CDT Roundup: 19 Deals, 13 Firms, 213 Lawyers, $11.5B

Who was the most active law firm doing M&A globally in the second quarter?

If you guessed Kirkland & Ellis, you would be wrong, as per PitchBook. According to the data provider, DLA Piper ranks at the top with 126 deals versus 113 for Kirkland, 88 for Latham & Watkins and 87 for Goodwin.

Rounding out the top 10 were Holland & Knight (with 76), White & Case (54), CMS (53), McDermott (47), Dentons (40) and Jones Day (39).

However, Kirkland did lead U.S. M&A activity with 88 deals followed by Holland & Knight (73), Goodwin (64), DLA Piper (54) and Latham (52).

DLA came in 24th on our list of the most active Texas law firms involved with M&A with only four deals in the first half credited to their Texas lawyers.

Austin partner John Gilluly, U.S. vice chair of the firm’s transactional practice, has been active, as has Joseph Fore, also in Austin. But the firm has lost key deal lawyers over the years, including Jenifer Smith to Latham, Steven Torello to Willkie (he’s now at O’Melveny) and then Jack Langlois and Jibin Luke to McDermott.

But DLA has also added Alan Bickerstaff and Cassandra Cuellar from Shearman’s Austin office just this month, both active on the venture capital front. More to come? Maybe so.

The week ending Aug. 19 was a mirror image of last week — if the mirror was rearview: same number of deals (19) with slightly more value ($11.5 billion last week, $9.5 billion the week prior). But where last week included 15 M&A transactions and four capital markets deals, the week prior was capital markets heavy with 12 CapM issues and only 7 M&A deals.

Even in the rearview mirror, both of those are better than this time last year when there were only 12 deals for $2 billion.

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
05-Jul-2025	9	$15,778	8	91	4	$7,280	5	$8,498
28-Jun-2025	13	$7,777	8	154	7	$2,031	6	$5,746
21-Jun-2025	16	$5,984	10	113	11	$3,087	5	$2,897
14-Jun-2025	9	$478	8	133	6	0	3	$478
07-Jun-2025	16	$26,210	11	196	11	$24,744	5	$1,466
31-May-2025	19	$23,381	11	166	12	$18,665	7	$4,717
24-May-2025	15	$24,033	11	121	13	$23,624	2	$409
17-May-2025	16	$21,760	12	145	11	$18,615	5	$3,145
10-May-2025	24	$33,175	16	206	19	$30,765	5	$2,410
03-May-2025	11	$4,249	13	90	11	$2,226.5	2	$2,022.5
26-Apr-2025	12	$8,787	9	168	9	$6,011	3	$2,776
19-Apr-2025	11	$8,097	7	138	9	$7,985	2	$112
12-Apr-2025	13	$2,392	8	152	10	$2,065	3	$327
05-Apr-2025	19	$27,762	15	188	16	$25,473	3	$2,289
29-Mar-2025	21	$8,188	10	258	16	$4,125	5	$4,064
22-Mar-2025	19	$6,485	14	231	15	$4,128	4	$2,857
15-Mar-2025	13	$13,737	13	151	10	$9,932	4	$3,805
8-Mar-2025	7	$2,234	5	66	5	$224	2	$2,100
1-Mar-2025	11	$3,050	8	75	10	$2,550	1	$500
24-Feb-25	12	$16,397	7	149	6	$6,635	6	$9,862
17-Feb-25	17	$12,136	13	134	10	$9,411	2	$2,725
10-Feb-25	14	$7,154	9	179	9	$4,950	5	$2,204
3-Feb-25	16	$10,068	7	200	11	$7,553	5	$2,515
25-Jan-25	14	$10,261	10	125	9	$2,207	5	$8,054
18-Jan-25	19	$7,382	15	316	12	$2,300	7	$5,082
11-Jan-25	21	$33,560	16	187	16	$32,521	5	$1,039
4-Jan-25	9	$6,827	9	80	9	$6,827	0	0
21-Dec-24	11	$2,798	11	92	8	$2,229	3	$570
14-Dec-24	15	$5,323	12	186	12	$3,812	3	$1,511
07-Dec-24	16	$4,766	10	231	11	$2,321	5	2,445
30-Nov-24	10	$10,291	9	103	4	$8,290	6	$2.001
23-Nov-24	15	$4,553	15	153	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
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	23	$26,616	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

