CDT Roundup: 19 Deals, 13 Firms, 118 Lawyers, $8.5B

M&A dealmaking worldwide has slowed dramatically, coming in at $1.07 trillion through May, a 42 percent drop from the same time last year, according to Refinitv. The number of deals also slid by 14 percent to 21,301.

Maybe not so much for Texas lawyers.

Doing a quick tally of The Texas Lawbook‘s Corporate Deal Tracker, they reported involvement in 227 M&A transactions worth $142 billion in the first 21 weeks of 2023 versus 226 deals valued at $91.6 billion for the same period last year, an increase on a value basis of 55 percent.

Capital markets deals were also brisk, with Texas lawyers working on 96 transactions with a value of $58.2 billion compared with only 51 worth $28.4 billion.

So, what’s happening here?

First, the U.S. market has seen a sharp rise on the value side of M&A in recent months, despite a decline in overall M&A activity, according to FactSet.

While April saw the lowest number of M&A transactions in the past 16 months (1,029), it also saw the highest aggregate value of those transactions ($290.2 billion).

For the three months ending in April, the number of M&A deals dropped year-over-year by 1,395, from 4,867 over the same period in 2022 to 3,472 in 2023. Likewise, deal value dropped, but only slightly — from $556.2 billion in 2022 to $541.8 billion in 2023.

But looking closer at recent months, the value of deals rose dramatically, from $116.5 billion in February 2023 to that $290.2 billion 16-month high. In fact, January 2023 saw the highest number of deals for any month this year with 1,476 transactions, but registered only $62.3 billion in aggregate value. In other words, April saw a 30 percent decline in deals over January, but a 360 percent increase in aggregate value.

If that’s a trend it’s likely to gain more clarity in Texas with the end of H1 in June. And any differences in the Texas market can often be explained by several factors: better and wider reporting of deals by Texas lawyers (thank you, readers); greater reporting of fundings and fund raisings (which we have been counting with M&A) and the increased diversity of the Texas market.

Moreover, in a leaner more complicated market, CapM has seized a broader role — even in merger transactions — in the form of more creative deals, along with the usual recaps, securitizations, buy-backs and SPAC exit deals.

But there might be something else going on, one that is more difficult to quantify, one that attracts the likes of London-based firm Allen & Overy to seek out a merger partner like Shearman & Sterling and its three busy Texas outposts. Or another Magic Circle firm, Clifford Chance, wanting to open a Houston office – its first in the Lone Star State – and luring lawyers from Kirkland & Ellis, Jones Day, Latham & Watkins and Vinson & Elkins to join its ranks.

FactSet stats suggest that no business sector benefitted from the dramatic increase in deal value more than technology services. Although tech services deals declined year-over-year for the three months ending in April (from 916 in 2022 to 641 in 2023), the aggregate value of those deals more than doubled (from $114.6 billion in 2022 to $230.7 billion in 2023).

Perhaps, then, it is not a coincidence that the largest Texas-related deal in this week’s Roundup is a de-SPAC merger between Dallas-based Beneficient and Avalon Acquisition, a deal that values the combination at $3.5 billion. And despite what is happening in the rest of the country or around the world, for better or for worse, Texas is open for business

The week ending June 10 saw 19 transactions valued at $8.5 billion — 16 M&A/Funding deals for $6.3 billion and three CapM offerings of $2.3 billion. Compare that to the 12 deals for $6.1 billion last week, and the 17 deals for $11.9 billion this time last year.

Not bad in either case.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week Ending	Deal Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	22	$22,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

M&A/FUNDINGS

Beneficient closes $3.5B merger with Avalon

Deal Description: Dallas-based Beneficient completed June 7 its merger with special purpose acquisition company Avalon Acquisition Inc. It values the financial services firm at about $3.5 billion. Beneficient has closed financing on more than $1.1 billion in liquidity in alternative assets to date. Beneficient, whose Class A common stock is listed on the Nasdaq under the ticker symbol “BENF,” seeks to drive innovation for alternative asset liquidity. To date, the company has closed financing on more than $1.1 billion in liquidity in alternative assets. Beneficient seeks to drive innovation in the market for alternative asset liquidity, which exceeds $100 billion in annual demand and is expected to continue growing. While the segment has traditionally been slow to change and caters almost exclusively to large institutional investors, Beneficient focuses on meeting the needs of emerging segments of the market comprised of mid-to-high net worth individual investors and small-to-midsize institutions, with an expected annual – and unmet – demand for liquidity exceeding $50 billion.

