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- First Step to Final Offer 9/16/25
First Step to Final Offer 9/16/25
Brooks Gammill
September 16, 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
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
General Atlantic 2026 Analyst, Investment Areas (Financial Services) Link
Blackstone 2026 Summer Analyst Program - Multiple Roles and Locations Link
Bank of America Finance Management 2026 Analyst Link
JMI Equity 2026 Analyst Link
Truist 2026 Wealth Analyst Program Link
Fifth Third Bank Leadership Program 2026 - Multiple Roles and Locations Link
Mesirow Rotational Analyst Program 2026 Link
B. Riley Securities Summer 2026 Research Internship – Equity Research Link
Regions Bank 2026 ETP Analyst - Corporate Banking Group - Multiple Locations Link
BDO Capital Advisors Analyst, Investment Banking, BDO Capital Advisors - June 2026 (Richmond) Link
Fidelity Investments Co-Op, Equity Investment Services Associate Link
Deloitte - Corporate Finance Investment Banking Analyst Link
Class of 2027 Finance Opportunities
Blackstone 2026 Summer Analyst Program - Multiple Roles and Locations Link
Bank of America Global Quantitative Data Analytics Summer 2026 Analyst - Consumer & Small Business - Retail Banking Link
Apollo Global Management 2026 Summer Analyst - Multiple Roles Link
StepStone Group 2026 Summer Analyst - Multiple Roles and Locations Link
Truist 2026 Summer Analyst Program - Multiple Roles and Locations Link
Fifth Third Bank 2026 Summer Internship - Multiple Roles and Locations Link
Houlihan Lokey Corporate Development Intern - Fall 2025 and Summer 2026 Link
Mesirow Summer Intern 2026 - Multiple Roles and Locations Link
Oaktree Capital Management 2026 Undergraduate Intern, Risk, Reporting & Analytics Link
BDO Capital Advisors Summer Analyst, Investment Banking, BDO Capital Advisors - Summer 2026 (Richmond) Link
Deloitte - Business Strategy Summer Scholar (Summer 2026) Link
Ares Management 2026 Summer Intern Link
Class of 2027 Consulting Opportunities
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2028 Finance and Consulting Opportunities
TECHNICAL QUESTION OF THE WEEK:
An Acquirer with $500M Equity Value and $600M Enterprise Value acquires a company for $100M Equity Value and $150M Enterprise Value. What are the combined Equity and Enterprise Values? |
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MARKET NEWS
Goldman and T. Rowe Price to Roll Out Alternatives for Wealthy and Retirement Accounts
Goldman Sachs and T. Rowe Price plan to launch new alternative investment products—such as private equity and private credit—targeted at wealthy clients by year-end, followed by a rollout to retirement accounts in 2026. The initiative follows an executive order allowing broader 401(k) access to private assets, potentially unlocking a $9 trillion market. While products for affluent investors will be available sooner, retirement-focused offerings will include target-date funds with limited alternative exposure to manage risk. The firms emphasize diversification, long-term returns, and adapting to investor needs in a shifting market landscape.
Source: Reuters
Wall Street Split Over Trump’s Push to End Quarterly Earnings Reports
President Donald Trump has revived calls for U.S. public companies to switch from quarterly to semiannual earnings reports, claiming it would reduce costs and let managers focus on long-term strategy. While some market participants agree it could ease short-term pressures, many analysts warn it would reduce transparency, heighten volatility, and hurt investor confidence. TD Cowen places 60% odds on the SEC taking action, though others argue it would face legal and structural hurdles. Critics, including strategists from Seaport, BCA, Evercore, and Raymond James, caution that fewer disclosures may distort markets and impair decision-making for both institutional and retail investors.
Source: Bloomberg
M&A DEAL OVERVIEW
Blackstone Bets on AI-Driven Power Demand with $1B Pennsylvania Plant Deal
Blackstone has agreed to acquire the 620-megawatt Hill Top Energy Center, a natural gas power plant in Western Pennsylvania, for nearly $1 billion. The purchase, through its Energy Transition Partners, comes as U.S. electricity demand surges due to AI and crypto data centers. Originally operated by Ardian since 2021, the plant is seen as well-positioned to support this digital infrastructure boom. The deal follows Blackstone’s broader push to invest over $25 billion in Pennsylvania’s energy and tech ecosystem, including recent deals for power assets in Virginia and Texas.
Source: Reuters
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: A, Pay dividends to shareholders. — What do companies do with excess cash?
Explanation: Companies often use excess cash to pay dividends to shareholders, returning profits directly, though they might also repurchase shares, invest in growth opportunities, or pay down debt depending on strategic priorities.