CDT Roundup: 20 Deals, 19 Firms, 372 Lawyers, $9.1B

As readers of The Texas Lawbook are well aware, 2024 started off with a bang, particularly in the energy sector, where there has been a dozen such deals with a value of $50.7 billion.

The phenomenon has been going on globally across sectors as well, according to a report by LSEG Deals Intelligence. Deals worth $522 billion were announced in the first two months of 2024, up 75 percent over the same period in 2023, the slowest annual start for deal making since 2009. Nine mega deals, each worth $10 billion or more, were announced during the period, equaling the all-time record set in 2018.

The U.S. dominated, LSEG said, with deals involving U.S. targets accounting for 64 percent of overall global M&A activity in the first two months, the highest share since the 1980s. U.S. target M&A amounted to $333 billion, up 147 percent from last year and the fourth highest year-to-date period since LSEG’s records began in 1980.  Eighty-eight percent were domestic deals involving a U.S. buyer.

Boosted by Capital One’s $35.3 billion proposed takeover of Discover Financial Services, financials was the leading industry accounting for 18 percent of global M&A, LSEG said. Technology closely followed at 17 percent, with Synopsis Inc.’s $32.4 billion offer for software firm Ansys and Hewlett Packard Enterprise’s $14 billion bid for Juniper Networks. With the exception of industrials, materials and consumer staples, all sectors saw an increase in the value of M&A compared with last year.

As LSEG noted, the outperformance came after a weak year last year. Lucille Jones, senior manager of LSEG Deals Intelligence, said 2023 experienced the lowest level of global M&A activity in a decade as ongoing geopolitical tensions, interest rates, recession fears and more strict antitrust enforcement curbed the appetite for risk taking.

“While many of these headwinds will continue to impact decisions in 2024, and we can add upcoming elections and supply chain issues to the list, there are reasons to be optimistic for more deal making this year,” she said.

A more stable financing environment and the expectation for rate cuts in the coming months have made it easier for dealmakers to price, execute and plan their deals, Jones said, adding that recent improvement in the financial markets seems to be stimulating the M&A market. There is also a pent-up buyer demand and a build-up in seller assets after low-level activity over the last 18 months.

“The year is off to a good start,” she said. Indeed, Texas dealmakers have experienced it.

Texas-related deals are keeping pace, with 20 transactions valued at $9.1 billion reported for the week ending March 2. That compares with 19 deals for $16.4 billion for the week prior, and 20 deals for $9.6 billion reported for this time last year.

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

IGT spins off gaming unit to Everi for $2.6B

Deal Description: International Game Technology and Everi Holdings Inc. announced Feb. 29 their entry into definitive agreements in which IGT will separate its global gaming and PlayDigital businesses by way of a taxable spin-off to IGT shareholders and then immediately combine the businesses with Everi. IGT will receive $2.6 billion in cash that will be funded with the proceeds of debt incurred by the combined company. The merged company will create a $6.2 billion company. Sidley Austin (including finance partners Sean Damm and Angela Fontana in Dallas), White & Case and Wachtell, Lipton, Rosen & Katz advised IGT and Pillsbury Winthrop Shaw Pittman assisted Everi. For more on the story, click here

Western Midstream sells interests in Saddlehorn Pipeline, other assets for $790M

Deal Description: Locke Lord said Feb. 29 it advised Western Midstream Partners, a midstream gatherer, processor and transporter of natural gas, NGLs and crude oil, on the sale of its 20 percent interest in Saddlehorn Pipeline Co. The buyer was undisclosed, but TPH said it was likely Plains All American Pipeline or Oneok Inc., who own the remaining interest. Saddlehorn and the other interests that Western is selling are expected to bring in $790 million. The other assets include the Marcellus Interest gathering system, Whitethorn Pipeline Co., Panola Pipeline Co. and Enterprise EF78. The sale of the interests in Enterprise EF78 and Whitethorn, which closed on Feb. 16, resolved the outstanding legal proceedings associated with the assets. The sale of the Marcellus Interest, Panola and Saddlehorn are expected to close in the first or second quarters of 2024. The sales were announced Feb. 21. Enterprise Products Partners announced Feb. 21 it purchased the 20 percent stake in Whitehorn and Enterprise EF78 for $375 million and 15 percent of Panola for $25 million. EQT Corp. announced Feb. 13 it bought the remaining 34 percent interest in the Marcellus gathering system for $205 million.

