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.

Iberdrola/Avangrid: Almost All Conditions Met

Avangrid (Iberdrola) Terminates Merger Agreement with PNM Resources

Iberdrola/PNM Resources: Long-Distance Race

Event-Driven

<ul>
<li>Post-March announcement, investors bought shares of <a href="https://www.smartkarma.com/entities/avangrid-inc" target="_blank" data-smartkarma-citation="entities:26503:1" rel="noopener">Avangrid (AGR US)</a>  in the hope of an offer sweetening, which was flagged here, as Iberdrola got $6 billion from its Mexico exit.</li>
<li>The improved $35.75/shareoffer was made in response to potential resistance from prospective minority shareholders, as the deal needs the approval of a majority of these non-Iberdrola stakeholders.</li>
<li>Spread is 3.2%/5.55% (gross/annualised) assuming $1.4667 in dividend payments (three dividends of $0.44 and a prorated dividend of $0.1467) and settlement on 30 December. Long.</li>
</ul>


Post-March announcement, investors bought shares of Avangrid (AGR US)  in the hope of an offer sweetening, which was flagged here, as Iberdrola got $6 billion from its Mexico exit.
The improved $35.75/shareoffer was made in response to potential resistance from prospective minority shareholders, as the deal needs the approval of a majority of these non-Iberdrola stakeholders.
Spread is 3.2%/5.55% (gross/annualised) assuming $1.4667 in dividend payments (three dividends of $0.44 and a prorated dividend of $0.1467) and settlement on 30 December. Long.


Avangrid

Iberdrola/Avangrid: Spread