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.

Persistent Systems / Nagarro: Offer Live, 3.7% Spread with Acceptance Risk Reduced

Nagarro SE: Potential Takeover Amidst Financial Growth

Event-Driven

<ul>
<li>Persistent is acquiring Nagarro for €81/share in a Board-supported transaction that values the company at approximately €1.27bn enterprise value.</li>
<li>An apparently exceptional premium masks a disciplined acquisition multiple of just 1.20x NTM revenue and 8.1x EBITDA, reflecting Nagarro's depressed pre-bid valuation.</li>
<li>Founder support, management tenders and a 50%+1 acceptance threshold leave regulatory approvals as the key outstanding condition. We expect merger-arbitrage capital to narrow the spread.</li>
</ul>


Persistent is acquiring Nagarro for €81/share in a Board-supported transaction that values the company at approximately €1.27bn enterprise value.
An apparently exceptional premium masks a disciplined acquisition multiple of just 1.20x NTM revenue and 8.1x EBITDA, reflecting Nagarro's depressed pre-bid valuation.
Founder support, management tenders and a 50%+1 acceptance threshold leave regulatory approvals as the key outstanding condition. We expect merger-arbitrage capital to narrow the spread.


Persistent Systems/Nagarro: A 140% Premium, but Not an Expensive Deal