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.

Event-Driven

<ul>
<li>Repsol Is evaluating a spin-off and potential reverse merger with APA Corp (APA US) to list its upstream division in the U.S., accelerating its planned 2026 “liquidity event.”</li>
<li>A U.S. listing could narrow Repsol’s valuation gap versus American E&amp;Ps, surface hidden upstream value, and improve liquidity, while management insists on maintaining ≥51 % ownership of the new entity.</li>
<li>The proposed structure offers upside asymmetry: even if talks stall, Repsol retains IPO or private-placement options; a completed deal could unlock 15–25 % SOTP upside through U.S. multiple convergence.</li>
</ul>


Repsol Is evaluating a spin-off and potential reverse merger with APA Corp (APA US) to list its upstream division in the U.S., accelerating its planned 2026 “liquidity event.”
A U.S. listing could narrow Repsol’s valuation gap versus American E&amp;Ps, surface hidden upstream value, and improve liquidity, while management insists on maintaining ≥51 % ownership of the new entity.
The proposed structure offers upside asymmetry: even if talks stall, Repsol retains IPO or private-placement options; a completed deal could unlock 15–25 % SOTP upside through U.S. multiple convergence.


Repsol: Evaluating Reverse Merger with APA — Fast-Track to U.S. Listing

Repsol SA

Repsol: Evaluating Reverse Merger with APA — Fast-Track to U.S. Listing