Energy Transfer buys Crestwood for $7.1B in stock

Deal Description: Energy Transfer and Crestwood Equity Partners announced Aug. 16 that they inked an agreement in which Energy Transfer will acquire Crestwood in an all-equity transaction valued at $7.1 billion, including $3.3 billion of assumed debt. Crestwood common unitholders would receive 2.07 Energy Transfer common units for each Crestwood common unit, implying a no-premium, $26.40 per unit takeout, analysts at TPH said in a report. Kirkland & Ellis counseled Energy Transfer and Vinson & Elkins advised Crestwood. For more, click here.

HF Sinclair picks up remaining Holly Energy stake for $1.4B

Deal Description: HF Sinclair announced Aug. 16 it will acquire all the outstanding shares of oil pipeline operator Holly Energy Partners it doesn’t already own in a cash-and-stock deal. Holly shareholders will receive 0.315 shares of HF Sinclair and $4 in cash for every share held, which values the deal at $1.44 billion, according to Reuters. The offer represents a 2 percent premium to Holly’s last closing price and HF Sinclair owns 47.16 percent of Holly as per Refinitiv data, Reuters added.

Expected Closing: Q4 2023

HF Sinclair’s Financial Advisor: Barclays

HF Sinclair’s Outside Counsel: Vinson & Elkins led by partners Alan Bogdanow, Katherine Frank and Ramey Layne and senior associates Alex Robertson and Amy Deroo, with assistance from senior associate Grace-Ann Duquette and associates Madison Bertrand, Walt Baker, Leah Powers, Janae Wilson and Michelle Yang. Also advising were partner Shane Tucker, counsel Missy Spohn and associate Cassandra Zarate (executive compensation/benefits); partners Jim Meyer and Ryan Carney and associates Katie Dillard, Jeffrey Slusher and Ben Livni (tax); partner Bailey Pham and associate Will Biesel (finance); partner Hill Wellford, counsel Evan Miller and senior associate Alex Rant (antitrust); partner Matt Dobbins and associate Simon Willis (environmental); counsel Elizabeth McIntyre (sanctions); counsel Brian Howard (government investigations); partner Damien Lyster (energy regulatory); and partner Sarah Mitchell (insurance). 

HF Sinclair’s Delaware Counsel: Richards, Layton & Finger

Holly Conflicts Committee’s Outside Counsel: Gibson Dunn with a corporate team that includes partners Hillary Holmes, Tull Florey and Cynthia Mabry and associates Stella Tang and To Nhu Huynh. Senior counsel Gregory Nelson and associate Hayden Theis are advising on tax aspects, partner Krista Hanvey and associate Gina Hancock on benefits and partner Brian Lutz on securities.

Holly Conflicts Committee’s Delaware Counsel: Morris, Nichols, Arsht & Tunnell

Holly Conflicts Committee’s Financial Advisor: Intrepid Partners

Intrepid Partners’ Outside Counsel: Sidley Austin including partners Jon Daly and George Vlahakos and managing associate Sabina Wahl

Oxy acquires Carbon Engineering for $1.1B

Deal Description: Occidental announced Aug. 15 that a wholly owned subsidiary entered into a definitive purchase agreement to acquire all the outstanding equity of Carbon Engineering Ltd. for around $1.1 billion in cash. The payments will be made in three approximately equivalent annual payments with the first at closing. Carbon Engineering’s research and development activities and Innovation Center will remain in Squamish, British Columbia. Houston-based Oxy has been working with Carbon Engineering on direct air capture deployment since 2019 and the deal aligns with its integrated net-zero strategy. It also provides Occidental, through its 1PointFive subsidiary, the opportunity to rapidly advance Direct Air Capture (DAC) technology breakthroughs and accelerate deployment of DAC as a large-scale, cost effective, global carbon removal solution. 1PointFive is building Stratos, the world’s largest DAC plant expected to be commercially operational in mid-2025, in Ector County, Texas. 