Beneficient’s In-House Counsel: James Silk is chief legal officer and David Rost is general counsel

Beneficient’s Outside Counsel: Haynes and Boone led by partner Matt Fry, co-chair of the firm’s capital markets and securities practice group, and Brent Beckert, a partner in the corporate and mergers and acquisitions groups. They were assisted, from Texas, by capital markets and securities partner Bill McDonald and associates Alexa Cooper, Allie Pencsak, Rachel O’Donnell, Logan Weissler and Camden Brown; and M&A associate Rachael Williams.

Beneficient’s Financial Advisor: Lazard

Avalon’s Outside Counsel: Venable

Notes: Rost was an attorney at Haynes and Boone from 2016 to 2020 before joining Beneficient as associate general counsel.

Ryman Hospitality buys JW Marriott Hill Country from BREIT for $800M

Deal Description: Simpson Thacher said June 5 it is advising Blackstone Real Estate Income Trust Inc. in connection with the announcement that Ryman Hospitality Properties Inc. will purchase the JW Marriott San Antonio Hill Country Resort & Spa in San Antonio from BREIT for $800 million. The sale generated around $275 million in profit over a five-year hold period through Covid, which Ryman said represents a “terrific” outcome for BREIT shareholders. Ryman added that San Antonio is one of the top meeting and leisure markets in the U.S. and will provide the company with ownership of two of the top group-focused assets in Texas (it also owns the W Austin Hotel and the ACL Live at Moody Theater in Austin).

Expected Closing: Q2 or Q3 2023

From Simpson Thacher: The team was led by New York partners Danielle Jackson and Gregory Ressa

Ryman’s Financial Advisor: BofA Securities

Ryman’s Outside Counsel: Bass, Berry & Sims and Greenberg Traurig

BREIT’s Financial Advisors: Citigroup Global Markets Inc., Eastdil Secured, J.P. Morgan Securities, Santander US Capital Markets, Scotiabank, Sumitomo Mitsui Banking Corp. and Wells Fargo

Montana Technologies combines with SPAC XPDB in $500M merger

Deal Description: Power & Digital Infrastructure Acquisition II Corp (XPDB), a special purpose acquisition company focused on the renewable and transition energy sectors, and Montana Technologies, developer of AirJoule, a renewable energy and cooling technology, announced June 5 that they entered into a business combination to commercialize Montana Technologies’ solution to revolutionize the HVAC sector, reduce emissions and solve water issues. The implied pro forma enterprise value of the deal is $500 million with the total addressable market opportunity of more $455 billion. The stock will be publicly listed on NASDAQ. XPDB is sponsored by XMS Capital Partners and Transition Equity Partners.

Expected Closing: Q4 2023 if the deal clears shareholders

Montana Technologies’ Outside Counsel: Latham & Watkins led by Houston partners Ryan Maierson and John Greer with associates Bryan Ryan, Monika Kluziak, Anji Yuan and Christina Schrantz. Advice was also provided, in Texas, by Houston partner Bryant Lee with associate Dylan White on tax matters; and on environmental matters by Los Angeles/Houston partner Joshua Marnitz.