From Locke Lord: The team was led by Jon Daly in Houston with additional assistance provided by Jennie Simmons (Houston) and Van Jolas (Dallas)

Western’s In-House Counsel: Chris Dial is general counsel

Enterprise’s In-House Counsel: Hap Weitzel is general counsel

EQT’s In-House Counsel: Will Jordan is general counsel

Atlas Energy buys Hi-Crush assets for $450M

Deal Description: Atlas Energy Solutions Inc. announced Feb. 27 that it entered into a definitive agreement with Hi Crush Inc. to acquire all of of its Permian Basin proppant production assets and North American logistics operations in a transaction valued at $450 million. The purchase would create the largest proppant producer in the U.S. The deal includes $150 million in up-front cash, $175 million in shares of common stock of AESI (about 9.7 million shares) and $125 million in deferred cash payments in the form of a seller’s note. Atlas’ asset-based lending (ABL) facility has been amended to increase the maximum borrowing availability to $125 million. Atlas intends to draw $50 million at closing. Its Stonebriar term loan has been amended to install a new $150 million acquisition term loan to be drawn at closing. Atlas plans to use part of the debt facilities to add cash to the balance sheet so it can fund capital expenditures with Hi-Crush’s near-term investments in Oncore distributed mining network.

Atlas’ Financial Advisor: Piper Sandler & Co. and Goldman Sachs & Co.

Atlas’ Outside Counsel: Vinson & Elkins with a team led by partner Danielle Patterson and senior associate Alexander Baker, with assistance from associates Judy Park, Janae Wilson, Pranay Malempati and Jack Peterson. Other key team members included partner Thomas Zentner, senior associate Layton Suchma and associates Walt Baker and Jonathan Burks (corporate); partner David Peck, counsel Allyson Seger and associate Paige Rapp (tax); partner Erec Winandy, counsel Randy Aman and associate Payton Hampton (finance); partner Sean Becker and associates Peter Goetschel and Ashley Plunk (employment/labor); partner David D’Alessandro, counsel Missy Spohn and associates Eric Hechler and Hayden Rutledge (executive compensation/benefits); counsel Rajesh Patel, senior associate Alexa Chally and associate Haley Titcomb (technology transactions/IP); partner Sarah Mitchell and senior associates Alexander Baker and Victoria Bahrami (insurance); counsel Ken Adler, senior associate Tyler Hokanson and associate Nathan Kemp (real estate); partner David Meyer, and Jessica Peet, senior associate Katie Grissel and associate Wes Lord (restructuring); partners Hill Wellford and Kara Kuritz, senior associate Ryan Will and associate Rami Rashmawi (antitrust); partner Nick Shum and associate Josh Hasler (litigation); partner Matt Dobbins and associates Simon Willis and John Geilman (environmental); counsel Elizabeth McIntyre and associate Alex Sprenger (sanctions); and counsel Brian Howard and associates Pete Thomas and Ami Egerstrom (government investigations).

Hi-Crush’s Financial Advisor: Moelis & Co.

Hi-Crush’s Outside Counsel: Baker Botts including, from corporate: James Marshall, Carina Antweil, Grace Matthews, Michael Mazidi and Charlie Gili; on finance: Clint Culpepper, Dela Peimani, Madeline McCune; on tax: Jon Lobb and Jordan Hahn; on executive compensation: Jason Loden and Katie Birnhak; on intellectual property: Liz Flannery; on real estate: Chris Wilson; on labor and employment: Scott Nelson; and on antitrust: Jeff Oliver

Fertitta buys River Oaks District for reported $450M

Deal Description: Houston billionaire Tilman Fertitta last week bought River Oaks District, Houston’s 14-acre mixed-use development between Uptown and River Oaks east of the Houston Galleria, from JPMorgan Asset Management $450 million, sources close to the deal told the Houston Chronicle. JPM bought the center in 2016 for $550 million. The development opened in 2015. The district is minutes from Fertitta’s Post Oak Hotel and his Post Oak Motor Cars selling Bentley, Rolls-Royce and Bugatti vehicles. It has 300,000 square feet of retail, including branded stores by Hermes, Cartier, Rolex, Dior and Van Cleef & Arpels. It also houses IPIC Theaters and restaurants MAD Houston, Toulouse and Ojo De Agua. Fertitta also owns Landry’s, the Golden Nugget casino chain and the Houston Rockets.