Expected Closing: Year-end 2023 subject to Canadian court reviews and Canadian and U.S. regulatory approvals

Oxy’s Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partners John Greer and Bill Finnegan with associates Bryan Ryan, Morgen Seim and Molly Elkins. Advice was also provided on tax by Houston partner Tim Fenn with associate Christine Mainguy; on environmental matters by Los Angeles/Houston partner Joshua Marnitz with associate Reilly Nelson; on benefits by Houston counsel Krisa Benskin with associate Christina Schrantz; on antitrust by Washington, D.C., partner Jason Cruise and Washington, D.C., counsel Peter Todaro with associate Ivy Ziedrich; and on intellectual property and data and technology transactions by Bay Area partner Michelle Gross with associates Ryan Sanders, Dyllan Brown-Bramble and Adriana Beach.

Notes: Brad Pollack, deputy general counsel at Oxy, worked on the 2019 investment in Carbon Engineering as managing counsel with help from Stikeman Elliot in Canada as lead outside counsel with Vinson & Elkins in Houston for intellectual property legal support (partner Devika Kornbacher, who is now at Clifford Chance).

SilverBow Resources acquires Chesapeake’s South Texas properties for $700M

Deal Description: Houston-based SilverBow Resources Inc. announced Aug. 14 that it entered into an agreement to buy Chesapeake Energy Corp.’s oil and gas assets in South Texas for $700 million. The deal consisted of $650 million upfront cash payment due at closing and $50 million deferred cash payment due 12 months post close. Chesapeake may also receive up to $50 million in additional contingent cash consideration based on future commodity prices. The transaction is expected to be funded with cash on hand, borrowings under SilverBow’s revolver led by JPMorgan Chase Bank and its amended second lien notes led by EIG. The company secured $425 million of additional commitments under its credit facility from existing and new lenders, which will increase commitments to $1.2 billion, and the second lien notes will be upsized by $350 million. The deal is expected to increase fourth quarter net production, add scale and increase 2024 free cash flow. TPH analyst Matt Portillo said in a note he wasn’t surprised to see the final portion (last of three) of Chesapeake’s Eagle Ford assets sold and largely in line with value expectations. Chesapeake will use the proceeds to strengthen its balance sheet and for share repurchases as it moves along into the next upcycle for natural gas, which TPH expects will come in 2025.

Expected Closing: Year-end 2023

SilverBow’s Financial Advisor: Mizuho Securities

SilverBow’s Outside Counsel:

On the acquisition — A Gibson Dunn corporate team was led by partner Stephen Olson and of counsel Adam Whitehouse and includes partners Hillary Holmes, Tull Florey, Sydney Scott, Jonathan Whalen and Cynthia Mabry and associates Chris Atmar, Samantha Astrich, Justine Robinson, Malakeh Hijazi, Zain Hassan, Michael Holmes and Luke Strother. Partner Michael Cannon and associate Josiah Bethards are advising on tax aspects, partner Krista Hanvey on benefits, partner Peter Modlin on environmental and counsel Andrew Cline antitrust.

On debt finance —The Vinson & Elkins team was led by partner James Longhofer with assistance from associates Arthur Munoz, Natalie Harrison and Payton Hampton.

Chesapeake’s Outside Counsel: Haynes Boone with a team led by partner Jeremy Kennedy and associate John Craven. Associates Will Johnson and Bradley Potts and Partners Brandon Jones (tax), Stephen Grant (capital markets issues), McCoy Brandon (antitrust) and Michael Lombardino (employment).

SPAC AlphaVest merges with Wanshun Technology in $300M deal

Deal Description: AlphaVest Acquisition Corp, a special purpose acquisition company, announced Aug. 14 the execution of a merger agreement with Wanshun Technology Industrial Group Ltd., an app-based ride-hailing service in China. The transaction will be structured as a business combination with AlphaVest’s wholly owned subsidiary, AV Merger Sub, and is anticipated to result in AlphaVest shareholders receiving shares of Wanshun capital stock valued at $300 million. Wanshun, based in Shenzhen, China, and established in 2016, is creating an online and offline ecosystem, including physical stores/showrooms for existing and new drivers and white-label electric vehicles. Wanshun’s management team will continue to lead the combined company.

