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- First Step to Final Offer 5/27/25
First Step to Final Offer 5/27/25
Brooks Gammill
May 27, 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!
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TECHNICAL QUESTION OF THE WEEK:
MARKET NEWS
Emerging Market Equity Funds Gain Popularity as Investors Seek Diversification
Emerging market equity funds have seen a surge in investment as investors look to diversify away from what they perceive as overvalued U.S. assets. Year-to-date, funds focused on Latin America and emerging Europe have outperformed, with gains of around 24%, while broader emerging market funds are up 9.3%. This shift comes as concerns over the U.S. economy, including potential recession risks, fiscal instability, and unpredictable trade policies, have led many investors to reassess their allocations. Emerging markets, especially in regions like Brazil and Morocco, have been attractive due to their lower valuations and growing economic potential, drawing $10.6 billion in inflows in the first five months of 2025.
Source: Reuters
JPMorgan Expands Tech Team with Four Veteran Bankers
JPMorgan Chase is enhancing its technology investment banking division by hiring four seasoned bankers from Goldman Sachs, Bank of America, and Lazard. Mark Garcia joins as vice chairperson and global head of semiconductors from Bank of America; Eric Quanbeck and Brett Miller from Goldman Sachs as managing directors, with Quanbeck becoming head of applied technology and Miller co-head of enterprise and cloud; and Peter Duda from Lazard to support software as a managing director. These appointments, based in San Francisco and Seattle, align with JPMorgan's strategic focus on the technology sector, which remains a driving force behind global innovation and connectivity. This move comes amid JPMorgan's involvement in significant tech sector deals, including advising Global Payments on its $24.25 billion acquisition of Worldpay, Turn/River on the $4.4 billion take-private of SolarWinds, DoorDash on its $3.9 billion acquisition of Deliveroo, and CoreWeave on its $23 billion stock debut.
Source: Reuters
M&A DEAL OVERVIEW
RedBird Capital Partners Acquires Telegraph Media Group for £500 Million
RedBird Capital Partners has finalized a £500 million acquisition of the Telegraph Media Group, marking a significant expansion of its media portfolio. This deal, which includes The Daily Telegraph and The Sunday Telegraph, concludes a lengthy ownership transition that began in 2023 when RedBird IMI, a joint venture between RedBird and Abu Dhabi’s International Media Investments (IMI), initially took control. However, the UK government blocked the deal due to foreign state ownership concerns. Following legislative changes permitting up to 15% foreign state ownership in UK media, RedBird has secured the deal, with IMI retaining a minority stake. RedBird plans to expand the Telegraph's brand both in the UK and internationally, invest in its technology, and increase its subscriber base. The deal is subject to regulatory approval, including a public interest test and potential investigation by the Competition and Markets Authority.
Source: The Telegraph
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: B, Treatment of the seller's Debt and Cash differs based on the terms of the deal, and there are additional fees, such as for legal services. — Why does Enterprise Value NOT necessarily represent the "true cost" to acquire a company?
Explanation: Enterprise Value does not necessarily represent the "true cost" to acquire a company because it omits transaction-specific factors, particularly how the seller's debt and cash are handled—conditions that vary depending on deal negotiations. Additionally, Enterprise Value excludes extra acquisition-related expenses, such as legal, advisory, and integration fees, all of which can significantly impact the actual amount paid by the acquirer.