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- First Step to Final Offer 9/2/25
First Step to Final Offer 9/2/25
Brooks Gammill
September 02, 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
Lincoln International 2026 Full-time Analyst, Valuations & Opinions Group Link
Aeris Partners Tech M&A Investment Banking Full-Time Analyst - Multiple Roles and Locations Link
Jefferies 2026 Investment Banking Analyst - Multiple Roles and Locations Link
Lazard 2026 Financial Advisory Full-Time Analyst – Private Capital Advisory (Real Assets) Link
Moelis & Company Investment Banking Analyst, Generalist - Los Angeles Link
Class of 2027 Finance Opportunities
Bridgepoint Investment Banking 2026 Investment Banking Summer Analyst Intern Link
Wells Fargo 2026 Corporate Risk Summer Internship, Workout - Early Careers Link
Goldman Sachs 2026 Summer Analyst Program - Multiple Roles and Locations Link
Blackstone 2026 Summer Analyst - Multiple Roles and Locations Link
Oppenheimer & Co. Inc. 2026 Equity Research Summer Internship Link
BMO Capital Markets 2026 Summer Corporate Banking Analyst - Multiple Roles and Locations Link
UBS 2026 Summer Internship - Asset Management Link
Santander Bank Class of 2027 Internships - Multiple Roles and Locations Link
Class of 2027 Consulting Opportunities
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
TECHNICAL QUESTION OF THE WEEK:
What is cheaper, debt or equity and why? |
MARKET NEWS
Mizuho Targets Top Spot in Asia Investment Banking with Global Push
Mizuho Financial Group plans to become Asia’s leading investment bank within five to ten years by expanding its equity underwriting and M&A advisory businesses. The firm is deepening collaboration between its banking and securities arms in Asia and Europe, building on progress made in the U.S. where it already ranks ahead of Japanese rivals. Recent moves include the acquisition of Greenhill & Co. and Augusta & Co., plus talent hires like BNP Paribas veteran Joris Dierckx. The bank aims to groom bankers capable of handling both commercial and investment banking as it eyes strategic growth in renewable energy and even hostile M&A advisory in Japan.
Source: Bloomberg
Green Proposals See Zero Shareholder Approval in US for First Time Since 2019
For the first time in six years, no environmental proposals were approved during the 2025 proxy season across companies in the Russell 3000 index. According to a report by the Conference Board, support for green resolutions has steadily declined—from a peak of 14 approvals in 2022 to just two in 2024, and none this year. Average investor backing fell to 10%, down from 18% in 2024. Analysts point to rising political pressure, legal threats, and greater caution from investors as key reasons behind the shift, with many turning to quieter, more strategic forms of climate engagement.
Source: Financial Times
M&A DEAL OVERVIEW
Goldman-Backed Boyd Considers Divesting Thermal Unit Amid Data Center Boom
Boyd Corp., backed by Goldman Sachs, is weighing the sale of its thermal management solutions division, potentially valuing the asset at over $5 billion. The business, which supports cooling needs for data centers and 5G infrastructure, has gained attention amid growing demand driven by AI-related computing. While discussions are still exploratory, a deal would allow Boyd to concentrate on its engineered materials segment. The move reflects Boyd’s broader evolution since its 2018 acquisition by Goldman, during which it expanded through multiple acquisitions.
Source: Bloomberg
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: B, 15% - 20% (closer to 15%) — A PE firm acquires a $100 million EBITDA company for a 12x multiple using 50% Debt. The company’s EBITDA grows to $150 million by Year 5, but the exit multiple drops to 10x. The company repays $300 million of Debt and generates $100 million of additional Cash in this period. What’s the approximate IRR?
Explanation: The entry valuation is $1.2 billion (12× $100m EBITDA) funded half with debt, so $600m equity; by exit, the valuation is $1.5 billion (10× $150m EBITDA) plus $100m cash, minus $300m debt, leaving about $1.3 billion equity value. That’s roughly a 2.2× multiple on the original $600m equity over 5 years, which translates into an IRR in the 15%–20% range, closer to 15%.