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- First Step to Final Offer 6/17/25
First Step to Final Offer 6/17/25
Brooks Gammill
June 17, 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:
If EBITDA decreases, how do Unlevered FCF and Levered FCF change? |
MARKET NEWS
Centerview Partners Advises Meta on $14 Billion AI Investment
Centerview Partners has exclusively advised Meta Platforms Inc. on its landmark $14 billion investment in artificial intelligence, a deal marking a significant milestone in both the tech and investment banking sectors. The investment will enable Meta to strengthen its AI infrastructure, expand its research and development capabilities, and pursue strategic acquisitions within the AI space. As the sole adviser on this high-profile transaction, Centerview Partners played a critical role in helping Meta navigate this pivotal move to further solidify its leadership in the rapidly growing AI market. This deal underscores Centerview's continued prominence in advising some of the most influential companies in the technology industry.
Source: Bloomberg
TD Bank Enhances Automation to Increase Bond Trading Efficiency
TD Bank is leveraging automation to enhance its bond trading operations, aiming to manage a higher volume of transactions with fewer personnel. By integrating advanced technology into its trading processes, the bank seeks to improve efficiency and reduce costs, aligning with broader industry trends towards digital transformation. This strategic move allows TD Bank to maintain competitiveness in the evolving financial landscape, where automation plays a crucial role in meeting growing market demands.
Source: Financial Post
M&A DEAL OVERVIEW
KKR to Acquire Australia's Zenith Energy from Consortium
KKR has entered into an agreement to acquire Zenith Energy, an Australian power producer, from a consortium comprising Pacific Equity Partners, OPSEU Pension Trust, and Foresight Group. The acquisition, which is expected to close in late 2025 pending regulatory approvals, underscores KKR's continued investment in the Asia-Pacific region's energy sector. Zenith Energy specializes in providing sustainable and hybrid power solutions, with a contracted capacity of over 710 megawatts across approximately 15 sites in Western Australia and the Northern Territory. Following the transaction, Zenith's founder and management will retain a minority stake in the company. The deal comes after Zenith secured a $1.24 billion refinancing and expansion of its bank debt facilities, which will support the development of new projects.
Source: Reuters
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: D, It depends on how each company compares to its peers in terms of growth rates and multiples. — Would you rather buy a company trading at a 10x TEV / EBITDA multiple, or one trading at a 5x multiple?
Explanation: It depends, because valuation multiples alone don't provide the full story. A company trading at a lower multiple (5x) might appear attractive due to its lower price relative to earnings, but this could reflect limited growth prospects, weaker margins, higher risk, or operational challenges. Conversely, a company with a higher multiple (10x) may seem expensive but could be justified if it has stronger growth potential, superior profitability, market leadership, lower operational risk, or other competitive advantages. Therefore, investors must assess each company's underlying fundamentals, growth outlook, industry dynamics, and risk profile relative to peers, rather than relying solely on valuation multiples.