First Step to Final Offer 2/10/26

Author

Brooks Gammill
February 10, 2026

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

  • Berkeley Research Group, LLC 2027 Summer Associate - BRG Corporate Finance - Turnaround & Restructuring - Multiple Roles and Locations Link

  • Orion Group Private Equity Summer Analyst (2027) Link

  • Guggenheim Securities Investment Banking Freshman Day on the Job Program Link

  • Citi Banking - US, 2027 Summer Analyst - Multiple Roles and Locations Link

  • Barings 2027 Investment Management Summer Internship Link

  • Houlihan Lokey 2027 Summer Financial Analyst – Capital Solutions (Class of 2028) - Los Angeles Private Debt Advisory Link

  • Hennepin Partners 2027 Investment Banking Summer Analyst Link

  • UBS 2027 Summer Internship - Multiple Roles and Locations Link

  • Truist 2027 Wholesale Credit Delivery - Corporate & Leveraged Finance - Summer Analyst Program (Internship) Link

  • HSBC Relationship Management, Markets, and Investment Banking Internship - Multiple Roles and Locations Link

  • FORVIS, LLP Intern Employee Stock Ownership Plan (ESOP) Consulting Summer 2027 | Bowling Green Link

  • Shea & Company 2027 Summer Analyst Link

To see c/o 2028 opportunities, click here: Class of 2028 Application Tracker

Class of 2027 Finance and Consulting Opportunities

  • Berkeley Research Group, LLC Summer Associate 2026 - Corporate Finance - Transaction Advisory Link

  • KeyBank 2026 KBCM Equity Research Summer Analyst - Portland, OR Link

  • Verition Fund Management Summer 2026 Internship (NYC) - Multiple Roles Link

  • UBS 2026 Summer Internship - Wealth Management Operations - Nashville Link

  • KPMG Intern, Summer 2026 - Multiple Roles and Locations Link

  • Capstone Summer 2026 Risk Internship Link

  • West Monroe 2026 Data & Analytics Consulting Intern Link


    To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker

Class of 2026 Consulting Opportunities

  • KPMG Associate, Economic Valuation Services - Transfer Pricing | Short Hills Summer/Fall 2026 Link

  • KPMG Advisory Associate, Deal Advisory - Financial Due Diligence | Los Angeles Winter 2027 Link

TECHNICAL QUESTION OF THE WEEK:

What are the 3 places in a DCF where taxes make a DIRECT impact?

Login or Subscribe to participate in polls.

MARKET NEWS

Hedge Funds Pile Into Record Shorts as AI Selloff Hits U.S. Stocks

Hedge funds added short positions on U.S. equities at a record pace in early February, according to Goldman Sachs data going back to 2016. Net selling was driven by fears that AI-driven disruption could upend existing business models, triggering a sharp pullback in software and financial stocks. From Jan. 30 to Feb. 5, short sales outpaced long buys two-to-one, with $611 billion wiped from a basket of 164 companies. Information technology saw the second-largest outflows in five years, with software making up 75% of net sector selling, while semiconductor and IT services stocks remained relatively resilient.

Source: Bloomberg

Global Regulators Launch Probe Into Private Equity Ownership of Audit Firms

Global securities watchdogs are intensifying scrutiny of private equity's growing involvement in the audit sector, amid fears it could compromise audit quality and independence. IOSCO, the international body of 130 regulators including the SEC and UK FCA, is launching a review into the risks and potential conflicts posed by private equity deals with mid-tier accountancy firms. The shift has gained pace with buyouts like Cinven’s stake in Grant Thornton and Blackstone’s acquisition of Citrin Cooperman, triggering warnings from institutions like the SEC and the UK’s Financial Reporting Council over threats to auditor independence and rising commercial pressures.

Source: Financial Times

M&A DEAL OVERVIEW

FedEx and Advent to Acquire InPost in $9.2 Billion Deal for European Locker Expansion

A consortium led by FedEx and private equity firm Advent International has agreed to acquire InPost in a €7.8 billion ($9.2 billion) deal, offering €15.60 per share, a 17% premium to the previous closing price. The transaction will grant FedEx access to InPost’s parcel locker network across Europe, while allowing InPost to expand more rapidly under private ownership. Post-transaction, FedEx and Advent will each hold 37%, with CEO Rafal Brzoska’s vehicle A&R and PPF holding 16% and 10%, respectively. The firms will remain independent, with operations based in Poland, and expect to close the deal in the second half of 2026.

Source: Reuters

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:

Correct Answer: C, Precedent Transactions, Public Comps, LBO — Rank these 3 valuation methods from greatest to least expected value: LBO, Public Comps, Precedent Transactions.

Explanation: The correct ranking is Precedent Transactions, Public Comps, then LBO because each method reflects a different perspective on value. Precedent transactions typically produce the highest valuations since they include control premiums and synergies paid in real acquisitions. Public comps usually come next, reflecting minority, market-traded valuations without control premiums. LBOs tend to imply the lowest valuation because financial sponsors are constrained by leverage, required returns, and exit assumptions, which cap how much they can afford to pay.