In recent weeks there’s been a noticeable outbreak of utility and renewables deals, led in price by last week’s $16.4 billion acquisition ($26.6 billion with debt) by Constellation Energy of Houston’s Calpine Energy.
The deal involved big money and lots of familiar names in Texas M&A (Doug Bacon and Andy Calder at Kirkland, Mingda Zhao of White & Case and the ubiquitous Hillary Holmes of Gibson Dunn & Crutcher, just to name-check a few). That gave it more than enough reason to catch our attention.
But the language surrounding the deal demands even more to clarify what we mean these days by energy transition — and the difference between “clean” and “green.”
The announcement of the deal emphasizes the deal’s creation of “the nation’s largest clean energy provider” — emphasizing investments by both in geothermal, solar and hydroelectric. But ground-level reality, while clearly accurate, is something less than the green-sounding fanfare suggests.
Based in Baltimore, Constellation calls itself “the nation’s largest producer of clean, emissions-free energy.” Its 32,400-megawatt capacity includes solar, wind and hydroelectric sources. But at its heart Constellation is a nuclear energy operator, with more 60 percent of its capacity — and 86 percent of its annual output — attributable to the nuclear plants that it operates.
Likewise, Calpine boasts utility-grade battery storage, solar and geothermal projects among its 79 energy facilities in operation. But of those facilities are sourced by natural gas — which is cleaner than other fossil fuel sources — but still struggles with methane emissions issues. Its 13 geothermal sites are clustered in two adjoining California counties. It has one solar (in New Jersey). And only 27 of its power plants are cogeneration facilities, the most efficient form of NG electrical generation.
But like many utilities acquisitions these days, this deal was about the rapid rise in demand for energy expected from the development of data centers. In a study published in November, for instance, Goldman Sachs predicts a 165 percent global rise in data center demand for clean and reliable energy by 2030. Moreover, Goldman expects 60 percent of that data center power demand to be fueled by gas.
It is the reliability factor, according to Goldman, that makes natural gas more attractive to data operations than wind or solar. Hyperscaling requires a steady 24/7 supply of power, and the intermittency of solar or wind power — not to mention the massive surface space — would likely require, in many cases, some integration of fossil fuel sources to fill the breach.
But the GS study also asserts that a resurgence of nuclear energy is taking place, paced by the development of Small Modular Reactors — reactors that can be fabricated in factories and easily appended at significantly lower cost than the traditional nuclear behemoths. “We are in the early stages of a nuclear renaissance” glares one subhead in the study.
That remains to be seen. Oregon-based NuScale, which became publicly traded in 2022 through a deSPAC merger, gained the only SMR permit thus far granted by the federal government for a project planned with the Utah Associated Municipal Power Association. The project was abandoned in October 2023, when anticipated costs rendered the proposed facility unfeasible.
The week ending Jan. 11 saw 21 transactions reported at a total value of $33.6 billion. The week prior saw 9 deals for $6.8 billion. This time last year? 17 deals for $33.6 billion (yes, exactly the same as last week).
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
| Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
|---|---|---|---|---|---|---|---|---|
| 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 | 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/Funding
Constellation Energy acquires Calpine Corp. for $26.6 billion
Constellation Energy Corporation, a major nuclear energy provider headquartered in Baltimore, announced Friday that it is acquiring Houston-based Calpine Corporation, a natural gas and geothermal resources electricity generator, for $26.6 billion. The firm acquired Calpine from Energy Capital Partners, a New Jersey-based electricity and sustainable infrastructure-focused investment firm which acquired Calpine in March 2018 in a $17 billion take-private deal. This recent deal is one of the most significant in the clean electricity generation sector, and the combination will effectively create one of the nation’s largest clean energy providers. Kirkland & Ellis advised Constellation; Latham & Watkins and White & Case counseled Calpine on the deal. For more information, see our daily coverage here.
EQT Acquires New Jersey’s Scale Microgrids From Warburg Pincus
Deal Description: EQT, a Swedish global investment firm that invests across various sectors, announced on Jan. 10 that through its Dec. 2024 launched EQT Transition Infrastructure strategy, it has acquired New Jersey-based firm Scale Microgrids from Warburg Pincus and its other existing shareholders. Furthermore, this acquisition is EQT’s first North American investment since the launch of the new strategy. The newly acquired company develops and operates microgrids and distributed energy resources for various sectors and communities. The company’s portfolio includes 250 MW of operating and in-construction assets and an additional 2.5 GW of near-term development projects. This makes it one of the largest dedicated microgrid portfolios in the United States. Following the acquisition, AQT intends to continue making strategic investments, including additional capital to support Scale’s continued growth.
Scale Microgrids Outside Legal Counsel: Latham & Watkins
EQT and EQT Transition Infrastructure’s Outside Legal Counsel: Weil, Gotshal & Manges advised EQT on the deal with a team that included private equity-focused attorneys Jacqui Bogucki (Houston) and partner Douglas Warner (New York). Additionally, an energy team that included partner Irina Tsveklova (Houston), associate Humzah Qamar Yazdani (Houston), associate Trace Hancock (Houston), associate Matthew Kim (Houston) and tax partner Steven Lorch (New York) also contributed to the deal.
