- First Step to Final Offer
- Posts
- First Step to Final Offer 8/5/25
First Step to Final Offer 8/5/25
Brooks Gammill
August 05, 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
AlixPartners Performance & Technology - Analyst 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 and Consulting Opportunities
Class of 2027 Finance Opportunities
U.S. Bank 2026 Capital Markets Summer Intern - Multiple Roles and Locations Link
Macquarie 2026 Summer Internship Program - Multiple Roles and Locations Link
StepStone Group 2026 Summer Analyst - Multiple Roles and Locations Link
Stephens, Inc. Investment Banking Summer Analyst (Summer of 2026) Link
Barings Investment Management Summer Internship Link
Capital One Commercial Internship Program - Summer 2026 Link
PGIM 2026 Internship Programs - Multiple Roles Link
Class of 2027 Consulting Opportunities
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2028 Finance Opportunities
PGIM 2026 Internship Programs - Multiple Roles Link
TECHNICAL QUESTION OF THE WEEK:
A company uses cash accounting rather than accrual accounting. A customer buys a TV from the company “on account” and receives the TV right away. How would the company record this transaction differently from a company that uses accrual accounting? |
|
MARKET NEWS
Wall Street Warns of Potential Stock Market Pullback
Major Wall Street strategists are cautioning investors to brace for a possible downturn in U.S. equities after a strong market rally in 2025. Firms including Evercore ISI and Morgan Stanley have highlighted concerns around stretched valuations, declining breadth, and uncertainty over interest rates. While earnings have been solid, analysts warn that future gains may be harder to come by as macro risks resurface. Some advise shifting toward defensive sectors or holding more cash in anticipation of increased volatility.
Source: Bloomberg
Barclays Withdraws from Net-Zero Banking Alliance
Barclays has exited the industry-led Net-Zero Banking Alliance, becoming the latest major lender—alongside Wall Street banks and HSBC—to walk away from the climate-focused group. The decision comes amid rising political scrutiny and operational challenges tied to climate pledges. While Barclays says it remains committed to achieving net-zero emissions, the move highlights broader tensions around how banks balance environmental goals with client demands and regulatory complexity.
Source: Bloomberg
M&A DEAL OVERVIEW
Warburg and SC Capital Said to Lead Pursuit of Global Switch
Warburg Pincus is reportedly in talks to co-lead a consortium with SC Capital Partners to acquire Global Switch, a London-based data center operator. The deal could value the company at several billion dollars, though discussions are still preliminary. Other investors may join the group as the bidding process advances. The interest reflects continued demand for digital infrastructure assets amid rising data usage across Asia and Europe.
Source: The Business Times
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: C, 35%. — A private equity firm acquires a $200 EBITDA company for an 8x EBITDA multiple using 50% Debt. It wants to sell the company in 3 years, but it’s difficult to find buyers, so the firm decides to take the company public instead. If this company’s EBITDA increases to $240, it repays ALL the Debt over 3 years, and the PE firm takes it public and sells off its stake evenly in Years 3 – 5 at a 10x EBITDA multiple, what’s the approximate IRR?
Explanation: The PE firm initially invests $800 ($1,600 total value at 8x EBITDA with 50% debt). Over 3 years, EBITDA grows to $240, valuing the company at $2,400 (10x). With all debt repaid, the firm fully owns the equity. It exits evenly over Years 3–5, receiving ~$800 each year. Given this gradual exit and cash flows of ~$800 in Years 3, 4, and 5 against the initial $800 outlay, the approximate IRR is 35%.