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.

KKR/Albioma: Offer Success and Reopening of Offer Period

IIF/Falck Renewables: Acquisition of Majority Stake

EQT/Solarpack: Friendly Take-Private Deal

Event-Driven

<ul>
<li>KKR has agreed with Albioma on a €50/share+€0.84 dividend offer, €1,583 million implied equity value, c. €2,543 million implied EV. The consideration represents 11.4x EV/Fwd EBITDA and 25.1x Fwd P/E.</li>
<li>The multiples are not as rich as in the Falck transaction, but most shareholders will be happy to tender at a 52% premium. </li>
<li>Albioma closed at €50.7 (a 15.9% increase vs. the prior closing price). Gross spread is 0.28%, and the annual estimated return, assuming settlement by 5 August, is 1.03%, probably low.</li>
</ul>


KKR has agreed with Albioma on a €50/share+€0.84 dividend offer, €1,583 million implied equity value, c. €2,543 million implied EV. The consideration represents 11.4x EV/Fwd EBITDA and 25.1x Fwd P/E.
The multiples are not as rich as in the Falck transaction, but most shareholders will be happy to tender at a 52% premium. 
Albioma closed at €50.7 (a 15.9% increase vs. the prior closing price). Gross spread is 0.28%, and the annual estimated return, assuming settlement by 5 August, is 1.03%, probably low.


KKR / Albioma: Agreed Offer, Est. Timetable

Albioma SA

KKR / Albioma: Agreed Offer, Est. Timetable