detailed breakdowns in upcoming earnings reports to close valuation gaps with U.S. peers
Source: Financial Times
Hedge Funds Flock Back to Hong Kong IPOs as Market Momentum Builds
Hedge funds are returning to Hong Kong listings at the strongest pace since 2021, helping the city position itself as a global IPO leader in 2025 with about 300 deals in the pipeline. Firms like Millennium, Qube, and Oaktree have participated in recent IPOs, boosting the share of deals with hedge fund cornerstone investors to 14%—near 2021 levels. The Hang Seng Index’s strong performance, surging Chinese tech optimism, and first-day IPO pops (such as Zijin Gold’s 68.5% debut gain) are fueling the trend. Traditional long-only funds are also joining the rebound in Chinese equities, as asset managers reduce U.S. exposure in favor of global diversification.
Source: Financial Times
M&A DEAL OVERVIEW
Blackstone and TPG to Acquire Hologic in $18.3B Women’s Health Mega-Deal
Hologic has agreed to be acquired by Blackstone and TPG in a transaction worth up to $79 per share, valuing the company at $18.3 billion. Shareholders will receive $76 per share in cash plus a contingent value right of up to $3 per share tied to revenue goals in 2026 and 2027. The deal represents a 46% premium to Hologic’s pre-rumor stock price and includes minority investments from Abu Dhabi Investment Authority (ADIA) and an affiliate of GIC. The acquisition aims to accelerate Hologic’s growth in women’s health, backed by committed financing from Citi, Bank of America, and others. The transaction is expected to close in the first half of 2026, pending approvals.
Source: Blackstone
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: A, 11x. — A PE firm buys a company with $100 EBITDA, growing to $150 in 7 years, and sells it at a 10x EBITDA multiple. Starting with $500 Debt and $300 Net Debt at exit, the firm earns a ~10% IRR. What was the purchase multiple?
Explanation: The exit enterprise value is $1.5B (10× $150M EBITDA), and with $300M net debt remaining, the equity value at exit is $1.2B. Earning a 10% IRR over 7 years implies the equity roughly doubled, so the initial equity was about $600M, meaning the entry enterprise value was $1.1B ($600M equity + $500M debt), giving a purchase multiple of about 11× EBITDA.