XPDB’s Capital Markets Advisor: Barclays

XPDB’s Outside Counsel: Kirkland & Ellis

Barclays’ Outside Counsel: Vinson & Elkins

CleanCapital attracts $500M commitment from Manulife

Deal Description: Kirkland & Ellis said June 8 it advised CleanCapital, a clean energy company based in the U.S. and focused on middle-market solar and storage, on an additional commitment of up to $500 million from Manulife Investment Management. CleanCapital will leverage the investment to fund early-stage solar and storage development and acquire renewable energy assets throughout the U.S. as well as expand its partnerships in emerging markets. The company also said it surpassed an investment milestone with the cumulative deployment of more than $1 billion to fund operating, new construction and early-stage development solar and storage assets. CleanCapital’s investments to date include a renewables portfolio of more than 200 distributed generation projects totaling 400 megawatts and spanning 26 states and one U.S. territory and investments in renewable energy project developers.

From Kirkland: The team was led by corporate partners Ahmed Sidik, Patrick Moneypenny and Kristin Mendoza and included, from Texas, tax partners Bill Dong and corporate associate Mohammad Alkadhem.

Manulife’s Outside Counsel: Baker McKenzie

I Squared invests $400 million in RPower

Deal Description: BoyarMiller said June 6 it was special M&A counsel for a $400 million equity capital investment deal between its client RPower and investment firm I Squared Capital. The investment, which was announced April 25, would fund growth initiatives, including the development, construction and ownership of distributed energy resources that provide resiliency and services to the electric grid and commercial and industrial users. I Squared Capital has targeted more than $3 billion across 11 energy transition portfolio companies working in renewables, storage, grid stability, energy efficiency solutions, distributed generation, behind-the-meter, clean fuels and the electrification of transportation on three continents. I Squared Capital is an independent global infrastructure manager with more than $37 billion in assets under management. 

From BoyarMiller: The team included shareholder Steve Kesten, shareholder John Ransom, of counsel Amy Holmes and senior associate Taylor Gaver

RPower’s Financial Advisor: Independence Point Securities

RPower’s Corporate Counsel: Mussalli Law

I Squared’s Outside Counsel: White & Case

SPAC Blue Ocean merges with TNL Mediagene in $275M deal

Deal Description: Sidley Austin said June 6 it represented Blue Ocean Acquisition Corp., a special purpose acquisition company, on its definitive agreement to merge with TNL Mediagene, an Asian digital media company. TNL Mediagene was formed in May by the combination of Taipei-based the News Lens Co., an independent, pan-Asian digital-media group, and Tokyo-based Mediagene Inc., Japan’s digital media company. The deal is expected to result in TNL Mediagene becoming a publicly traded company on NASDAQ upon closing. The transaction gives TNL Mediagene a pre-money enterprise value of about $275 million.

From Sidley: Partners Joshua DuClos in Century City, Jon Daly in Houston and Kenny Terrero in New York assisted by senior managing associates Zachary Shub-Essig in Century City and Jocelyne Kelly in Dallas

Blue Ocean’s Financial and Capital: Markets Advisor: Needham & Co.

TNL Mediagene’s Outside Counsel: Morrison & Foerster

Braemont invests $125M in Incline P&C Group

Deal Description: Kirkland & Ellis said June 8 it counseled Braemont Capital on its $125 million investment in Incline P&C Group, an insurance program market services firm. Braemont is a Dallas-based investment firm that partners with founders, families and ownership-minded management teams to invest in companies at growth inflection points.

From Kirkland: The team was led by corporate partners Thomas Laughlin in Dallas, Parimah Hassouri in New York and Kady Reese in Salt Lake City and associates Garrett Engel and Ben Sharp in Dallas and Sandra Ghobraiel in Chicago. The group also included, from Texas, debt finance partner Lucas Spivey; tax partner David Wheat; executive compensation partner Stephen Jacobson; labor and employment partner Christie Alcala; capital markets partner Julian Seiguer; and real estate partner Andrew Van Noord.

Notes: K&E’s Laughlin also advised Braemont on its growth equity investment in facilities maintenance services provider Vixxo Corp.; its investment in RedTeam Software; RedTeam’s acquisition of PASKR; and on Braemont Partners I, which attracted about $525 million in capital commitments.