Scale Microgrids Financial Advisor: Nomura Greentech and Truist Securities
EQT and EQT Transition Infrastructure’s Financial Advisor: Guggenheim Securities
Thoma Bravo-Backed Firm Bluesight Acquires Protenus
Deal Description: Bluesight, a Thoma Bravo-backed Virginia-based medication-focused company that uses AI to simplify every step in the medication lifecycle, announced on Jan. 9 that it acquired Baltimore’s Protenus. The newly acquired company is a healthcare compliance analytics platform that primarily leverages AI to serve healthcare facilities and organizations by helping them track patient privacy needs and risks. The acquisition will enhance Bluesight’s drug diversion platform and improve its client privacy monitoring capabilities. Additionally, through the combination, the firm will aim to make its platform a unified program that can offer solutions to the healthcare community to aid all of their compliance and operational needs.
Bluesight In-House Counsel: Wayne Chan (Houston)
Protenus Outside Legal Counsel: DLA Piper
Thoma Bravo and Bluesight Outside Legal Counsel: Kirkland & Ellis served as Thoma Bravo and Bluesight’s legal counsel with a team that included John Kaercher (Austin), Martha Todd (Austin), Oscar Fernando Leija (Austin), Meredith Bennett (Chicago), Alex Knight (Chicago) and Corey Fox (Chicago). Debt finance lawyers Fred Lim (San Francisco), Omar Raddawi (New York), David Love (Chicago), Tina He (San Francisco) and Aubrey Pardue (San Francisco) and tax lawyers Adam Kool (New York), Steven Cantor (Washinton, D.C.) and Weiwei Chen (Chicago) contributed to the deal. Technology and IP transactions lawyers Aaron Lorber (Chicago), Todd Herst (Chicago), Christina Welch (New York) and Krystal Egbuchulam (New York) also assisted.
Protenus Financial Advisor: Robert W. Baird & Co.
KKR, PSP Investments Acquire a 19.9 % Stake in AEP for $2.82B
Deal Description: Global investment firm KKR and the Public Sector Pension Investment Board, a Canadian pension investor also known as PSP Investments, announced on Jan. 9 that they have acquired a 19.9 percent interest stake in the Michigan, Ohio and Indiana transmission businesses of electricity distributor and generator American Electric Power for $2.82 billion. As part of the deal, KKR and PSP Investments have formed a strategic partnership to make the acquisition happen. The territories of the transmission businesses that KKR and PSP acquired a stake in are among AEP’s highest-expanding service areas due to each state’s growth potential in several sectors, specifically within the manufacturing space. The two investment firms’ investment will aid AEP’s ability to meet customer demand, increase grid reliability and support its five-year capital plan.
KKR and PSP Investments Outside Legal Counsel: Simpson Thacher advised both KKR and PSP Investments in the deal with a team that included partners Breen Haire (Houston) and Shamus Crosby (Houston) and M&A associates Mark Kunzman (Houston), Aaron King (Houston), Andrew Kingsbury (Houston) and Gavin Jaco (Houston).
KKR and PSP Investments Financial Advisors: Moelis and Morgan Stanley
Howard Energy Partners Acquires Ethylene Pipeline From Epic Midstream Holdings
Deal Description: Howard Energy Partners, a San Antonio-based private energy infrastructure firm, announced on Jan. 8 that it acquired an ethylene pipeline named EPIC Olefins from San Antonio’s EPIC Midstream Holdings on Dec. 23. EPIC is an owner and operator of midstream infrastructure in the Permian and Eagle Ford basins. The acquired asset, EPIC Olefins, is a 12-inch-diameter two-way ethylene pipeline that stretches 120 miles long and connects an ethane cracker in Gregory, owned by Gulf Coast Growth Ventures, to other ethylene storage in Markham. The design capacity of the ethylene pipeline was initially designed to produce 7.8 million pounds per day, but it can be increased depending on the needs of the surrounding communities. The acquisition further enhances and coordinates with Howard’s long-term strategy of building a wide-ranging midstream company through long-term contracts and acquisitions. 2024 was a record year for Howard in the M&A space, having made a handful of transactions, with several of its materials-focused transactions totaling more than a reported $1.1 billion.
