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- First Step to Final Offer 4/29/25
First Step to Final Offer 4/29/25
Brooks Gammill
April 29, 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
Raymond James 2025 Investment Banking Analyst I - Health Care MedTech Group - New York, NY (Class of 2025) Link
Solomon Partners 2026 Investment Banking Summer Analyst Program (Class of 2027) Link
Qatalyst Partners 2026 Full Time Investment Banking Analyst (Graduating Class of 2026) Link
Warburg Pincus 2026 US Analyst Program (full-time) (Class of 2026) Link
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 2026 Finance Opportunities
Class of 2027 Finance Opportunities
Nomura Securities International 2026 Investment Banking Summer Analyst Program - San Francisco Link
William Blair Equity Research Intern - Summer 2026 Link
Schneider Downs & Co., Inc. 2026 Risk Advisory Summer Intern Link
Bank of America Wealth Management Summer Analyst Program - Chief Investment Office, Investment Solutions Group, and Merrill Home Office - 2026 Link
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2027 Consulting Opportunities
TECHNICAL QUESTION OF THE WEEK:
MARKET NEWS
Capital Group and KKR Launch First Public-Private Investment Solutions
Capital Group and KKR have introduced their inaugural public-private investment solutions, marking a significant expansion of their exclusive strategic partnership. These innovative investment vehicles are designed to offer investors access to a diversified portfolio that combines the growth potential of private equity with the liquidity of public markets. The collaboration aims to leverage the strengths of both firms, with Capital Group's expertise in active equity management and KKR's extensive experience in private equity and credit investments. This initiative reflects a growing trend of blending public and private market strategies to meet the evolving needs of investors seeking both returns and flexibility.
Source: KKR Media
Goldman Sachs Advises Countries on Tariffs Amid Trade Tensions
Goldman Sachs has been providing strategic guidance to nations navigating the complexities of U.S. trade policies under President Trump's administration. As countries seek to mitigate the impact of tariffs and maintain favorable relations with the U.S., Goldman Sachs' insights have become a valuable resource. The firm's expertise in international trade and economic policy offers governments tailored advice to adapt to the evolving trade landscape. This advisory role underscores Goldman Sachs' influence in global economic affairs and its capacity to shape policy discussions on trade.
Source: The Wall Street Journal
M&A DEAL OVERVIEW
TPG Acquires Sabre's Hospitality Solutions Unit for $1.1 Billion
Private equity firm TPG has agreed to acquire Sabre Corporation’s hospitality solutions division, including its SynXis platform, for $1.1 billion. The deal, expected to close by the end of Q3 2025, will enhance TPG’s portfolio in the travel technology space. SynXis, which serves over 40% of global hotels, provides reservation and guest management systems for major brands like Hyatt and Four Seasons. Sabre plans to use the proceeds to reduce its $4.5 billion in debt and refocus on its core airline and travel marketplace business. Following the announcement, Sabre's stock saw a significant 26% jump, reflecting positive investor sentiment around the transaction.
Source: Reuters
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: B, Use Enterprise Value for multiples based on metrics that include interest, and Equity Value for multiples based on metrics that exclude interest. — How do you decide whether to use Equity Value or Enterprise Value when you create valuation multiples?
Explanation: Use Enterprise Value for multiples based on metrics that include interest, such as EBIT, EBITDA, or Revenue, because these metrics reflect cash flows available to both debt and equity holders, thus aligning with Enterprise Value, which captures the value of the entire business regardless of capital structure. Conversely, use Equity Value for multiples derived from metrics that exclude interest expense, such as Net Income or Earnings Per Share (EPS), as these metrics represent earnings available solely to equity holders after interest has been paid, aligning with Equity Value, which captures only the residual value attributable to shareholders.