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- First Step to Final Offer 7/8/25
First Step to Final Offer 7/8/25
Brooks Gammill
July 08, 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 Opportunities
RecruitU is building an AI-native career platform that Gen Z will trust to navigate their early careers, starting with the most competitive paths in finance and consulting.
We are hiring Product Growth Interns to help run the playbook and shape RecruitU’s student growth engine. This opportunity is ideal for students headed into IB, consulting, or VC who want hands-on startup experience, mentorship, and a real leadership role with scope, visibility, and impact.
RecruitU Partner Opportunities
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
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2027 Consulting Opportunities
L.E.K. Consulting U.S. Associate - 2026 Link
To see c/o 2027 consulting opportunities, click here: Class of 2027 Consulting Application Tracker
TECHNICAL QUESTION OF THE WEEK:
You buy a $100 EBITDA business for a 10x EBITDA multiple, and you believe you can sell it in 5 years for a 10x multiple. You use 5x Debt / EBITDA to fund the deal, and the company repays 50% of that Debt over 5 years.How much does EBITDA need to grow over 5 years to realize a 20% IRR? |
MARKET NEWS
Tesla’s Stock Dip Fuels $1.4 Billion Payday for Short Sellers
Tesla’s shares fell 7.5% on July 7, following CEO Elon Musk’s announcement about launching a new political party, sparking investor concerns over his focus on the company. This drop brought Tesla’s stock price down to around $296, resulting in approximately $1.4 billion in profits for short sellers who had bet against the stock. Short sellers have recently benefited significantly, having also profited from a steep 21% drop in Tesla’s market value this year.
Source: Reuters
U.S. to Announce New Trade Measures
Treasury Secretary Scott Bessent announced that the U.S. will release several trade updates by Wednesday, as recent negotiations have sparked a wave of new proposals. President Trump also signaled the start of formal tariff communications with trading partners. While the tone of the outreach appears open to continued talks, the moves come ahead of a key Wednesday deadline. Bessent, who plans to meet with Chinese officials soon, suggested future discussions could extend beyond trade.
Source: Reuters
M&A DEAL OVERVIEW
BlackRock Acquires ElmTree Funds to Bolster Private‑Markets Strategy
BlackRock has entered into a definitive agreement to acquire ElmTree Funds, a St. Louis–based net‑lease real estate investment firm managing $7.3 billion in assets as of March 31, 2025. The deal, expected to close in Q3 2025, will be paid primarily in BlackRock stock, with potential additional earnouts tied to ElmTree’s performance over the next five years. Upon completion, ElmTree will be integrated into BlackRock’s Private Financing Solutions platform—formed after its acquisition of HPS Investment Partners—to deepen its presence in commercial and industrial real estate. ElmTree, known for its build‑to‑suit model and long‑term leases, will remain under the leadership of CEO James Koman, helping to drive combined private‑market growth. The transaction underscores BlackRock’s ongoing push into higher‑margin private assets.
Source: BlackRock