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- First Step to Final Offer 2/11/25
First Step to Final Offer 2/11/25
Brooks Gammill
February 12, 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
RecruitU partners are companies that have recruiters actively using RecruitU to find students for their full-time and internship roles. So if you’re signed up, you have direct visibility with these companies.
Class of 2027 Investment Banking Opportunities
HSBC Global Banking - Investment Banking Summer Internship 2025-2026 (USA - New York) Link
MTS Health Partners 2026 Summer Analyst, Investment Banking Link
Goldman Sachs 2026 | Americas | Summer Analyst Program – Multiple Positions and Locations Link
Citi NAM 2026 Investment Banking, Summer Analyst Programs – Multiple Positions and Locations Link
AQ Technology Partners Investment Banking Summer Analyst - 2026 Link
Hennepin Partners 2026 Summer Analyst Link
BNP Paribas 2026 - Summer Analyst - Corporate Finance (Investment Banking, Leveraged Finance, Equity Capital Markets) Link
Class of 2027 Other Finance Opportunities
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2026 Opportunities
TECHNICAL QUESTION OF THE WEEK:
Why might an Acquirer choose to use Stock or Debt even if it could pay for the Target with Cash? |
MARKET NEWS
Citadel’s Multistrategy Funds Generate $57 Billion in Gains
Citadel has disclosed that its multistrategy funds have amassed $57 billion in gains from 2021 through September 2024, driven by strong performance across equities, fixed income, credit, and quantitative strategies. The rare revelation, part of a $1 billion bond offering, highlights Citadel’s dominance in the hedge fund industry and its ability to navigate volatile markets while ensuring long-term operational stability.
Source: Bloomberg
Citigroup Promotes Over 8,500 Employees to Kick Off 2025
Citigroup has promoted more than 8,500 employees globally as part of its latest round of career advancements, reinforcing its commitment to talent development. The promotions span various divisions, with a strong focus on investment banking, wealth management, and technology roles. This move comes as CEO Jane Fraser continues her broader restructuring efforts to streamline operations and boost efficiency. Amid ongoing layoffs in certain areas, the bank is strategically investing in key growth sectors to strengthen its competitive edge. (Reuters)
Source: Reuters
M&A DEAL OVERVIEW
Mizuho Nears Deal to Acquire KKR-Backed Avendus Capital
Mizuho Financial Group is reportedly close to acquiring Avendus Capital, an Indian financial services firm backed by KKR. The deal, which could be finalized soon, aligns with Mizuho’s strategy to expand its investment banking and advisory footprint in India. Avendus specializes in wealth management, alternative asset management, and investment banking, making it an attractive addition to Mizuho’s global operations. If completed, the acquisition would mark another major move by Japanese banks seeking growth opportunities in international markets.
Source: Bloomberg
Blackstone to Acquire AI Fire from TruArc for $1.1 Billion
Blackstone is set to acquire AI Fire, a fire safety and compliance solutions provider, from private equity firm TruArc Partners in a $1.1 billion deal. The acquisition reflects Blackstone’s continued investment in essential services and infrastructure, particularly in regulated industries with steady demand. AI Fire specializes in fire protection services across various sectors, including commercial and industrial properties, making it a valuable addition to Blackstone’s portfolio. The deal underscores the growing private equity interest in resilient, compliance-driven businesses.
Source: Bloomberg
ADDITIONAL RESOURCES
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: A, To accurately account for the cost of using cash for the acquisition instead of earning interest — Isn’t the Foregone Interest on Cash just an “opportunity cost”? Why do you include it?
Explanation: Yes, the foregone interest on cash is an opportunity cost, but it is also a real financial impact that should be accounted for in decision-making. When a company uses cash for an acquisition, it loses the potential interest or investment returns that could have been earned if the cash had been kept in an interest-bearing account or other investments. Including this cost ensures a more accurate assessment of the total expense of the acquisition, reflecting the true financial trade-offs involved.