Transaction Broker: JLL

Fertitta Entertainment In-House Counsel: Matthew Heinhold

Fertitta Entertainment Outside Counsel: Hunton Andrews Kurth including partner Mark Arnold and associates Rebecca Lee and Chris Richardson

JPM’s Outside Counsel: Hogan Lovells including partner Danielle Grunwald and associate Carli Braithwaite in New York

Fervo Energy raises $244M

Deal Description: Houston-based Fervo Energy, a provider of next-generation geothermal development, announced Feb. 29 that it raised $244 million in new funding led by Devon Energy, a shale oil and gas company. Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, and Mitsubishi Heavy Industries also joined the round alongside existing investors Capricorn’s Technology Impact Fund, Congruent Ventures, DCVC, Elemental Excelerator, Helmerich & Payne and Impact Science Ventures. Fervo said the financing will unlock its next phase of growth, deploying proven technology adapted from the oil and gas industry at scale to deliver commercially viable 24/7 carbon-free energy. Tim Latimer is Fervo’ CEO and co-founder. Since its last fundraise, Fervo has brought its first commercial project online, establishing its system as the most productive enhanced geothermal system in history, Fervo claims. Fervo also began drilling at Cape Station, a 400 megawatt project in Beaver County, Utah. Early drilling results show reduced drilling times and lower costs. The fundraise will support Fervo’s continued operations at Cape Station, which will begin delivering clean electricity to the grid in 2026.

Fervo’s Placement Agent: Goldman Sachs & Co.

Fervo’s Outside Counsel: Vinson & Elkins led by partners Sarah Morgan and Michael Gibson with assistance from associates Tessa Krieger-Carlisle and Hannah Thai

Devon’s Outside Counsel: Gibson, Dunn & Crutcher with a corporate team led by partners Chris Trester and Michael Piazza and including associates Adri Langemeier and Mariana Lozano. Partner Rahul Vashi advised on geothermal interests, partner Sean Feller and associate Daniel Lim on benefits, partner Carrie LeRoy and associate Lucy Musson on IP, senior counsel Janine Durand and of counsel Ata Dinlenc on renewable energy and regulatory and associate James Erselius on environmental.

Intenseye secures $64M

Deal Description: Intenseye, a New York City-based provider of AI-powered workplace safety solutions, announced Feb. 27 it secured $64 million in series B funding led by new investor Lightspeed Venture Partners with participation from existing investors Insight Partners, Point Nine and Air Street Capital. Intenseye said the latest infusion is the industry’s largest and follows a historic year marked by the detection of tens of millions of workplace hazards and global growth and expansion across six continents. With the latest round of funding, Intenseye will expand its technology ecosystem to unlock even greater value in customers’ existing infrastructure, further incorporate large language models and mobile support to optimize dozens of use cases and continue to invest in privacy innovations. Intenseye claims it has alerted customers to more than 36 million workplace hazards last year.

Insight’s Outside Counsel: Willkie Farr & Gallagher led by partner Matthew Haddad in New York and associate Joe Laurel in Houston

Southwest Airlines invests $30M in LanzaJet

Deal Description: Southwest Airlines Co. announced Feb. 28 the launch of Southwest Airlines Renewable Ventures (SARV), a wholly-owned subsidiary dedicated to creating more opportunities for the airline to obtain scalable sustainable aviation fuel (SAF), part of its goal to replace 10 percent of its jet fuel consumption with SAF by 2030. The carrier also announced a $30 million investment in LanzaJet Inc., a producer of the world’s first ethanol-to-SAF commercial plant. Bob Jordan, president and CEO of Southwest, said in the press release the airline is taking proactive, disciplined steps toward securing affordable SAF as it continues to work toward its goal of net zero by 2050. Southwest previously invested in SAFFiRE Renewables, which has been working with the U.S. Department of Energy’s National Renewable Energy Laboratory. SAFFiRE has a license agreement and exclusivity rights to a technology to produce cellulosic ethanol from corn stover, a common agricultural residue feedstock, which then can be converted to SAF using LanzaJet’s technology. LanzaJet intends to build an ethanol-to-SAF facility to produce SAF primarily for Southwest. Tom Nealon is president of SARV and CEO of SAFFiRE and Jimmy Samartzis is CEO of LanzaJet.