Farmer Bros. sells direct ship business to TreeHouse Foods for $100M

Deal Description: Winston & Strawn said June 7 it represented Northlake, Texas-based Farmer Bros. Co. on the sale of its direct ship business, including its Northlake, Texas, facility, to private label food and beverage maker TreeHouse Foods Inc. for $100 million. The sale will increase Farmer Bros’ balance sheet flexibility and allow it to focus on execution, improving margins and driving growth in the direct store delivery and account sales channels. 

From Winston: The team was led by partner Charlie Haag in Dallas included, in Texas, partners Andrew Betaque, Masae Ellis and Justin Reinus and associates Ben Chrisman, Madison DeMotts, Andrew Homann and Jennifer Ybarra Taylor

Farmer Bros.’ In-House Counsel: Jared Vitemb is the company’s general counsel

Forge Nano raises $50M in funding led by Korea investors

Deal Description: Winston & Strawn said June 7 it represented Denver-based Forge Nano, a leader in precision nano-coating technology on a $50 million-plus in funding led by key investments from Korea’s Hanwha Corporate Venture Capital with participation from OIC, Catalus Capital, Ascent Funds and existing investors. The funding brings the company’s total amount of capital raised to-date to more than $95 million. The financing will allow Forge Nano to capitalize on its already growing commercial-scale nanotechnology opportunities for battery material as well as develop a battery production line to satisfy full-scale, premium battery contracts. Plans are underway to launch construction of the pilot battery production line in the second quarter that will support applications including aerospace, consumer electronics and defense.

From Winston: Partners Mike Blankenship and Ryan Hunsaker in Houston and Jennifer Stadler in New York and associates Jacob Botros and Louis Savage in Houston

Keep Aware brings in $2.4M

Deal Description: Keep Aware, an Austin-based browser security startup, said June 6 it raised $2.4 million in a funding led by LiveOak Venture Partners, also of Austin. Runtime Ventures also participated and also angel investors in the cybersecurity industry. Keep Aware plans to use the funding to accelerate product development and establish go-to-market programs, enabling it to support its customer base and keep up with demand.

BlackRock, GTCR-backed TDS buys unit from Cardinal Health

Deal Description: Simpson Thacher said June 5 it is advising Transaction Data Systems, a portfolio company of BlackRock Long Term Private Capital and GTCR, in connection with the announcement that Cardinal Health agreed to contribute its Outcomes business to TDS in exchange for a minority stake in the combined entity. Terms weren’t disclosed. Cardinal Health’s pharmaceutical segment CEO, Debbie Weitzman, will be appointed to the TDS board. Cardinal Health said the transaction will create an integrated offering of pharmacy workflow software with engagement and clinical solutions to serve the patient, pharmacy, payer and pharmaceutical company ecosystem, including one of the country’s largest networks of 40,000 retail, chain and grocery pharmacies. BlackRock manages $320 billion in alternative investments while GTCR has invested more than $24 billion in 270 companies and manages more than $35 billion in equity capital. 

Expected Closing: Q3 2023

From Simpson Thacher: The team was led by partners Christopher May in Houston and Eli Hunt in New York and associates Ana Sanchez, Braxton Duhon and Christine Robb in Houston and included, in Texas, associate Matias Botto.

Cardinal Health’s Outside Counsel: Jones Day led by Randi Lesnick and Ann Bomberger

TDS’ Financial Advisor: SVB Securities

Vista-backed OfficeSpace acquires Greetly

Deal Description: Vinson & Elkins said June 5 it advised Atlanta-based OfficeSpace Software Inc. on the acquisition of Denver-based Greetly, a visitor management system. Terms weren’t disclosed. OfficeSpace is backed by Vista Equity Partners and Resurgens Technology Partners. Greetly’s digital receptionist allows hybrid workplace teams to check in visitors, packages and deliveries on mobile and alert employees on-site. Greetly’s visitor management solution provides new data insights to IT, real estate, facilities management and human resource teams using OfficeSpace to plan, manage and optimize their workplace strategy in one platform.

