CDT Roundup: 12 Deals, 8 Firms, 102 Lawyers, $6.4B

Kirkland & Ellis dominates this week’s CDT Roundup with four M&A transactions, including the top two: Viper Energy Partners buying oil interests from Warwick Capital Partners and GRP Energy Capital for $1 billion; and Energy Capital Partners agreeing to combine with Bridgepoint Group plc, also for $1 billion.

We know, we know, Texas Lawbook readers are sick and tired — and some green with envy — of hearing about how Kirkland has taken over the state’s energy deal market. Still, the mark the firm has made, even in recent months, is impressive — and perhaps augurs a hopeful view of what remains of 2023.

In June and July alone, Kirkland partners in Texas handled financings and M&A deals totaling at least $38 billion based on data from Deal Point Data provided to us by Kirkland. And it is not the same partner leading those deals. They came from all three of the firm’s Texas offices, and often involve Texas lawyers teaming up with other lawyers across Kirkland.

Still, some partners have dominated the action. Houston partner Sean Wheeler led five M&A deals involving public energy companies so far in 2023 and Debbie Yee, also a Houston partner, leading four.

According to Deal Point Data queried as of Aug. 22, Wheeler ranks first overall in the energy category so far this year. Yee — Wheeler’s frequent co-lead —ranks second and Camille Walker, yet another partner in Kirkland’s Houston office, lines up behind them in third.

From a distance that sounds like great success in a narrow space: three months of public energy company deals. But focusing on that misses an important bit of context. According to the same data for the three months prior (March, April and May) there were only three deals in that same category led by any firm, and only one of those led by Kirkland.

The point? Deals that were set aside during the spring gained traction this summer. And when Kirkland — the Texas M&A market leader — rebounds, it’s a good sign for everyone.

Exclusive data from our own Corporate Deal Tracker shows Kirkland’s extraordinary M&A deal during June and July has spilled into August and beyond — and not just in the energy space.

For the three months of June, July and August, Kirkland’s Texas offices were involved in 34 deals worth $41.6 billion. Based on deal count (the Corporate Deal Tracker’s statistic of preference) that’s as many as Vinson & Elkins and Sidley Austin (tied at second with 17 each) combined. By value? Same outcome. V&E’s deals were worth $29.2 billion and Sidley’s $9.9 billion. That’s a total of $39.1 billion combined, still short of Kirkland’s $41.6 billion.

The same pattern holds true for Texas-led deals (deals where principals are advised by firms led by Texas-based lawyers): Kirkland leads far-and-away during those three months of summer, with 29 deals worth $40.2 billion — almost as much as the next two firms combined (V&E reported 16 deals valued at $27.8 billion and Latham & Watkins 14 deals for $8.2 billion).

For the record, Wheeler is historically top-ranked in “pubco” energy deals from 2011 to Aug. 22 while he has been at Kirkland as well as Latham (which he left in 2018), according to Deal Point Data. He’s in the company of energy dealmakers like Steve Gill at Vinson & Elkins, Josh Davidson at Baker Botts, Srinivas Raju at the Delaware firm Richards, Layton & Finger and Yee, both for her work at Kirkland as well as at Latham (which she left in 2019).

As for our own rankings for lawyers, look in the next week or so for the Corporate Deal Tracker’s official peek at where Texas M&A lawyers stand in 2023. You may see a few different names on that list.

