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.

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Event-Driven

<ul>
<li>The New Mexico Public Regulatory Commission voted unanimously in favor of rejecting the acquisition of <a href="https://www.smartkarma.com/entities/pnm-resources-inc" target="_blank" data-smartkarma-citation="entities:16546:1" rel="noopener">PNM Resources (PNM US)</a> by <a href="https://www.smartkarma.com/entities/avangrid-inc" target="_blank" data-smartkarma-citation="entities:26503:1" rel="noopener">Avangrid Inc (AGR US)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/iberdrola-sa" target="_blank" data-smartkarma-citation="entities:21276:1" rel="noopener">Iberdrola SA (IBE SM)</a>.</li>
<li>Iberdrola could appeal to the New Mexico Supreme Court, although this process could take a long time or work towards obtaining approval from the PRC.</li>
<li>The operation enters an uncertain situation, with a very high probability that it will finally not materialise. Median implied valuation of PNM Resources (comparables EV/Fwd EBITDA based) is $50.14/share. Expect short-term share price weakness.</li>
</ul>


The New Mexico Public Regulatory Commission voted unanimously in favor of rejecting the acquisition of PNM Resources (PNM US) by Avangrid Inc (AGR US), a subsidiary of Iberdrola SA (IBE SM).
Iberdrola could appeal to the New Mexico Supreme Court, although this process could take a long time or work towards obtaining approval from the PRC.
The operation enters an uncertain situation, with a very high probability that it will finally not materialise. Median implied valuation of PNM Resources (comparables EV/Fwd EBITDA based) is $50.14/share. Expect short-term share price weakness.


Iberdrola/PNM Resources: PRC Vetoes the Purchase of PNM