From V&E: The corporate team was led by partner Milam Newby and senior associate Austin White, with assistance from associate Tessa Krieger-Carlisle. Also advising, from Texas, were associate Ben Zeter (energy transactions/projects); partner Jason McIntosh (tax); counsel Rajesh Patel and associate Haley Titcomb (technology transactions/IP); partner Sean Becker and associate Peter Goetschel (employment/labor); and partner Shane Tucker and associate Matt Green (executive compensation/benefits).

Weaver acquires HKG

Deal Description: Weaver, a national accounting and advisory firm in Houston, said June 1 it acquired Pasadena, Calif.-based HKG. Terms weren’t disclosed. The transaction adds 65 professionals, including seven partners to the firm, significantly expanding Weaver’s West Coast presence to six offices and 150 total team members, including 18 partners. Weaver has more than 1,000 employees nationwide.

Weaver’s In-House Counsel: General counsel and chief risk officer Frank McElroy in Houston

Warburg Pincus invests in ParetoHealth

Deal Description: Locke Lord said June 8 it served as special insurance regulatory counsel to Warburg Pincus on its investment in ParetoHealth. Terms were not disclosed. Pareto provides employer health care benefits solutions that help small and midsized businesses to self-fund their health benefits. Great Hill Partners, which invested in Pareto in 2019, will keep an equal stake to Warburg, alongside a continuing investment from the management team. Great Hill targets investments of $100 million to $500 million, raising $12 billion of commitments and investing in 95 companies. Warburg has $80 billion in assets under management and invested $109 billion in 1,000 companies, including $16 billion in 180 healthcare companies and $21 billion in 150 financial services companies. 

From LL: The team was led by Zachary Lerner in New York and Ben Sykes in Chicago with additional assistance provided, in Texas, by Laura L. Ferguson (Houston), Jon Gillum (Austin) and Moya McKenna (Austin).

ParetoHealth’s Financial Advisor: Triple Tree

ParetoHealth’s Outside Counsel: Goodwin Procter and Kurtz & Revness

Warburg’s Financial Advisor: William Blair

Warburg’s Outside Counsel: Kirkland & Ellis

Notes: In December Locke Lord served as insurance regulatory counsel to Warburg in connection to its acquisition of K2 Insurance Services (with assistance by McKenna) and it said it continues to assist the private equity giant with respect to expanding its insurance sector footprint.

48forty Solutions buys Taylor Pallets & Recycling

Deal Description: 48forty Solutions, a Houston-based national provider of recycled pallets and pallet management services, announced June 7 that it acquired South Carolina-based pallet management company Taylor Pallets & Recycling. Terms were not disclosed. 48forty is a portfolio company of Audax Private Equity and Summit Partners. Taylor was founded in 1992 by Greg and Russ Taylor and specializes in recycled, new and custom-built pallets for customers in South Carolina, Georgia and North Carolina. Taylor is the largest pallet recycler in South Carolina, employing more than 180 people and operating a private fleet.

Notes: Ropes & Gray advised Audax on its 48forty investment while Latham & Watkins assisted Summit.

Counsel to Buyer: Boston-based Goulston & Storrs with Daniel Avery as lead partner, along with Thuy-Dien Bui, Carly Perkins, and Rumi Tran.

Counsel to Target: South Carolina firm Maynard Nexsen with B. Joel Stoudenmire as lead partner, assisted by Toby Whitmire and Caitlin Walker.

NOVA Infrastructure, Nopetro ink renewables JV

Deal Description: Jones Day represented NOVA infrastructure in the partnership with Nopetro Energy to create Nopetro Renewables, a renewable energy platform focused on renewable natural gas and biofuels. In addition to investing in the newly formed Nopetro Renewables’ platform, NOVA also has made an equity investment in Nopetro Energy. Terms weren’t disclosed on the deal, which was announced May 31. As part of the transaction, Nopetro Renewables will construct one of Florida’s first landfill-gas-to-RNG facilities in Vero Beach, Florida. Nopetro was founded in 2007 with the goal of displacing petroleum consumption with a cleaner, cost-effective and domestic natural gas fuel. Led by Jorge Herrera, the company has developed a strong reputation in the Southeast and operates 16 CNG fueling facilities that serve government, waste and industrial customers. In July 2022, NOVA announced the close of its $565 million Infrastructure Fund I that attracted commitments from North American and global institutional investors, including public and private pension funds, insurance companies, family offices and asset managers. NOVA’s investment in Nopetro marks its seventh platform investment as part of Fund I.