There were a total of 12 deals reported last week at an aggregate value of $6.4 billion. That includes seven M&A/funding deals for $4.3 billion and five CapM transactions valued at $2.1 billion. The previous week saw 14 deals for $2.5 billion, while during the same week last year we saw 15 deals for $19.9 billion. Significantly, that $19.9 billion included four billion-dollar-plus transactions, the smallest valued at $3.4 billion and the largest at $5.2 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
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	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

Viper buys oil interests from Warwick, GRP for $1B

Deal Description: Warwick Capital Partners and GRP Energy Capital agreed to sell mineral and royalty interests in various oil and gas basins to Midland-based Viper Energy Partners, a subsidiary of Diamondback Energy Inc., for $1 billion, Viper announced on Sept. 5. Viper is issuing 9.02 million shares and paying $750 million in cash, which will be financed from money on hand, borrowings under its credit facility and up to $200 million of committed equity from Diamondback as well as proceeds from one or more capital markets transactions, including a potential bond offering. Kirkland & Ellis represented both Warwick and GRP and Akin Gump Strauss Hauer & Feld advised Viper. For more, click here.

ECP agrees to combine with Bridgepoint for $1B

Deal Description: Summit, N.J.-based Energy Capital Partners agreed to combine with Bridgepoint Group plc to build a €57 billion ($60.9 billion) global alternative asset manager. Bridgepoint said Sept. 6 that the deal’s upfront enterprise value is £835 million ($1.04 billion) made up of 235 million of newly issued Bridgepoint shares, £233 million ($290 million) in cash and £179 million ($223 million) of ECP’s existing debt. Doug Kimmelman, ECP’s senior partner and founder, will continue to lead the infrastructure platform and ECP leadership will join Bridgepoint’s executive team. ECP, which has raised more than $30 billion of capital since its 2005 inception, has invested in the power generation, renewables, battery storage, environmental infrastructure and sustainability sectors. The combined platform will span private equity, infrastructure and credit with offices across Europe, North America and Asia.

Expected Closing: Q1 2024

Bridgepoint’s Financial Advisors: J.P. Morgan Cazenove and Morgan Stanley

Bridgepoint’s Outside Counsel: Simpson Thacher & Bartlett led by Lucy Gillett, Adam Signy and Elizabeth Cooper

ECP’s Financial Advisor: BofA Securities

ECP’s Outside Counsel: Kirkland & Ellis led by corporate partners Michael Reeves, Cy Jones and Rami Totari along with investment funds partners Justin Solomon and Michael Lee and associate Tim Cory. Others included corporate partners Adrian Duncan and Francesca Storey-Harris; tax partners Don Rocap and Miles Johnson; executive compensation partners Stephen Jacobson and Jabir Yusoff and associate Grace Zagorskis; and corporate associates Peter Hyams, Austin Johnson, Brett Mele and Sarah Yang.

Western Midstream acquires Meritage Midstream for $885M

Deal Description: Western Midstream Partners announced Sept. 5 that one of its operating subsidiaries signed an agreement to acquire Meritage Midstream Services II in an all-cash transaction for a purchase price of $885 million. Meritage, a privately held midstream company headquartered in Denver, owns and operates a natural gas gathering and processing business in the Powder River Basin of Wyoming. Meritage’s assets, located in Converse, Campbell, and Johnson counties, include about 1,500 miles of high- and low-pressure natural gas gathering pipelines, natural gas processing capacity and the Thunder Creek NGL pipeline as well as a 120 mile FERC-regulated NGL pipeline that connects to Meritage’s processing facilities. The Meritage assets are supported by more than 1.4 million dedicated acres from a diverse set of majority investment grade counterparties with an average remaining contract life of approximately eight years. Following the integration of the assets, Western will be well positioned to compete for additional acreage dedications and business development opportunities from offset producers in the basin.

Expected Closing: Q4 2023 if it clears regulators

Western’s Financial Advisor: Citi

Western’s Outside Counsel: Gibson, Dunn & Crutcher led by partner Tull Florey and includes of counsel Adam Whitehouse and associate Adri Langemeier. Senior counsel Gregory Nelson and associate Hayden Theis are advising on tax aspects, and partner Sean Feller and associate John Curran are advising on benefits.

