First Step to Final Offer 4/14/26

Author

Brooks Gammill
April 14, 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

  • Stifel 2027 Public Finance Summer Analyst - Multiple Roles and Locations Link

  • KeyBank 2027 KBCM Banking Group Portfolio Management (Utilities) Summer Analyst - Cleveland, OH Link

  • BNP Paribas 2027 – Summer Analyst Internship - Securities Services, Loan Solutions Link

  • Mesirow Investment Banking Summer Analyst 2027 Link

  • Goldman Sachs 2027 | Americas | Dallas Metro Area | Asset Management, Alternatives / Private Investing | Summer Analyst Link

  • Jefferies 2027 Investment Banking Summer Analyst Program – New York, Israel Coverage Group Link

  • Guggenheim Partners Finance Intern Link

  • Citi Banking Summer Analyst - Multiple Roles and Locations Link

  • Bridgewater Associates 2027 Investment Associate Intern Link

  • Nomura Securities International 2027 Investment Management Summer Analyst Program Link

  • SIG Analyst Internship: Summer 2027 - Multiple Roles and Locations Link

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

Class of 2027 Finance and Consulting Opportunities

  • MUFG 2026 Risk Management Summer Analyst Program - New York, NY Link

  • Lazard 2026 Fixed Income Summer Internship Link

  • Insight Partners 2027 Full Time Investment Analyst Link

  • Financial Technology Partners 2026 Summer Analyst - Multiple Roles and Locations Link


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

TECHNICAL QUESTION OF THE WEEK:

What ways can you return capital to shareholders?

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MARKET NEWS

$15 Billion IPO Wave Faces Geopolitical Headwinds

Investment bankers are pushing ahead with plans to take more than a dozen companies public in the coming weeks, targeting over $15 billion in total fundraising, even as a U.S. blockade of the Strait of Hormuz and an escalating standoff with Iran cast uncertainty over markets. Leading the charge is Bill Ackman's Pershing Square, seeking up to $10 billion, alongside Madison Air Solutions' $2.23 billion offering and several healthcare and industrial firms. Bankers are cautiously optimistic after a ceasefire was reached, with up to $4.6 billion potentially raised by this week alone, which could mark the strongest week since Medline's $7.2 billion deal last December. To navigate the volatility, underwriters are employing defensive tactics such as securing cornerstone investors upfront, setting more conservative valuations, and limiting the initial float of shares. However, the road ahead remains uncertain, as half of the ten largest IPOs so far in 2026 have shed more than a quarter of their value post-listing. Industrials and healthcare dominate the current pipeline, with the much-anticipated SpaceX listing, targeting a valuation above $2 trillion, expected to follow in June.

Source: Bloomberg

M&A DEAL OVERVIEW

Perella Weinberg to Acquire UK Advisory Firm Gleacher Shacklock

Perella Weinberg Partners has struck a deal to purchase London-based advisory firm Gleacher Shacklock, as the Wall Street firm looks to strengthen its European footprint. Founded in 2003, Gleacher Shacklock employs around 30 advisory professionals serving predominantly UK and European clients, offering services across M&A, strategic financial advisory, debt and equity advisory, and restructuring. Notable past transactions include Prosus' acquisition of Just Eat Takeaway.com and the take-private of Signature Aviation. The deal is expected to close in the second half of 2026, with financial terms remaining undisclosed. The acquisition is part of a broader trend of advisory firm consolidation in the UK market, following Evercore's purchase of Robey Warshaw last year and earlier acquisitions of boutiques such as Greenhill and Arma Partners by larger institutions.

Source: Bloomberg

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:

Correct Answer: D, 50% — EV/EBITDA is 10x, P/E is 20x, interest expense is 20M, interest rate is 5%, depreciation is 20M, Equity Value is 200M. What is the tax rate?

Explanation: The correct answer is D — 50% because we can break down each component step by step. First, interest expense of 20M at a 5% rate implies total debt of 400M, so enterprise value (EV) = equity (200M) + debt (400M) = 600M. With EV/EBITDA of 10x, EBITDA = 60M. Subtracting depreciation (20M) gives EBIT of 40M, and after interest (20M), EBT is 20M. From the P/E of 20x and equity value of 200M, net income must be 10M. That means taxes paid are 10M (20M EBT − 10M net income), so the tax rate is 10M ÷ 20M = 50%.