First Step to Final Offer 4/22/26

Author

Brooks Gammill
April 22, 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

  • Boston Consulting Group Associate, Internship (US Offices), US Campus Link

  • CIBC 2027 Corporate Banking Summer Analyst Link

  • 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

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

  • Guggenheim Partners Finance Intern Link

  • Bridgewater Associates 2027 Investment Associate Intern Link

  • Nomura Securities International 2027 Investment Management Summer Analyst Program Link

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

Class of 2027 Finance and Consulting Opportunities

  • 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

Class of 2026 Finance Opportunities

  • Scotiabank 2026 Corporate Banking Portfolio Team Analyst- NYC Link

TECHNICAL QUESTION OF THE WEEK:

A company issues $200 in Common Shares, and it uses $100 from the proceeds to pay Dividends to the common shareholders. How does Equity Value and Enterprise Value change?

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MARKET NEWS

Amazon Deepens Anthropic Bet with Up to $25 Billion Investment

Amazon has agreed to inject up to $25 billion into AI startup Anthropic, building on the $8 billion it had already committed in prior years. The deal includes an immediate $5 billion at Anthropic's current $380 billion valuation, with the remaining $20 billion contingent on certain commercial milestones being met. In return, Anthropic has pledged to spend over $100 billion on Amazon Web Services technologies over the next decade, including future generations of Amazon's custom Trainium AI chips, and has secured up to 5 gigawatts of capacity for training and running its Claude models. The expanded partnership comes as Anthropic cited surging enterprise, developer, and consumer demand for Claude, which it said has placed significant strain on its existing infrastructure. The company's annualized revenue has surpassed $30 billion. The deal arrives just two months after Amazon separately committed up to $50 billion to OpenAI, Anthropic's chief rival, underscoring the fierce race among hyperscalers to lock in AI capacity and strategic partnerships ahead of potential IPOs in the AI sector.

Source: CNBC

M&A DEAL OVERVIEW

TA Associates in Talks to Acquire UK's Advanced Medical Solutions

US private equity firm TA Associates is in discussions to take over London-listed Advanced Medical Solutions (AMS), a British maker of wound-care dressing technologies. Sky News reported that the PE firm is preparing to offer 280 pence per share, which would value AMS at over £600 million ($809 million), though no formal terms have been disclosed by the company. Under UK Takeover Code rules, TA Associates must either confirm a firm offer or withdraw by May 16. The approach is part of a broader trend of overseas buyout firms targeting UK-listed companies, drawn by relatively low equity valuations. AMS has previously attracted private equity interest, including from Bridgepoint. TA Associates has been an active buyer in the UK market, having completed the $722 million acquisition of data and analytics firm FD Technologies last year.

Source: Reuters

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:

Correct Answer: C, Stock buybacks and paying dividends. — What ways can you return capital to shareholders?

Explanation: Companies mainly return capital to shareholders in two ways: stock buybacks and dividends. Dividends are direct cash payments to shareholders, providing immediate income, while buybacks involve the company repurchasing its own shares, which reduces the number of shares outstanding and can increase the stock price. Both methods effectively give value back to shareholders, just in different forms, one as cash in hand, the other through potential capital appreciation.