From JD: The team was led by partners Alexandra Wilde (who has since left the firm for Clifford Chance) and Jeff Schlegel in Houston.

CAPITAL MARKETS/FINANCINGS

Burlington Northern Santa Fe prices $1.6B in debentures

Deal Description: Burlington Northern Santa Fe said June 5 it priced a public offering of $1.6 billion in its 5.2 percent debentures due April 15, 2054. The company intends to use the net proceeds for general corporate purposes. Burlington Northern Santa Fe is engaged primarily in freight railroad transportation through its principal operating subsidiary, BNSF Railway Co., which operates one of the largest railroad networks in North America with about 32,500 route miles of track in 28 states and three Canadian provinces. Burlington Northern Santa Fe is a wholly owned unit of Berkshire Hathaway Inc.

Book-Running Managers: Barclays Capital Inc., Morgan Stanley & Co., Wells Fargo Securities, BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities

Outside Counsel to the Initial Purchasers: Baker Botts including corporate partner Carina Antweil, special counsel Lakshmi Ramanathan and associate Chandler Block. On tax: partner Jon Lobb and associate Phillip Clifton; and on environmental: special counsel Elizabeth Singleton.

UGI launches $500M senior notes offering, related tender

Deal Description: Latham & Watkins said June 5 it represented UGI Corp., a distributor and marketer of energy products and services, in connection with the high yield offering of $500 million of senior notes due 2028 by certain of UGI’s AmeriGas subsidiaries and the related tender offer for the issuers’ outstanding senior notes due 2024. The notes offering and the tender offer closed on May 31. Initial purchasers were led by Wells Fargo Securities.

From Latham: The team was led by Houston partners Ryan Maierson and Kevin Richardson and New York partner Michael Saliba with associates Paul Rafla, Jie Lin Nai and Christina Schrantz. Advice from Texas attorneys was also provided on banking matters by Houston partner Catherine Ozdogan and Houston counsel Bryce Kaufman; on tax matters by Houston partners Tim Fenn and Bryant Lee with associate Molly Elkins; and on environmental matters by Los Angeles/Houston partner Josh Marnitz.

Initial Purchasers’ Outside Counsel: Simpson Thacher & Bartlett led by partners Brian Rosenzweig in Houston and Arthur Robinson in New York and including associates Richie Ragusa, Maggie Selbe, Ryan Poché and Suzannah Ranzo in Houston

Lexicon raises $143.7M from public offering, private placement

Deal Description: Lexicon Pharmaceuticals Inc. announced June 5 the closing of its previously announced public offering and private placement of its common stock worth $143.7 million. The closing included the issuance and sale of an additional 3.58 million shares of common stock to the underwriters, for a total of 27.5 million shares and gross proceeds of $71.5 million. An affiliate of Invus, Lexicon’s largest shareholder, also exercised in full its option to purchase an additional 3.62 million shares of common stock in connection with the private placement. The total number of shares of common stock sold in the placement was 27.7 million and total gross proceeds amounted to about $72.2 million. Lexicon intends to use a portion of the net proceeds, with its existing cash and cash equivalents and short-term investments, to fund the commercial launch of Inpefa (sotagliflozin) and fund the continued research and development of its drug candidates and for working capital and other general corporate purposes.

Book-Running Managers: Citigroup, Jefferies and Piper Sandler

Lexicon’s Outside Counsel: Vinson & Elkins was led by partners David Oelman and Jackson O’Maley, with assistance from associates Chandler Spinks, John Frey and Alex Riddle. Also advising were partner David D’Alessandro and counsel Missy Spohn (executive compensation/benefits); and counsel Rajesh Patel (technology transactions/IP).