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1. Experiences at well known shops - A M&A/ B&F internship at a T1 will be better placed than one at a T3 firm because.
2. Experiences in your interest area - If you want to strategically align your CV, highlight those parts. But make sure to have atleast one T1 internship in that area.
3. Shared practice areas - Some practices like ECM and B&F can have common skill sets, or shared due diligence work with M&A, for instance. So clubbing the two while highlighting the same shouldn't be an issue.
4. Diversity - An internship experience isn't per se an "experience", as per partners, who consider PQE only to be of any value. So a diverse internship folio helps in explaining a skill/ interest area/ all round development during an interview. Nobody ever will ask you why you chose to pursue several practices in your pre-QE, while the same isn't true of PQE which should be rather focussed because it adds up.