Expected Closing: Q4 2023 or early 2024 once it clears regulators and shareholders

AlphaVest’s Financial Advisor: Small Seashell Ltd.

AlphaVest‘s Outside Counsel: Winston & Strawn led by partner Mike Blankenship in Houston and including Dean Hinderliter, Susan Deng, Jonathan Bodle, Alexandra Santana, Emily Semon, Allan Jeanjaquet and Mary Johnson

Wanshun’s Outside Counsel: Jun He Law Offices

Notes: Winston’s Blankenship also counseled AlphaVest on its $60M IPO in December.

SPAC LAMF combines with Nuvo in $269M transaction

Deal Description: LAMF Global Ventures Corp. I announced Aug. 18 plans to combine with Nuvo Group, a FDA-cleared remote pregnancy monitoring platform. The deal puts Nuvo at a pre-money equity value of $269 million and up to around $300 million if Nuvo achieves a commercial milestone. Nuvo has signed U.S.-based relationship agreements with Penn Medicine, Axia Women’s Health, Banner Health, Ouma and others. Nuvo is expanding its network of university hospital partners that are gateways to international commercialization, including signed agreements with Charite University Hospital in Germany and Sheba Medical Center in Israel. The combined public company will be led by Nuvo’s CEO Kelly Londy, who was previously at University of Michigan Hospitals, GE’s medical systems and healthcare divisions, Philips Healthcare North America, Accuray Inc., Innoblative Designs Inc. and Lumicell Inc.

Anticipated Closing: Q1 2024

LAMF’s Outside Counsel: White & Case led by partners Daniel Nussen and Matthew Barnett in Los Angeles but including M&A associate Yves Bramwell in Houston; and Herzog Fox & Neeman

Nuvo’s Outside Counsel: Greenberg Traurig and Meitar

LAMF’s Capital Markets Advisor: Roth Capital Partners

Tillman FiberCo, Northleaf ink strategic partnership with $200M initial investment

Deal Description: Tillman FiberCo, a developer and owner of symmetrical gigabit broadband, and Northleaf Capital Partners, a global private markets investment firm, announced Aug. 10 a strategic partnership in which Northleaf funds made an initial investment of $200 million. Northleaf will invest up to $300 million more as Tillman FiberCo scales its operations. The investment enables Tillman FiberCo to accelerate its open access network with technologies, systems and a network architecture that will deliver internet access to residential and business customers. Founded in 2021 and based in New York, Tillman FiberCo designs, builds and owns high-speed internet infrastructure and aims to become a market leader. Tillman FiberCo is part of Tillman Global Holdings, a company founded by Sanjiv Ahuja which is focused on investing in and operating telecommunications and energy infrastructure businesses in developed and emerging markets.

Northleaf’s Financial Advisor: TD Securities

Northleaf’s Outside Counsel: Kirkland & Ellis with a team led by corporate partners John Kaercher and Zahra Usmani and associate Branden Lankford; tax partners Steve Butler and Adam Arikat; employee benefits partner Maureen O’Brien; executive compensation partner Rob Fowler; labor and employment partner Christie Alcala; technology and IP transactions partner Matt Lovell; and debt finance partner Doug Tedeschi.  

Tillman FiberCo.’s Financial Advisor: TAP Advisors

Tillman FiberCo.’s Outside Counsel: Sullivan & Cromwell

Riverwood funds One Model’s $41M round

Deal Description: Riverwood Capital, an investor in high-growth technology companies, was the lead investor in the $41 million growth funding round for One Model, an Austin software company that provides organizations with solutions to harness the power of their workforce data. Its products offer advanced analytics capabilities and data orchestration to help businesses make data-driven decisions, optimize talent strategies and facilitate business success. Founded in 2008, Riverwood has invested in more than 70 companies since inception whose revenues have increased 46 percent each year on average during that period. The funding will accelerate the development of two core technology solutions within One Model’s portfolio.

