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.

Triton/Caverion: Offer Declared Unconditional

Acceptance Period for Triton's Offer Commences, Irrevocables for Bain's Cease to Be in Effect

North Holdings 3/​Caverion: Fair Enough

Event-Driven

<ul>
<li>Triton's consortium reduced the acceptance threshold to 2/3rds of all shares, and, as expected,  the board of Caverion changed its recommendation in favour of the Triton consortium's proposal. </li>
<li>Nearly a third of the shares supporting the offer are held by each party. Bain's consortium hasn't improved Triton's offer and expects the latter will encounter antitrust hurdles.</li>
<li>Triton would make a cumulative IRR of about 20% if it sold the business for 7.5x EBITDA by year 7. Long and tender to Triton's offer (spread is 2.63%/3.75% gross/annualised).</li>
</ul>


Triton's consortium reduced the acceptance threshold to 2/3rds of all shares, and, as expected,  the board of Caverion changed its recommendation in favour of the Triton consortium's proposal. 
Nearly a third of the shares supporting the offer are held by each party. Bain's consortium hasn't improved Triton's offer and expects the latter will encounter antitrust hurdles.
Triton would make a cumulative IRR of about 20% if it sold the business for 7.5x EBITDA by year 7. Long and tender to Triton's offer (spread is 2.63%/3.75% gross/annualised).


Caverion Corp

Caverion Switches to Triton's Offer