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)/PNM Resources: Regulator's Reprimand and Capital Increase

Hearing Examiner Recommends Against Iberdrola (Avangrid)/PNM Resources Deal

Iberdrola/PNM Resources: PRC Vetoes the Purchase of PNM

PNM Resources - Iberdrola: Friendly Acquisition

Event-Driven

Iberdrola, via its subsidiary Avangri,d announced the acquisition of PNM on 21 October.announced the merger of both companies.
<ul>
<li>Under the proposed transaction, shareholders of PNM will receive $50.30 per share, in cash, representing a premium of 10% over PNM's share price as of Oct. 20, 2020.</li>
<li>for a transaction value, as reported, of $8,300 mn and $4,342 mn in total consideration to shareholders.</li>
<li>11.7x EV/Fwd EBITA and 24.,4x P/Fwd EPS.</li>
</ul>
The hurdles are being cleared (read on for details) and the transaction is expected to close by the end of December.
PNM began trading on 12 January at $48.41,
<ul>
<li>which represents a gross spread of 3.75%, which I consider attractive for alow-risk deal that is almost certainly to close by the end of December 2021, i.e. almost a year.</li>
<li>Recommendation is LONG PNM.</li>
<li>Average 3-months daily volume is 2,012,899</li>
</ul>

Iberdrola, via its subsidiary Avangri,d announced the acquisition of PNM on 21 October.announced the merger of both companies.

Under the proposed transaction, shareholders of PNM will receive $50.30 per share, in cash, representing a premium of 10% over PNM's share price as of Oct. 20, 2020.
for a transaction value, as reported, of $8,300 mn and $4,342 mn in total consideration to shareholders.
11.7x EV/Fwd EBITA and 24.,4x P/Fwd EPS.

The hurdles are being cleared (read on for details) and the transaction is expected to close by the end of December.
PNM began trading on 12 January at $48.41,

which represents a gross spread of 3.75%, which I consider attractive for alow-risk deal that is almost certainly to close by the end of December 2021, i.e. almost a year.
Recommendation is LONG PNM.
Average 3-months daily volume is 2,012,899


PNM Resources - Iberdrola, Work-In-Progress, Attractive Spread