Riverwood’s Outside Counsel: Foley & Lardner led by partners Louis Lehot and Brandee Diamond (who offices in San Francisco and Austin) and included partners Rishi Sodhi, Steve Millendorf, Carrie Hoffman (Dallas), Mike Overly and Christopher Swift, as well as associates Ashley Lee and Trevor Mullin.

Osano raises $25M from Baird, others

Deal Description: Osano, an Austin provider of data privacy management software, announced Aug. 10 a $25 million Series B funding round led by Baird Capital with participation from Jump Capital, LiveOak Venture Partners, Next Coast Ventures, TDF Ventures and First Ascent Ventures. Baird partner Mark Donnelly will join the board and Katharine Tomko, partner at First Ascent and former Facebook head of privacy programs, will be joining as board observer. With this funding, Osano will continue to build the team to deliver on its mission and goal of simplifying privacy compliance and becoming the leading data privacy platform. Key initiatives include expanding multiple departments, including engineering, product development and sales; investing more in research and development; and building a channel program to expand its products. Arlo Gilbert is co-founder and CEO of Osano.

Osano’s Outside Counsel: Kastner Gravelle led by Ryan Gravelle

Prairie inks $20M PIPE, buys remaining Exok assets in Colorado

Deal Description: Prairie Operating Co. announced Aug. 16 it raised $20 million in a private investment in public equity (PIPE) offering and then executed its option to acquire the remaining Exok Inc. assets in Weld County, Colo. The PIPE consisted of the company’s Series E preferred stock, common stock and warrants purchased by an existing investor. The release didn’t name the investor, but Los Angeles investment advisor Bristol Capital Advisors owns more than 10 percent of its stock (Bristol’s chairman Paul Kessler sits on Prairie’s board). Prairie said the Exok asset is offset by industry-leading operators and positioned within the core of Denver-Julesburg “DJ” Basin. After closing, the company will control around 37,189 acres. Prairie said the decision to exercise the option underscores its continued commitment to enhancing and expanding its market presence. Prairie’s leadership includes co-founders Edward Kovalik and Gary Hanna, the former CEO of EPL Oil & Gas who sold the company to Energy XXI for $2.4 billion in cash.

Prairie’s Outside Counsel: Vinson & Elkins with a team led by partners Mark Kelly and Crosby Scofield, counsel Andrew Schulte and senior associate KJ Pedersen with assistance from associates Elisie Lee, Ted Belden, Madison Bertrand, John Sasso, Jake Lubenow and Lauren Perillo. Other team members included partner David D’Alessandro, counsel Regina Ibarra and associates Matt Green and Cassandra Zárate (executive compensation/benefits); partner Bryan Loocke (energy transition/projects); and partners Jim Meyer and Ryan Carney and associate Katie Dillard (tax).

Notes: V&E’s Kelly counseled Energy XXI on the EPL purchase.

Rhône Capital-backed Fogo de Chão sold to Bain Capital

Deal Description: Fogo de Chão, the Dallas-based Brazilian restaurant brand, announced Aug. 15 that it entered into a definitive agreement to be acquired by Bain Capital Private Equity to accelerate its growth and expansion. Terms weren’t disclosed. Fogo will continue to operate under its current management team led by CEO Barry McGowan. Funds affiliated with Rhône Capital have owned Fogo since taking the company private in 2018. Under Rhône’s ownership, Fogo experienced expansion across markets and is in its third year of 15 percent annual growth.

Expected Closing: September 2023 if it clears regulators

Debt Financing: Led by Deutsche Bank, which is also serving as financial advisor to Bain Capital.