Southwest’s Outside Counsel: Vinson & Elkins with a corporate team led by partner Chris Rowley with assistance from senior associate John Sager and associates Tessa Krieger-Carlisle and Micah Tardy. Other key team members were partner Alan Alexander (energy transactions/projects); partner Wes Jones (corporate); partner David Peck and senior associate Lauren Meyers (tax); partner Michael Kurzer and associate Haley Titcomb (technology transactions/IP); and counsels Brian Howard and Elizabeth McIntyre (anti-corruption).

Apex solar project snares $30M from Altius/Apollo’s Great Bay Renewables

Deal Description: Altius Renewable Royalties announced Feb. 29 that Great Bay Renewables entered into a $30 million royalty investment with Apex Clean Energy related to Apex’s 195 megawatt Angelo Solar project in Tom Green County, Texas, which is anticipated to achieve commercial operations this May. Great Bay is jointly controlled by ARR and Apollo, who have funded the Angelo transaction equally. Altius claims Apex is a leader in origination, commercialization, construction and operation of utility-scale renewable energy projects, with one of the largest portfolios of renewable resources in the nation. The full capacity of Angelo will be sold to Meta under an environmental attribute purchase agreement. The royalty investment has been structured using royalty rates that vary over time and achieve Great Bay’s investment hurdles.

Great Bay’s Financial Advisor: CCA Capital led by Martin Pasqualini

Great Bay’s Outside Counsel: Pierce Atwood led by Kris Eimicke

Apex’s Outside Counsel: Kirkland & Ellis with a team led by debt finance partners Leila Ravi, Rohit Chaudhry and William Nicholson; corporate partner Rob Goodin and associate Austin Johnson; tax partners Mike Masri and Bill Dong; and energy regulatory partner Drew Stuyvenberg.

Bluepeak attracts investment from Ares

Deal Description: Bluepeak, a provider of fiber broadband to residential and commercial customers in communities across the Great Plains region, announced Feb. 29 that funds managed by Ares Management’s infrastructure opportunities and alternative credit strategies have made a strategic investment into Bluepeak. Since its 2021 acquisition by GI Data Infrastructure, Bluepeak has expanded its regional footprint across five states and has constructed a fiber network to more than 140,000 new homes. The investment from Ares will provide Bluepeak with fresh capital intended to help further accelerate its growth plans across the Great Plains. GI has raised more than $43 billion in capital and Ares has $419 billion in assets under management.

Bluepeak’s Financial Advisors: Bank Street Group and TD Securities (USA)

Bluepeak’s In-House Counsel: Marc Krasney, VP of legal affairs in Houston

Bluepeak’s Outside Counsel: Simpson Thacher & Bartlett including partners Christopher May and Jacqui Bogucki and associates Seth Rosenberg and Gavin Jaco (Houston – Corporate); partner Sophie Staples and associate Lina Pan (tax); partner Jeannine McSweeney and Associate Megan Arrowsmith (executive compensation and employee benefits); partner Lori lesser and associate Rachelle Broida (IP); partner Toby Chun (Washington, D.C.) and counsel Deepa Sarkar (environmental); counsel Dennis Loiacono (real estate); and partners Eli Isak and Catherine Burns (credit). 

Ares’ Outside Counsel: Kirkland & Ellis with a team led by corporate partners Rob Goodin and Alec Manzer, debt finance partners Rohit Chaudhry and Sebastian Chan and tax partner Bill Dong. The group includes corporate associates Jessica Berkowitz, Kara Von Schnackenberg and Claire Wolf and tax associate David Gilbert.

