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- First Step to Final Offer 11/5/24
First Step to Final Offer 11/5/24
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 Partners Upcoming Event List
Guggenheim (Early Insight Program):
Wednesday, November 13 @ 5:30pm–7:30pm EST, Guggenheim Securities Investment Banking Diversity & Inclusion Panel Link
Application Deadline: November 6th
Evercore:
Friday, November 15 @ 1:00–2:00pm EST, Evercore Restructuring Virtual Sophomore Open House Link
RecruitU Investment Banking Prep Series Overview
Every Monday and Wednesday, RecruitU Mentors from Evercore, Morgan Stanley, Guggenheim, and JPM will be presenting on their experiences in banking and answering questions. Please RSVP below:
November 6th @ 7pm EST, Lesson 8: Capital Structure, EV and EQV Link
November 11th EST @ 7pm EST, Lesson 9: Valuation Link
November 13th @ 7pm EST, Lesson 10: DCF Link
November 18th @ 7pm EST, Lesson 11: DCF Link
November 20th @ 7pm EST, Lesson 12: M&A Link
November 25th @ 7pm EST, Lesson 13: M&A Link
November 27th @ 7pm EST, Lesson 14: LBO Link
December 2nd @ 7pm EST, Lesson 15: LBO Link
December 4th @ 7pm EST, Lesson 16: LBO Link
December 9th @ 7pm EST, Lesson 17: Market Awareness Link
Class of 2027 Opportunities
TD (NEW) 2025 Invest in Success Program (New York) Link
Lincoln International (NEW) 2026 Summer Analyst Intern (M&A) Link
Lincoln International (NEW) 2026 Summer Analyst Intern (CAG) Link
Lincoln International (NEW) 2025 Sophomore Job Shadow Program Link
Lincoln International (NEW) 2026 Summer Analyst Intern (PFA) Link
The Raine Group LLC 2026 Summer Analyst (New York) Link
William Blair Investment Banking Summer Analyst, Private Capital Advisory, Summer 2026 Program Link
William Blair Investment Banking Summer Analyst, Financial Sponsors Group, Summer 2026 Link
William Blair Investment Banking Summer Analyst, Leveraged Finance, Summer 2026 Program Link
William Blair Investment Banking Summer Analyst, Equity Capital Markets, Summer 2026 Program Link
William Blair Investment Banking Summer Analyst, Life Sciences, Summer 2026 Program Link
Point 72 2025 Summer Internship - Private Investments Link
RBC Capital Markets 2026 Capital Markets, Global Markets Sales & Trading Summer Analyst Link
RBC Capital Markets 2026 Capital Markets, Global Investment Banking Summer Analyst Link
Insight Partners 2026 Summer Investment Analyst Overview Link
Goldman Sachs Possibilities Summits Link
Deloitte Discovery Intern (Sophomore) Consulting (Government & Public Services) - Summer 2025 Link
Class of 2026 Opportunities
D.A. Davidson Companies (NEW) Investment Banking Summer Analyst, Technology Group - Summer, 2025 Link
D.A. Davidson Companies (NEW) Investment Banking Summer Analyst, Financial Sponsors Group - Summer, 2025 Link
D.A. Davidson Companies (NEW) Investment Banking Summer Analyst, Financial Institutions Group - Summer, 2025 Link
Jefferies 2025 Jefferies Finance Summer Analyst Program - New York, Data Analytics Link
StepStone Group 2025 Private Equity Summer Analyst Link
BNY 2025 Summer Internship Programs Link
Deutsche Bank Internship Program Investment Bank: Commercial Real Estate - New York - 2025 Link
TECHNICAL QUESTION OF THE WEEK:
MARKET NEWS
Hedge Funds on High Alert as U.S. Election Sparks Market Volatility
With the U.S. presidential election looming, hedge funds are adjusting their strategies to navigate anticipated market turbulence. As polls show a tight race between Kamala Harris and Donald Trump, the CBOE VIX indicates rising volatility, prompting significant outflows from U.S. equity funds—totaling $5.83 billion in the week leading up to October 30. This cautious sentiment is reflected in a weakening dollar and falling Treasury yields, as investors brace for potential shifts in market dynamics following the election and the Federal Reserve's policy decisions.
Source: Reuters
KKR Anticipates $250 Billion Annual Investment in Data Centers
Private equity firm KKR projects that global spending on data centers will reach $250 billion annually, driven by the surge in artificial intelligence (AI) and cloud computing. This growth is expected to significantly boost demand for data storage and processing capabilities. In line with this trend, KKR has invested approximately $800 million to acquire a 20% stake in Singapore Telecommunications' regional data center business, highlighting the firm's commitment to capitalizing on the expanding data center market.
Source: The Business Times
BlackRock Seeks SEC Approval for ETF Share Classes
BlackRock has filed an application with the U.S. Securities and Exchange Commission (SEC) to create exchange-traded fund (ETF) classes for its mutual funds. This move positions BlackRock as the largest among over 30 asset managers pursuing similar approvals since Vanguard's patent on the ETF share class structure expired in May 2023. The SEC has yet to grant any of these requests
Source: Reuters
JPMorgan Chase Settles SEC Charges for $100 Million Over Misleading Disclosures
JPMorgan Chase has agreed to pay $100 million to settle U.S. Securities and Exchange Commission (SEC) charges alleging that its disclosures misled customers who invested in "conduit" products—investment vehicles that pooled customer funds into private equity or hedge funds. The SEC stated that the settlement includes a $10 million civil fine, with the remaining $90 million to be distributed to affected investors. JPMorgan did not admit or deny the SEC's findings but accepted a censure as part of the settlement.
Source: Reuters
M&A DEAL OVERVIEW
Shore Capital and Silver Lake Discuss $8.6 Billion Pet Care Acquisition
Private equity firms Shore Capital Partners and Silver Lake are in discussions to acquire a leading pet care company for approximately $8.6 billion. This potential deal underscores the growing interest in the pet care industry, driven by increasing pet ownership and spending on pet products and services. The acquisition would combine Shore Capital's expertise in healthcare investments with Silver Lake's substantial technology-focused portfolio, aiming to enhance the pet care company's digital and operational capabilities. The deal is subject to regulatory approvals and customary closing conditions.
Source: Reuters
Blackstone Nears $5 Billion Investment in Rogers Communications
Blackstone Inc., a private equity firm, is reportedly close to securing a minority stake in Rogers Communications' cellphone infrastructure business for approximately C$7 billion ($5.03 billion). This move aims to alleviate Rogers' debt burdens. The agreement involves Rogers selling a minority equity interest in its wireless backhaul transport infrastructure. Blackstone has yet to comment on the matter, and Rogers also declined to comment.
Source: Reuters
ADDITIONAL RESOURCES
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: C, The yield on the government bonds denominated in the currency of the company’s cash flows — If a company operates in the EU, U.S., and U.K., what should you use for its Risk-Free Rate?
Explanation: The appropriate risk-free rate for a company operating in the EU, U.S., and U.K. should be based on the yield of government bonds denominated in the currency of its cash flows. This is because the risk-free rate represents the return expected from an investment with minimal risk, and using government bonds of the relevant currency reflects the economic conditions, inflation expectations, and monetary policies associated with that currency. By aligning the risk-free rate with the currency of cash flows, the company ensures a more accurate assessment of its cost of capital and investment returns.