Meritage’s Financial Advisor: Jefferies

Meritage’s Outside Counsel: Vinson & Elkins led by Jim Fox, Dan Komarek, Shay Kuperman, Caroline Kuehn, Matt Hortenstine and Alice Zhang with assistance from David Peck, Sean Becker and Shane Tucker

Repsol enters U.S. onshore wind market with buy of Quantum’s ConnectGen for $768M

Deal Description: Spain’s Repsol announced Sept. 7 it agreed to acquire the Houston-based renewable energy platform ConnectGen from Quantum Capital Group’s 547 Energy for $768 million. The ConnectGen team will join Repsol. With the transaction Repsol will add an onshore wind power growth platform in the U.S. that complements the solar and storage development capabilities of U.S.-based Hecate Energy, which Repsol bought 40 percent of in 2011. ConnectGen has a 20,000 megawatt pipeline and development capabilities. The deal strengthens Repsol’s expansion into the renewable energy industry, reinforcing its international portfolio in support of its strategic target of 20,000 megawatts of installed capacity by 2030. Repsol already has 245 megawatts of renewable energy assets in operation in the country and 2,000 megawatts worldwide. The U.S. renewable market is one of the largest and with the greatest growth potential in the world, with expectations that by 2027 U.S. annual wind and solar photovoltaic capacity additions double compared with 2021.

Expected Closing: Year-end if the deal clears regulators

Repsol’s Financial Advisor: Guggenheim Securities

Repsol’s Outside Counsel: Baker Botts led by Houston Global Projects partner Erin Hopkins, senior associate Kyle Doherty and associate Andrew Crayden, New York associate Abigail Alm-Pandeya, Houston associate Ryan Chastain, Houston associate Stanley Sun. Real estate and construction: Chris Wilson (partner, Houston) and Sarah Hendrix (associate, Dallas). Energy Regulatory: Emil Barth (partner, Washington, D.C.), Landon Lill (senior associate, Austin) and Katie Gantley (associate, Washington). Environmental, safety and incident response: Elizabeth Singleton (special counsel, Houston) and Mary-Lauren Miller (associate, Houston). Antitrust: Michael Bodosky (special counsel, Washington). Executive comp and benefits section: Robin Melman (partner, New York) and Jared DaCosta (associate, New York). International trade: Paul Luther (partner, Washington) and Alex Reinert (associate, Washington). Litigation: Jennifer Trulock (partner, Dallas) and Tiffany Means (associate, Houston). Corporate/Finance: John Papaspanos (partner, New York) and Elizabeth Rogers (associate, New York). Income tax: Jon Lobb (partner, Houston) and Katie McEvilly (senior associate, Houston).

Sellers’ Financial Advisors: Wells Fargo Securities and Nomura Securities International Inc.

Sellers’ Outside Counsel: Kirkland & Ellis led by corporate partners John Pitts and Zach Savrick and associates Abbey Zuech and Cat Leveque; debt finance partners Rob Eberhardt and Jordan Roberts; tax partners David Wheat and Ryan Phelps; and executive compensation partners Stephen Jacobson and Jabir Yusoff.

Magnolia Oil & Gas announces $300M bolt-on acquisition

Deal Description: Magnolia Oil & Gas Corp. announced Sept. 5 that the company entered into a definitive purchase agreement to acquire oil and gas producing properties, including leasehold and mineral interests in Giddings, for $300 million. The seller was not named. The cash outlay at closing is estimated to be around $260 million adjusted for the free cash flow generated by the assets. The consideration will be funded with cash on hand, which was $677 million as of June 30. The seller may also receive up to a maximum of $40 million in additional contingent cash consideration through December 2025 based on future commodity prices. The acquisition adds 48,000 net acres in Giddings, enhancing Magnolia’s already significant depth of development opportunities. Combined with a smaller acquisition that closed in July, Magnolia’s position in Giddings totals more than 500,000 net acres, driving further efficiencies of scale.