Cove Hill invests in Incident IQ

Deal Description: Weil said Feb. 26 it advised Cove Hill Partners, a tech and consumer-focused focused private equity firm, on its investment in Atlanta-based Incident IQ. Terms weren’t disclosed. The transaction closed on Feb. 23. Incident IQ is a workflow management platform for K-12 school districts. According to a Feb. 8 press release, Cove Hill will join JMI Equity and Incident IQ founders and management as investment partners in the business. Incident IQ will continue to be led by CEO R.T. Collins and the rest of the management team. Incident IQ’s cloud-native platform is used by 1,500 school districts across the U.S. to manage critical workflows across IT, facilities, HR and other operations so they can devote more time and resources to teaching and learning. The investment will allow iiQ to accelerate its product offerings and strengthen its market-leading position for K-12 schools. Boston-based Cove Hill manages long-duration funds with $2.5 billion of commitments from its investors and founders. 

From Weil: The team was led by private equity partner Robert Rizzo in New York and included private equity partner Emily Willey (Boston) and banking and finance partner Vynessa Nemunaitis (Dallas) and tax partner Hillel Jacobson (New York).

Cove Hill’s Financial Advisor: William Blair

Incident IQ’s Financial Advisor: Robert W. Baird & Co.

Crossplane-backed Viking Fence buys Acorn Waste

Deal Description: Viking Fence Co., a Crossplane Capital-backed provider of temporary fencing, sanitation and portable storage and permanent fence installations to commercial and residential markets in Texas, announced Feb. 27 that it partnered with Loyd and Kari Hopson by acquiring Acorn Waste Solutions, a provider of waste management, sanitation services and event rentals in central Texas. Terms weren’t disclosed. Founded in 2017 and operating out of Gatesville, Texas, Acorn serves commercial and residential customers with dumpsters and portable toilets in Waco, Temple, Killeen and surrounding markets. Dallas-based Crossplane, launched in 2018, bought Viking last year.

Crossplane’s Outside Counsel: McDermott Will & Emery partner Andy Lehman in Houston

Acorn’s Outside Counsel: Kyle Knas of Naman Howell in Waco

Montage attracts investment from Luxor, Goldman, BlackRock

Deal Description: Montage International, a hospitality management company founded by Alan Fuerstman, announced Feb. 26 it received a strategic investment arranged by Luxor Capital Group. Terms weren’t disclosed. In addition to investments by affiliate funds of Luxor, the investment group is made up of commitments from funds managed by Goldman Sachs Asset Management and funds and accounts managed by BlackRock Inc. Montage features the luxury brand Montage Hotels & Resorts and Pendry Hotels & Resorts as well as each brand’s array of luxury residential offerings. Montage said the transaction will allow it to accelerate its next stage of growth while also providing its long-term minority shareholder, Ohana Real Estate Investors, with a “highly successful” exit from its ownership position.

Luxor’s Outside Counsel: Weil with a team led by private equity partner Trey Muldrow in New York that included banking and finance partner Courtney Marcus (Dallas) and tax partner Hillel Jacobson (New York); also Kleinberg, Kaplan, Wolff & Cohen

Montage’s Financial Advisor: Moelis & Co.

Montage’s Outside Counsel: Dentons

Goldman Sachs’ Outside Counsel: Fried, Frank, Harris, Shriver & Jacobson

BlackRock’s Outside Counsel: Clifford Chance with a team that included Houston-based counsel Kyle Kreshover, partners Andrew Young, Neil Barlow and Philip Wagman and associates Xiaowen Zou, Caitlin Hagart, Wei Bin Tan and foreign law clerk Yanding He

Pacific Trellis Fruit buys stake in Progressive Produce

Deal Description: Locke Lord said Feb. 29 it advised DS Growing & Management and its founder David Sullivan in connection with Pacific Trellis Fruit’s acquisition of a 65 percent equity stake in Progressive Produce, a unit of Dole. Terms weren’t disclosed. Progressive Produce is a grower, packer and distributor of conventional and organic produce to the retail, wholesale and foodservice sectors in the U.S. and Canada. Pacific Trellis Fruit is one of America’s top year-round growers, shippers and marketers of premium fresh fruits like table grapes, cherries, plums, nectarines and peaches. The transaction is expected to close in March

