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.

Allfunds: A High-Conviction Arb With Dividend Carry and DB1-Backed Upside

Deutsche Börse - Allfunds: Funding the Finish Line

Event-Driven

<ul>
<li>Allfunds shareholders approved Deutsche Börse’s acquisition with over 99.9% support, removing governance risk and moving the transaction into the regulatory approval phase ahead of expected completion in H1 2027.</li>
<li>Consideration remains €8.80 per share (€6.00 cash plus 0.0122 DB1 shares) plus a €0.20 dividend, implying an effective €9.00 take-out value and maintaining the revised low-beta hedge structure.</li>
<li>At €8.41, the gross spread is ~4.6% and ~7.0% including dividends, annualising to roughly 3–5% given a 14–16 month timeline, with regulatory approvals now the primary remaining risk.</li>
</ul>


Allfunds shareholders approved Deutsche Börse’s acquisition with over 99.9% support, removing governance risk and moving the transaction into the regulatory approval phase ahead of expected completion in H1 2027.
Consideration remains €8.80 per share (€6.00 cash plus 0.0122 DB1 shares) plus a €0.20 dividend, implying an effective €9.00 take-out value and maintaining the revised low-beta hedge structure.
At €8.41, the gross spread is ~4.6% and ~7.0% including dividends, annualising to roughly 3–5% given a 14–16 month timeline, with regulatory approvals now the primary remaining risk.


Deutsche Börse - Allfunds: Shareholder Approval Secured as the Arb Enters Its Regulatory Phase