Expected Closing: Q4 2023

Magnolia’s Outside Counsel: Kirkland & Ellis led by real asset M&A partners Chris Heasley, Anthony Speier and Danny Nappier and tax partners Mark Dundon and Ryan Phelps. The team included corporate associates Skyler Sikes, Mitch Holliman and Sarah Elizabeth Mason; environmental transactions partner Jonathan Kidwell and associate Courtney Tibbetts; and labor and employment partner Christie Alcala and associate Alexis Grinstead.

Brand Engagement Network to go public via $358M SPAC deal with DHC

Deal Description: Artificial intelligence startup Brand Engagement Network announced Sept. 7 it agreed to go public by combining with blank check acquisition company DHC Acquisition Corp., which would give the merged company an enterprise value of $358 million. The transaction will provide Jackson, Wyo.-based BEN with about $40 million in gross proceeds, confirming an earlier report by Reuters. The proceeds would consist of $7 million in anticipated new financing proceeds and $49 million in cash as of June 30 minus $15 million in transaction fees. Any cash proceeds from the transaction are expected to partially fund growth initiatives, accelerate go-to-market, scale production and expand the portfolio of BEN’s solutions through product development and potential acquisitions, BEN said. The deal has to clear DHC stockholders and regulators. BEN’s shareholders will own 63 percent of the combined company.

Expected Closing: Q1 2024

BEN’s Outside Counsel: Klehr Harrison Harvey Branzburg and Haynes Boone with a team led by David McCombs, member of the firm’s board, and Matt Fry, co-chair of the firm’s capital markets and securities practice group. They were assisted by Gregory Huh, Logan Weissler, Sawyer Smith and Allie Pencsak.

DHC’s Financial Advisor: Cohen & Co. Capital Markets, a unit of JVB Financial Group

DHC’s Outside Counsel: Cooley

DHC’s Advisor: Evora Partners

Rangeland Energy sells Rangeland Midstream Canada to Kingston Midstream

Deal Description: Rangeland Energy announced Sept. 5 that the company and its financial sponsor EnCap Flatrock Midstream entered into a definitive agreement to sell Rangeland Midstream Canada Ltd. to Kingston Midstream Alberta Ltd. in an all-cash transaction. The parties didn’t disclose a transaction value. Rangeland Canada’s field employees and Athabasca office will remain with the business and become part of Kingston, a pipeline operator. Assets include the Marten Hills Pipeline System. Rangeland Canada initiated construction in October 2019 and the system was placed into service in July 2020.

Expected Closing: Q3 2023 if it clears regulators

Rangeland Canada’s Financial Advisor: Scotiabank

Rangeland Canada’s Outside Counsel: Weil, Gotshal & Manges including partner Omar Samji in Houston and associates Sarah George and Luke Harley

CAPITAL MARKETS/FINANCINGS

Ingersoll Rand completes $1.5B senior notes offering

Deal Description: Simpson Thacher said Sept. 5 it represented industrial solution provider Ingersoll Rand Inc. in connection with its registered public offering of $500 million in 5.4 percent senior notes due 2028 and $1 billion in 5.7 percent senior notes due 2033. The securities were issued Aug. 14. Underwriters included Citigroup, Goldman Sachs & Co., J.P. Morgan, Mizuho, HSBC, Deutsche Bank Securities and TD Securities. Ingersoll Rand used the net proceeds to repay a portion of the amounts outstanding under its senior secured credit facilities.

From Simpson: The team included Richard Fenyes, Brian E. Rosenzweig, Richie Ragusa, Adriana Estor, Melissa Lewis and Jessica Ryan (capital markets); Adam Shapiro, Matthew Farrell and Taylor Nefussy (credit); Andrew Purcell and Scott Grundei (tax); Lori Lesser, Bobbie Burrows and Rachelle Broida (intellectual property); Timothy Mulvihill (environmental); and Tristan Brown, Jeanne Annarumma and Ryan Stott (executive compensation and employee benefits).

