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- First Step to Final Offer 12/2/25
First Step to Final Offer 12/2/25
Brooks Gammill
December 02, 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
Class of 2028 Finance Opportunities
Perella Weinberg Partners 2027 US Advisory Summer Analyst Link
Houlihan Lokey 2027 Summer Financial Analyst (Class of 2028) - Multiple Roles and Locations Link
Lincoln International 2027 Summer Analyst Intern - Multiple Roles and Locations Link
Ardea Partners 2027 NY Summer Internship Link
Stout 2027 Investment Banking Summer Analyst (Chicago) Link
Graham Partners Private Equity Fast Track Two-Year Internship, 2026 and 2027 Summer Analyst (Class of 2028) Link
Harris Associates Summer 2027 Equity Research Internship Link
Moelis & Company 2027 Summer Analyst, Investment Banking - Houston Link
William Blair 2027 Investment Banking Summer Analyst Link
Wells Fargo 2027 Summer Internship, Early Careers – Investment Banking Link
Sculptor Capital Management Real Estate Intern, Acquisitions– Summer 2027 Link
Bessemer Venture Partners Summer Analyst 2027 Link
BMO Capital Markets Summer 2027 Internship - Multiple Roles and Locations Link
Barclays Summer Internship 2027 New York - Multiple Roles Link
Deutsche Bank Internship Program – Investment Bank & Capital Markets: Investment Bank Coverage – New York 2027 Link
Rothschild & Co. US 2027 Global Advisory Summer Analyst Link
To see c/o 2028 opportunities, click here: Class of 2028 Application Tracker
Class of 2027 Finance and Consulting Opportunities
Oliver Wyman 2026 Summer Analyst – Veritas, A Business of Oliver Wyman Link
Voloridge Quant Trading Intern 2026 Link
Invesco Summer 2026 Internship - Multiple Roles and Locations Link
West Monroe 2026 Consulting Intern - Multiple Roles and Locations Link
KeyBank Summer 2026 Key Investment Services Internship (Certified Financial Planner Track- South Puget, WA Link
Houlihan Lokey 2026 Summer Financial Analyst (Class of 2027), Corporate Valuation Advisory Services, Complex Securities - Multiple Locations Link
BMO Capital Markets Commercial Banking Credit Analyst Internship - Chicago, IL (Summer 2026) Link
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2026 Finance and Consulting Opportunities
TECHNICAL QUESTION OF THE WEEK:
What would be the impact on a company's earnings per share (EPS) if it decided to issue $100 million in debt to buy back its stock? Assume the company's stock is currently priced at $50 per share and it has a weighted average cost of capital (WACC) of 5%. |
MARKET NEWS
Blackstone, Apollo, and KKR Join UK’s First-Ever Stress Test of Private Credit Market
Blackstone, Apollo, and KKR have agreed to participate in the Bank of England’s inaugural stress test of the private credit market, marking a significant regulatory milestone for a sector that has grown rapidly outside traditional oversight. Set to begin next year, the test will examine how large private credit players would respond to a severe economic shock, focusing on exposures in leveraged loans, asset-backed financing, and private equity-linked debt. Other firms including Ares and CVC are also involved. The exercise forms part of the BoE’s broader system-wide scenario analysis and reflects mounting concerns over financial stability risks stemming from opaque loan structures, particularly as some practices resemble those seen before the 2008 crisis.
Source: Financial Times
Citadel’s Flagship Fund Posts 1.4% Gain in November, Capping Strong Year for Firm
Citadel’s flagship Wellington fund returned 1.4% in November, bringing its year-to-date performance to 8.3%, according to individuals familiar with the matter. Other Citadel funds also posted strong results: the Global Equities fund gained 2.5% in November and 13.2% YTD, while the Tactical Trading fund rose 2.6% for the month and 16.3% for the year. The Global Fixed Income fund delivered a 1.1% monthly gain and is up 8.5% year-to-date. These results come amid broader hedge fund repositioning following recent market volatility, as the S&P 500 closed November roughly flat.
Source: Reuters
M&A DEAL OVERVIEW
Goldman Sachs to Acquire Innovator Capital in $2 Billion Active ETF Expansion
Goldman Sachs has announced a definitive agreement to acquire Innovator Capital Management, a leading provider of defined outcome ETFs, in a transaction valued at approximately $2 billion. The deal will bring $28 billion in assets under supervision and 159 ETFs into Goldman’s platform, significantly boosting its footprint in one of the fastest-growing segments of the asset management industry. Innovator’s leadership team, including CEO Bruce Bond, will join Goldman Sachs Asset Management, along with more than 60 employees. The acquisition aligns with Goldman’s strategy to expand its active ETF and structured product offerings, leveraging Innovator’s strong distribution network and experience in outcome-driven investment strategies. The transaction is expected to close in the second quarter of 2026, pending regulatory approvals
Source: Goldman Sachs
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: A, up 168 — Assuming a 30% tax rate, walk me through 3 statements with a $120 decrease in depreciation. Your change in assets will be:
Explanation: A $120 decrease in depreciation means pretax income rises by $120, and with a 30% tax rate, taxes increase by $36, leaving net income up by $84 on the Income Statement. On the Cash Flow Statement, you subtract depreciation (now $120 less), so CFO decreases by $120, but you add back the higher net income of $84, resulting in cash flow down by $36. Since cash is an asset, cash decreases by $36 on the Balance Sheet. Meanwhile, PP&E is $120 higher because you took less depreciation. Overall, total assets increase by $120 – $36 = $84, but to balance the statements, retained earnings increase by $84 from the higher net income. The question asks for the change in assets, which is the increase in PP&E ($120) plus the decrease in cash ($36), giving a net increase of $168.