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.

Deep Horizons Revisited: Saipem–Subsea7 Merger Arb at +4.3% Spread

Event-Driven

<ul>
<li>The Saipem-Subsea 7 merger aims to create a global leader in energy services with €43 billion backlog, €20 billion revenue, and €2 billion EBITDA by leveraging complementary strengths.</li>
<li>Subsea 7 shareholders benefit from a €450 million extraordinary dividend and an exchange ratio of 6.688 Saipem shares per share, leading to a premium relative to Saipem’s valuation.</li>
<li>Market skepticism persists, reflected in Saipem’s declining share price, suggesting concerns over integration risks, regulatory challenges, and relative valuation imbalances in the merger structure.</li>
</ul>


The Saipem-Subsea 7 merger aims to create a global leader in energy services with €43 billion backlog, €20 billion revenue, and €2 billion EBITDA by leveraging complementary strengths.
Subsea 7 shareholders benefit from a €450 million extraordinary dividend and an exchange ratio of 6.688 Saipem shares per share, leading to a premium relative to Saipem’s valuation.
Market skepticism persists, reflected in Saipem’s declining share price, suggesting concerns over integration risks, regulatory challenges, and relative valuation imbalances in the merger structure.


Deep Horizons: Saipem-Subsea 7 Merger Agreement

Subsea 7 SA

Deep Horizons: Saipem-Subsea 7 Merger Agreement