Permian Resources prices $500M private placement of senior notes   

Deal Description: Permian Resources Corp. announced that its subsidiary, Permian Resources Operating, priced $500 million in aggregate principal amount of 7 percent senior notes due 2032 in a previously announced private placement under Rule 144A and Regulation S under the Securities Act of 1933. The issuer intends to use the net proceeds to repay indebtedness, which may include amounts outstanding under its credit facility and amounts to be assumed in connection with the closing of the previously announced merger with Earthstone Energy Inc.

Initial Purchasers’ Outside Counsel: Latham & Watkins with a corporate team led by Houston partner John Greer and Austin partner David Miller with associates Dan Harrist, Michael Pascual, Brent Wagner, Carol Bale and Jeffrey Romano. Advice was also provided on environmental matters by Houston/Los Angeles partner Joshua Marnitz with associate Joseph Kmetz and on tax matters by Houston partner Jim Cole with associate Dylan White.

Simpson represents agents on Astronics‘ $30M at-the-market equity program

Deal Description: Simpson Thacher said Sept. 5 it represented Wells Fargo Securities and HSBC Securities (USA) Inc. on an SEC-registered at-the-market equity program of Astronics Corp.’s common stock worth $30 million. Shares may be sold from time to time by the agents. The issue closed Aug. 8. Astronics Corp. serves aerospace, defense and other mission critical industries with technology solutions.

From Simpson: The team included Brian E. Rosenzweig, Margaret Selbe and Suzannah Ranzo (capital markets); Michael Mann (tax); Corina Holland and Mark Natividad (intellectual property); Pasco Struhs (executive compensation and employee benefits); Michael Isby (environmental); Claire Cahoon (regulatory); and Jennie Getsin (FINRA). Summer associates Jen Kim and John Carter also provided assistance.

Intuitive Machines sells institutional investor $20M in stock/warrants

Deal Description: Intuitive Machines Inc., a Houston-based space exploration, infrastructure and services company, announced Aug. 31 it entered into a definitive securities purchase agreement with an unnamed institutional investor for the issuance and sale of stock and warrants in exchange for a $20 million equity investment. The private placement closed on Sept. 5. Intuitive Machines intends to use the net proceeds for general corporate purposes and working capital needs as the company ramps activity across key growth programs. As a result of this investment, the Company doesn’t currently expect the need to use the previously disclosed and unused $50 million committed equity facility.

Intuitive Machines’ Outside Counsel: Latham & Watkins with a corporate deal team led by Houston partner Nick Dhesi and New York partner John Slater, with associates Bryan Ryan, Brent Wagner and Justin Reinking. Advice was also provided on tax matters by Houston partners Tim Fenn and Jared Grimley, with associate Christine Mainguy.

Placement Agents: Cantor Fitzgerald & Co. (lead); ROTH MKM (co-placement agent)

Placement Agents‘ Outside Counsel: DLA Piper

Notes: Latham also previously advised Intuitive Machines on its combination with Inflection Point Acquisition Corp.

Solowin raises $8M in IPO

Deal Description: Winston & Strawn said Sept. 7 it represented EF Hutton as book-running manager in connection with Solowin Holdings’ $8 million initial public offering, which involved 2 million units at $4 per unit. The issue priced on Sept. 6. The company granted the underwriters a 45-day option to purchase up to an additional 300,000 ordinary shares at the public offering price less the underwriting discounts. The units will be listed on the Nasdaq Global Market and begin trading under the ticker symbol “SWIN”. Solowin is one of the few Chinese investor-focused securities brokerage companies based in Hong Kong offering products and services through its one-stop electronic platform. Proceeds will be used to fund the expansion of business, strengthen investment advisory business, fund increasing capital requirements due to its enlarged client base and assets, to develop a margin financing business, fund brand promotion and adopt employee incentive plan and improve employee benefits.

From Winston: The team was led by Mike Blankenship and included associates Robbie Oakes and Alexandra Santana

Solowin’s Outside Counsel: Bevilacqua