Accounting Advisor: PwC

Bain’s Outside Counsel: Kirkland & Ellis led by Matthew O’Brien, Laura Steinke, Benjamin Dionne, Melissa Hutson and Yuli Wang

Fogo/Rhône’s Financial Advisor: Morgan Stanley

Fogo/Rhône’s Accounting Advisor: Deloitte

Fogo/Rhône’s Outside Counsel: Sullivan & Cromwell with a team led by Richard Pollack in New York and Neal McKnight in London

Texas State Bankshares buys investment bank Estrada Hinojosa

Deal Description: Harlingen-based Texas State Bankshares announced Aug. 7 it agreed to buy Dallas investment bank Estrada Hinojosa & Co. for undisclosed terms. Estrada Hinojosa has 48 employees and offices in Dallas, Houston, San Antonio, Miami, Chicago and New York. The deal allows the $2.6 billion (assets) bank to expand into capital markets, particularly public finance. Refinitiv ranked Estrada Hinojosa as the top municipal advisor in Texas and the fourth in the country for the first half. Since inception, the firm has completed more than 2,500 municipal advisory transactions with a value exceeding $190 billion and more than 4,600 underwriting transactions with a value of $460 billion. Noe Hinojosa, chairman, president, and CEO, said the deal provides the firm with access to more capital and resources to gain market share in municipal advisory, underwriting and trading in Texas and across the country. Hinojosa will become president of the capital markets unit, a member of the bank’s executive committee, a shareholder and a board member. Texas State Bankshares has 30 banking centers across the Rio Grande Valley, Texas Hill Country, Houston and DFW Metroplex. 

Expected Closing: Q4 2023 once the deal clears regulators and shareholders

Tango acquires WatchWire

Deal Description: Tango, a Dallas provider of cloud-based real estate and facilities management software backed by Berkshire Partners, announced Aug. 9 it acquired New York-based WatchWire, a data and analytics firm that helps companies reduce emissions and energy expenses while simplifying sustainability and carbon reporting. Terms weren’t disclosed. Tango said the transaction further extends its position as a leader in the real estate and facilities management space, enabling companies to meet their energy management and sustainability goals. The combined business will serve more than 500 customers in 140 countries. WatchWire’s leadership team will join Tango to continue developing and progressing these key capabilities.

Tango’s/Berkshire Partners‘ Financial Advisor: Harris Williams

Tango’s/Berkshire Partners‘ Outside Counsel: Ropes & Gray with a team led by private equity associates Brandon Winer and Halley Peterson and including private equity partner Taylor Hart, intellectual property transactions partner Regina Sam Penti and tax partner Pamela Glazier, executive compensation and employee benefits partner Kyle Higley and data, privacy and cybersecurity partner Fran Faircloth.

WatchWire’s Financial Advisor: GrowthPoint Technology Partners

Capstreet-backed TradePending buys Snapcell

Deal Description: TradePending, a Carrboro, N.C.-based sales enablement and consumer experience software platform for car dealerships, announced Aug. 15 that it acquired Snapcell, an automotive video marketing platform that helps car dealerships build trust and improve customer engagement through personalized video solutions. Financial terms were not disclosed. TradePending is backed by Capstreet, a Houston-based lower middle market private equity firm. Founded in the U.K. in 2016 with U.S. headquarters in Tampa, Fla., Snapcell provides visual solutions to automotive dealers worldwide to deliver a more efficient and effective purchase experience to their customers.

Snapcell’s Financial Advisor: Presidio Technology Partners

TradePending’s Outside Counsel: Willkie Farr & Gallagher led by partners Rosalind Kruse in New York and Aaron Savella in Houston and including associates Devin Crisanti and Zoe Sellman, both in Houston.

Excel buys Iepson Consulting

Deal Description: Excel Services Corp., a provider of licensing and regulatory compliance for the nuclear industry, announced Aug. 7 its acquisition of Iepson Consulting Enterprises Inc., an engineering company serving the needs of the commercial nuclear industry in the U.S. and around the world. Terms weren’t disclosed. The combination of Excel and Iepson creates a full-service offering of value-added engineering services to nuclear operators around the world. The deal closed on Aug. 1.

