First Step to Final Offer 3/24/26

Author

Brooks Gammill
March 24, 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 and Consulting Opportunities

  • PSG Equity 2027 Summer Sourcing Analyst Link

  • PSG 2027 Summer Investment Analyst Link

  • Weiss Asset Management Quantitative Analyst Internship Summer 2027 Link

  • Fifth Third Bank Summer 2027 Intern CIB - Multiple Roles, Industries, and Locations Link

  • Capstone Partners Summer Investment Banking 2027 Internship Link

  • Rabobank Group 2027 Corporate Finance Summer Intern Analyst Link

  • Oppenheimer & Co. Inc. 2027 Investment Banking Summer Internship - Multiple Roles and Locations Link

  • CIFC Asset Management Summer Intern 2027 Link

  • Millennium Management LLC Millennium Investment Internship 2027, New York Link

  • Lloyds Bank 2027 Summer Analyst Program Link

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

  • BNP Paribas 2027 – Summer Analyst Internship - Multiple Roles, Industries, and Locations Link

  • Starwood Capital Group 2027 Summer Analyst - Multiple Roles, Industries, and Locations Link

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

Class of 2027 Finance and Consulting Opportunities

  • Apollo Global Management 2026 Summer Analyst, Quant Analytics Link

  • Fifth Third Bank Commercial Middle Market Program Summer 2026 INTERN - San Jose Link

  • Fifth Third Bank Commercial Middle Market Program Summer 2026 INTERN - Dallas Link

  • Apollo Global Management 2027 Analyst, FIG NY Link

  • The Carlyle Group Analyst, ABF Asset Management Link

  • Insight Partners 2027 Onsite Diligence & Growth Strategy Analyst Link

  • Capstone Summer 2026 Risk Internship Link


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

Class of 2026 Finance Opportunities

  • Moelis & Company Investment Banking Analyst, M&A - New York City Link

TECHNICAL QUESTION OF THE WEEK:

Why may a company have negative EV?

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MARKET NEWS

Blackstone Credit Fund Sees First Monthly Loss Since 2022 Amid Market Pressure

Blackstone’s flagship $48 billion private credit fund recorded a -0.4% return in February, marking its first monthly decline in over three years as loan markdowns and broader market weakness weighed on performance. The fund wrote down the value of select loans, including debt tied to software company Medallia, while declines in the liquid loan market also contributed to the setback. The results come amid rising scrutiny of the $2 trillion private credit sector, with increasing investor redemptions and slower returns, even as the fund continues to highlight its longer-term performance and relative outperformance versus leveraged loan benchmarks.

Source: Financial Times

JPMorgan Introduces Tech to Track Junior Bankers’ Workload and Prevent Overwork

JPMorgan has begun using a new system to compare junior bankers’ self-reported working hours with data captured from their digital activity, including emails, calls, keystrokes, and meetings, as part of an effort to better monitor workload and prevent burnout. The pilot program generates weekly reports highlighting discrepancies and is expected to be rolled out more broadly across the investment bank. The initiative comes as firms face ongoing scrutiny over long working hours, with JPMorgan already capping junior staff at around 80 hours per week, though underreporting has remained an issue. The bank says the tool is designed to improve transparency and well-being rather than enforce strict limits.

Source: Financial Times

M&A DEAL OVERVIEW

KKR-Backed CoolIT to Be Acquired by Ecolab for $4.75 Billion

Ecolab has agreed to acquire CoolIT Systems, a liquid cooling technology provider owned by funds managed by KKR, for $4.75 billion in cash as it looks to capitalize on growing demand from AI-driven data centers. CoolIT supplies advanced cooling systems used by major chipmakers and data center operators, and is expected to generate about $550 million in sales over the next 12 months. The deal will combine CoolIT’s thermal engineering capabilities with Ecolab’s expertise in water, chemistry, and digital monitoring, positioning the company to offer more integrated cooling solutions, with the transaction expected to close in the third quarter of 2026.

Source: Reuters

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:

Correct Answer: B, $2,930 — A company is trading at $20/share with 100 shares outstanding. It has 50 options with a strike price of $10. The company has $500 of debt, $100 of cash, and non-controlling interest of $30. What is its diluted enterprise value?

Explanation: First, calculate the basic equity value: 100 shares × $20 = $2,000. Next, account for the 50 options using the treasury stock method: if exercised, they generate $500 (50 × $10), which can repurchase 25 shares at $20, resulting in net new shares of 25. This increases total shares to 125, giving a diluted equity value of $2,500 (125 × $20). Then calculate enterprise value by adding debt and non-controlling interest and subtracting cash: $2,500 + $500 + $30 − $100 = $2,930 diluted enterprise value.