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.

European Software: Fortnox (FNOX SS) Going Private – Might Makes Right

Event-Driven

<ul>
<li>EQT and First Kraft’s SEK 90 per share bid values Fortnox at SEK 54.9 billion, offering a 38% premium and reflecting confidence in Fortnox’s high-growth, high-margin SaaS model.</li>
<li>Fortnox’s Board, supported by a fairness opinion, unanimously recommends the offer. Olof Hallrup’s 18.9% stake is committed, making competing bids highly unlikely.</li>
<li>The current gross spread is 4.36%, offering an estimated annualized return of 20.1% to arbitrage investors, assuming a purchase at SEK 86.24 and settlement by late June.</li>
</ul>


EQT and First Kraft’s SEK 90 per share bid values Fortnox at SEK 54.9 billion, offering a 38% premium and reflecting confidence in Fortnox’s high-growth, high-margin SaaS model.
Fortnox’s Board, supported by a fairness opinion, unanimously recommends the offer. Olof Hallrup’s 18.9% stake is committed, making competing bids highly unlikely.
The current gross spread is 4.36%, offering an estimated annualized return of 20.1% to arbitrage investors, assuming a purchase at SEK 86.24 and settlement by late June.


Fortnox

Cloud Control: EQT Logs In to Fortnox