Excel’s Outside Counsel: Locke Lord with a team led by Jennie Simmons and Shumaila Dhuka in Houston with additional assistance provided by Eric Larson and Shaylen Braggs

Iepson’s Outside Counsel: Roetzel & Andress

CAPITAL MARKETS/FINANCINGS

Atlas Credit extends $100M term loan for AST & Science

​Deal Description: AST & Science, a unit of publicly traded AST SpaceMobile Inc., announced Aug. 14 the closing of its new $100 million senior term loan facility with Atlas Credit Partners, $50 million of which was funded at closing. The facility permits AST to request additional commitments of up to $50 million. Proceeds will be used to fund an interest escrow account, growth investments and for general corporate purposes, to pay the fees and expenses in connection with the facility and to fund the insurance premiums and taxes. AST’s obligations are secured by substantially all of the assets of AST and subsidiaries that also guarantee the facility and SpaceMobile’s equity interests in AST. Atlas Credit is an asset management firm specializing in credit investing and partnering directly with middle market growth companies. The firm provides minimally-dilutive capital solutions to managements teams to facilitate transition, accelerate growth and create long-term value for stakeholders. AST is a designer and manufacturer of satellites, building the first and only satellites designed to deliver broadband from space directly to consumer smartphones.

Atlas Credit’s Outside Counsel: Baker Botts including finance partners Luke Weedon and Clinton Culpepper and associates Regan Vicknair and Morgan Copher. On tax: partner Jon Lobb and senior associate Jordan Hahn.

AST’s Outside Counsel: DLA Piper led by partner Glenn Reitman

Sunnova Energy offers $75M in stock

Deal Description: Sunnova Energy International Inc. announced Aug. 14 the pricing of its underwritten public offering of 5.1 million shares of Sunnova’s common stock at $14.75 per share. Sunnova has granted the underwriters a 30-day option to purchase an additional 765,000 shares of common stock. The offering was expected to settle and close on Aug. 16. Sunnova estimates that the net proceeds will be about $71.4 million or $82.4 million if the underwriters exercise in full their option to purchase additional shares of Sunnova’s common stock. Sunnova intends to use the net proceeds for general corporate purposes.

Book-running Manager: Goldman Sachs & Co.

Underwriters’ Outside Counsel: Vinson & Elkins led by partners David Oelman, Crosby Scofield and counsel Brett Peace with assistance from counsel Raleigh Wolfe and associates Nina Bhatia, Chandler Jones, Phil Greenfield, Michelle Yang and Waleed Vohra. Also advising were partner Wendy Salinas and associate Jeff Slusher (tax); partner Brian Howard and counsel Elizabeth McIntyre (anti-corruption/sanctions); partner Guy Gribov and senior associate Joe Higdon (finance); partner Matt Dobbins and associate Kevin Moscon (environmental); and partner Damien Lyster and associate Ryan Hoeffner (energy regulatory).

Sunnova’s Outside Counsel: Baker Botts including partners Travis Wofford and Doug Getten but also Garrett Hughey, Parker Hinman and Austin Lee; Michael Bresson and Peter Farrell (tax); and Danny David (advisory).

SPAC 99 Acquisition prices $75M IPO

Deal Description: 99 Acquisition Group Inc. announced Aug. 17 that it priced its initial public offering of 7.5 million units at $10 per unit. The units will be listed on Nasdaq Global Market and were expected to begin trading Aug. 18 under the ticker symbol “NNAGU.” Each unit consists of one share of Class A common stock, one redeemable warrant and one right. Each warrant entitles the holder to purchase one ordinary share at $11.50 per share. Each right entitles the holder to receive one-fifth of a share of Class A common stock after consummation of an initial business combination. The company has granted the underwriters a 45-day option to purchase up to an additional 1.125 million units at the IPO price to cover any over-allotments. The offering was expected to close on Aug. 22. 99 is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar combination with one or more businesses. It intends to focus its search for a target business in the real estate industry with a combined enterprise value of about $75 million to $150 million. The company is led by chairman and CEO Hiren Patel.

Underwriters: EF Hutton, division of Benchmark Investments, and Brookline Capital Markets, a division of Arcadia Securities.

99’s Outside Counsel: Loeb & Loeb

EF Hutton’s Outside Counsel: Winston & Strawn led by partner Mike Blankenship and including David Sakowitz, Hannah Gallagher, Robbie Oakes and Alexander P. Tanner