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- First Step to Final Offer 9/9/25
First Step to Final Offer 9/9/25
Brooks Gammill
September 09, 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
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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.
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Class of 2027 Finance Opportunities
Class of 2027 Consulting Opportunities
Redstone Strategy Group Analyst Intern, Summer 2026 Link
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
TECHNICAL QUESTION OF THE WEEK:
What do companies do with excess cash? |
MARKET NEWS
BofA Projects 10%–15% Investment Banking Fee Growth in Q3
Bank of America expects its investment banking fees to rise between 10% and 15% in the third quarter of 2025 compared to the same period last year, according to CFO Alastair Borthwick. He also noted that trading revenue is on track to grow by a mid-single digit percentage for the 14th consecutive quarter. Borthwick highlighted strong consumer resilience, healthy credit card activity, and solid asset quality, except in commercial real estate. Net interest income is projected to increase 6%–7% this year, driven by higher interest payments and asset repricing effects.
Source: Reuters
Retail Traders Redefine IPO Market as Companies Shift Strategy
Retail investors are becoming a key force in reshaping IPO dynamics, as firms increasingly allocate shares directly through platforms like SoFi, Robinhood, and Moomoo. The $1.1 billion Bullish IPO showcased this shift, pricing at $37 per share and surging 143% on debut—fueled by strong retail demand. Companies like Gemini Space Station and Figure Technology Solutions are following suit, carving out allocations for retail participants. This trend is altering the traditional institutional-dominated model, with issuers now viewing retail traders not as speculative risks, but as strategic partners in public offerings
Source: Bloomberg
M&A DEAL OVERVIEW
Blackstone Finalizes £489M Acquisition of UK’s Warehouse REIT
Blackstone has completed its £489 million ($660 million) takeover of Warehouse REIT Plc, securing 51.6% shareholder support to declare the deal unconditional. The 115 pence-per-share offer marks the latest in a string of moves by the private equity giant to capitalize on the robust demand for UK industrial space, especially from e-commerce-driven retailers. Warehouse REIT, listed since 2017, had long traded at a discount to asset value. This marks Blackstone’s third privatization of a UK logistics landlord since 2021
Source: Bloomberg
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: B, Debt, because it has a lower cost due to tax deductibility of interest. — What is cheaper, debt or equity and why?
Explanation: Debt is generally cheaper than equity because interest payments on debt are tax-deductible, which lowers the effective cost of borrowing, whereas equity requires giving up ownership and paying higher expected returns to compensate shareholders for greater risk.