From Locke Lord: The team was led by Katy Spillers in Los Angeles with additional assistance provided by Carmen Olivares (Los Angeles) and Shannon Schroeder, Ashley Lopez and Buddy Sanders (all of Houston)

Sterling sells Evergreen to Quanta Services

Deal Description: The Sterling Group, a middle market private equity firm, announced Feb. 23 that it completed the sale of Evergreen North America Industrial Services to Quanta Services. Terms weren’t disclosed. Evergreen is a provider of environmental solutions for industrial businesses and mission critical infrastructure. Sterling created Evergreen through the combination of family-owned, New York-based North American Industrial Services and Houston-based Evergreen Environmental Services. Since the combination, Evergreen continued to expand its footprint and its ability to serve customers with its solutions nationally.

Evergreen/Sterling’s Outside Counsel: Latham & Watkins, likely Bruce Herzog

Evergreen/Sterling’s Financial Advisor: BlackArch Partners

Quanta Services Outside Counsel: King & Spalding advised with team led by Mitch Tiras, Chris Baeza, and Thomas Hafen, all of Houston, with assistance from Meredith O’Leary, Jessica Stricklin, Emily Manns, John Green, Jesse Pauker, Craig Stanfield, Cynthia Stroman, Albert Kim, Matthew Krimski, Mitch Moore, Michael Nunnally, Dylan Riola, Sydney Teng and Andrew Todd.

CAPITAL MARKETS/FINANCINGS

Phillips 66 issues $1.5B in senior notes

Deal Description: Bracewell said March 1 it represented Phillips 66 in its recent public offering of $1.5 billion of senior notes issued by Phillips 66 Co. and guaranteed by Phillips 66. The underwriters were led by Mizuho Securities.

From Bracewell: Partners Will Anderson (Houston), Troy L. Harder (Houston), Elizabeth L. McGinley (New York) and Steven J. Lorch (New York); senior counsel Ian R. Brown (Dallas) and associates Shannon Baldwin, Gabbie Hindera, Andrew W. Monk and Madison Rich (Houston)

Underwriters’ Outside Counsel: Cravath, Swaine & Moore 

KeHE Distributors offers $750M in senior secured notes

Deal Description: Winston said Feb. 27 it represented KeHE Distributors in connection with an offering of $750 million in 9.000% senior secured notes due 2029 issued by KeHE Distributors, NextWave Distribution Inc. and KeHE Finance Corp. Proceeds were used to refinance existing debt securities, partially pay down existing ABL borrowings and repurchase equity. KeHE Distributors is a pure-play natural and organic, specialty and fresh products food distributor in North America.

From Winston: The team was led by Keerthika Subramanian and Justin Hoffman and included Jason Bennett, Aaron Berlin, Peter Clarke, Don Goff, Rachel Ingwer, Oriana Pietrangelo, Andrew Butler, Jared Epstein, Dominique Fry, Paul Huddle, Charlie Klingenberger, Hannah Wilson Miller, Nick Pesavento, Jeremy Spankowski, Aaron Walker and Christina Wheaton.

LyondellBasell prices $750M public offering of guaranteed notes

Deal Description: LyondellBasell announced Feb. 26 that LYB International Finance III, its wholly-owned subsidiary, priced a public offering of $750 million in 5.500% guaranteed notes due 2034. LyondellBasell will fully and unconditionally guarantee the notes. The offering was set to close on Feb. 28. The net proceeds are expected to be used for general corporate purposes, which may include repaying the 5.75% senior notes due 2024 LyondellBasell issued.

Book-Running Managers: Citigroup Global Markets Inc. and Mizuho Securities USA 

Underwriters’ Outside Counsel: Davis Polk & Wardwell

LyondellBasell’s Outside Counsel: Gibson, Dunn & Crutcher including partners Hillary Holmes and Cynthia Mabry and associates William Bald and To Nhu Huynh. Partners Pamela Lawrence Endreny, Benjamin Fryer and Jennifer Sabin advised on tax aspects and the international team included partner Chris Haynes and associates Thomas Barker and Isabella Fladée.

