European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Liquid Universe of European Ordinary and Preferred Shares: October‘24 Report

Brookfield/Grifols: Recap and Analysis of Latest Developments

Brookfield Delays Its Takeover Bid for Grifols for a Second Time

Event-Driven

<ul>
<li>Brookfield has secured an €11 billion loan to refinance Grifols’ €9.2 billion net debt, paving the way for a potential takeover and significant control over Grifols’ operations.</li>
<li>Grifols' Q3 results reveal 12% revenue growth, strong free cash flow, and lower net debt, with 2024 targets reaffirmed for 7%+ revenue growth, €1.8 billion EBITDA, and 4.5x leverage.</li>
<li>The narrowing discount between Grifols’ A and B shares signals market optimism, reflecting confidence in a takeover. This would be my preferred strategy of playing this situation.</li>
</ul>


Brookfield has secured an €11 billion loan to refinance Grifols’ €9.2 billion net debt, paving the way for a potential takeover and significant control over Grifols’ operations.
Grifols' Q3 results reveal 12% revenue growth, strong free cash flow, and lower net debt, with 2024 targets reaffirmed for 7%+ revenue growth, €1.8 billion EBITDA, and 4.5x leverage.
The narrowing discount between Grifols’ A and B shares signals market optimism, reflecting confidence in a takeover. This would be my preferred strategy of playing this situation.


Grifols SA

Brookfield Refinances Grifols' Debt