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.

Gamma Communications: What Does Waterland’s LBO Support?

Gamma Communications: Waterland Without Giacom

Epiris / Gamma Communications: Waterland Drops the Call

Gamma Communications: Providence Puts 1000p+ Into Play

Event-Driven

<ul>
<li>Epiris has agreed a recommended 1,120p cash offer for Gamma, implying £1.079bn EV and 7.4x NTM EBITDA, with completion expected in H1 2027.</li>
<li>Gamma closed at 1,156p, 3.2% above Epiris's terms. Waterland has until 18 September to bid or withdraw, with Giacom acting in concert.</li>
<li>We estimate 1,170p expected value, just 1.2% upside. A 1,200–1,250p counterbid is credible on valuation, but we would hold rather than add.</li>
</ul>


Epiris has agreed a recommended 1,120p cash offer for Gamma, implying £1.079bn EV and 7.4x NTM EBITDA, with completion expected in H1 2027.
Gamma closed at 1,156p, 3.2% above Epiris's terms. Waterland has until 18 September to bid or withdraw, with Giacom acting in concert.
We estimate 1,170p expected value, just 1.2% upside. A 1,200–1,250p counterbid is credible on valuation, but we would hold rather than add.


Gamma Communications: 1,156p Vs 1,120p — How Much Is a Counterbid Worth?