Delek Logistics offers $650M in senior notes

Deal Description: Kirkland & Ellis said March 1 it advised Delek Logistics Partners, a master limited partnership and operator of logistics and marketing assets for crude oil and refined products, and its subsidiaries on an offering of $650 million of senior notes due 2029, upsized from $550 million, and a tender offer of senior notes due 2025. Delek said Feb. 28 the offering is expected to close March 13. It intends to use the net proceeds to repurchase or redeem all of the outstanding 6.75% senior notes due 2025, repay in full the outstanding borrowings under Delek Logistics’ term loan facility and pay accrued and unpaid interest, premiums, fees and expenses related to such repurchases, repayments and redemptions. Delek plans to use any remaining net proceeds for general corporate purposes, which may include the repayment of part of the outstanding borrowings under its revolver.

From Kirkland: The team was led by capital markets partners Michael Rigdon and Ieuan Adrian List and associates Sami Ghubril, Robbie Dillard, Ben Sharp, Wilson Beattie and Rachel Chung and debt finance partners Rachael Lichman and Chad Davis and associates Keegan Bobholz and Alex Bledsoe. They had assistance from tax partners David Wheat and Mark Dundon and associates Nicole Martin and Julia Ye and environmental transactions partner James Dolphin and associate Courtney Tibbetts.

Coterra Energy prices $500M in senior unsecured notes

Deal Description: Coterra Energy Inc. announced Feb. 28 that it priced an offering of $500 million in senior unsecured notes due 2034, which will carry an interest rate of 5.60 percent. The offering is expected to close on March 13. It is Coterra’s first debt offering since transactions completed in connection with the merger of Cabot Oil & Gas Corporation and Cimarex Energy Co. Coterra intends to use the net proceeds from the offering, together with cash on hand, to fund the repayment at, or prior to, maturity of the $575 million in 3.67% Series L Senior Notes due Sept. 18, 2024.

Book-running Managers: J.P. Morgan Securities, TD Securities (USA), Wells Fargo Securities and BofA Securities Inc. are acting as book-running managers for the offering. 

Underwriters’ Outside Counsel: Vinson & Elkins with corporate team was led by partners Thomas Zentner, David Stone and counsel Raleigh Wolfe with assistance from senior associate Markeya Brown and associates Cole Leveque and Waleed Vohra. Other key team members include partner Matt Dobbins and associate Alexis Boyd (environmental); partner Wendy Salinas and associate Tyler Underwood (tax); partner Damien Lyster and associate Reagan Lutter (energy regulatory); partner Melissa Spohn and associate Henry Crowell (executive compensation/benefits); partner Guy Gribov and Kevin St. George (finance); counsel Elizabeth McIntyre (sanctions); counsel Brian Howard (anti-corruption); and counsel Rajesh Patel and associate Haley Titcomb (technology transactions/IP)

Coterra’s Outside Counsel: Baker Botts including, from corporate: Clint Rancher, Eileen Boyce, Michael Mazidi and Sarah Dyer; on tax: Derek Green, Jon Lobb and Chad Sillman; on finance: Clint Culpepper and Lyman Paden; and on environmental: Elizabeth Singleton.

CenterPoint launches $400M general mortgage bond offering

Deal Description: CenterPoint Energy Houston Electric, an indirect, wholly-owned subsidiary of CenterPoint Energy Inc., announced Feb. 29 the closing of its underwritten public offering of $400 million in 5.15% general mortgage bonds, Series AN, due 2034. CEHE intends to use the net proceeds for general limited liability company purposes, including capital expenditures and working capital purposes. CEHE provides electric transmission service to transmission service customers in the Electric Reliability Council of Texas region and distribution service to retail electric providers serving approximately 2.8 million metered customers in the Texas Gulf Coast area that includes the city of Houston.

Book-Running Managers: Barclays Capital Inc., BMO Capital Markets Corp., Citigroup Global Markets Inc., TD Securities (USA) and Comerica Securities Inc.; Great Pacific Securities and MFR Securities Inc.

Underwriters‘ Outside Counsel: Hunton Andrews Kurth including Peter O’Brien, Brendan Harney, Reuben Pearlman and Gabrielle Kraushaar

CEHE’s Outside Counsel: Baker Botts including, from corporate, partners Tim Taylor and Clint Rancher and associates Rob Cowan and Sarah Dyer. On tax: Partner Michael Bresson and senior associate Jared Meier.