EPIC Midstream Holdings In-House Counsel: Harry Beaudry (Houston)
Howard Energy Partners In-House Legal Counsel: T.J. Campbell (San Antonio)
EPIC Midstream Holdings Outside Legal Counsel: Kirkland & Ellis served as a legal advisor to EPIC in the deal with a team that included corporate lawyers John Kaercher (Austin), Martha Todd (Austin), Oscar Fernando Leija (Austin), Meredith Bennett (Chicago), Alex Knight (Chicago) and Corey Fox (Chicago). The deal also included debt finance lawyers Fred Lim (San Francisco), Omar Raddawi (New York), David Love (Chicago), Tina He (San Francisco) and Aubrey Pardue (San Francisco). Tax lawyers Adam Kool (New York), Steven Cantor (Washinton, D.C.) and Weiwei Chen (Chicago) contributed to the deal as well. Furthermore, technology and IP transactions lawyers Aaron Lorber(Chicago), Todd Herst (Chicago), Christina Welch (New York) and Krystal Egbuchulam (New York) also contributed to the deal.
Howard Energy Partners Outside Legal Counsel: Bracewell and Sidley Austin represented Howard Energy Partners in the deal with a Bracewell team that included partners Benjamin J. Martin (Houston), Andrew W. Monk (Houston), J. Dean Hinderliter (Dallas) and Michelle T. Boudreaux (Houston), counsel Tamara L. McKinzie (Houston)and associates Michael J. Muszik (Houston) and Samuel Lombardo (Houston).
EPIC Midstream Holdings Financial Advisors: TPH&Co.
Phillips 66 acquires EPIC Y-Grade for $2.2B
Deal Description: Phillips 66 announced on Jan. 7 that it acquired San Antonio’s EPIC Y-Grade, a builder and operator of NGL pipelines and fractionation facilities, for $2.2 billion. In addition, once the deal closes, Phillips 66 expects the transaction to be accretive to earnings per share immediately; however, it does not expect to increase its 2025 capital program due to this deal. The EPIC business is comprised of two fractionation facilities near Corpus Christi, with one that has 350 miles of high-purity distribution pipelines achieving a fractionation capacity of 170 MBD. The second fractionator facility has an 885-mile NGL pipeline with a fractionation capacity of 175 MBD. This pipeline explicitly connects production supplies from basins in Delaware, Midland and Eagle Ford to several other fractionation facilities, including Phillips 66’s Sweeny Hub. Additionally, EPIC is actively exploring the development of a third facility that could increase its fractionation capacity to 280 MBD. These newly acquired facilities will connect production from the Permian Basin and Gulf Coast refiners as well as to other petrochemical companies and export markets. Phillips 66 plans to integrate each fractionator facility into its own asset base.
Phillips 66 In-house Counsel: Vanessa Sutherland (Houston)
EPIC Y-Grade Outside Legal Counsel: Kirkland & Ellis advised EPIC Y-Grade on the deal, which included corporate lawyers Chad Smith (Houston), William Eiland (Dallas), Jonathan Benloulou (Dallas), Bilal Iftikhar (Houston), Curtis French (Houston) and Shelby Velasquez (Houston). The deal also included tax lawyers David Wheat (Dallas) and Joe Tobias (Dallas), as well as debt finance lawyers Lucas Spivey (Houston) and Marco Chan (Dallas).
EPIC Y-Grade Financial Advisor: Jeffries
Plains All American Pipeline Makes a Trio of Bolt-on Acquisitions for $670M
Deal Description: Plains All American Pipeline, a Houston-based company specializing in midstream energy infrastructure and logistics services for crude oil and NGL, announced a trio of acquisitions on Jan. 7 for a total cash payment of $670 million. In the first deal, Plains signed a definitive agreement to acquire San Antonio-based firm Ironwood Midstream Energy, owner of a gathering system located in the Eagle Ford Basin, for $475 million. The firm purchased Ironwood from EnCap Flatrock Midstream, a venture capital firm focused on strategically investing in the midstream area. Additionally, Plains will buy 12.7 million units of its outstanding series A preferred shares from EnCap for $330 million. Furthermore, in the second deal and through its subsidiary, Plains Oryx Permian Basin, it announced it acquired the Delaware Basin crude oil gathering business of Medallion Midstream for $160 million from Houston-based firm The Energy & Minerals Group (EMG). Finally, the firm announced that another Plains subsidiary acquired the remaining 50 percent interest it needed to acquire from the Midway Pipeline from a subsidiary of CVR Energy for $90 million. Plains anticipates that the three deals will expand its crude oil presence in the Permian region and create more opportunities for shareholder capital returns.
Medallion Midstream In-House Counsel: Brock Degeyter (Irving)
Plains All American Pipeline In-House Counsel: Richard McGee (Houston)
Plains Outside Legal Counsel (Ironwood): Vinson & Elkins represented Plains in the Ironwood Midstream acquisition. The team handling the Ironwood Midstream acquisition was led by partner Doug Bland (Houston) and senior associate Zach Parker (Austin), with support from associate Rammy Allouche (Houston). Key team members who also contributed to the deal included finance-focused partner Caitlin Turner (New York) and associate Hayley Johnson (New York), as well as insurance-focused partner Sarah Mitchell (Dallas) and counsel Alexander Baker (Dallas). In addition, tax partner Ryan Carney (Houston), associates Keleigh Carver (Houston) and Erin Fant (Houston) contributed, along with energy regulatory partner Suzanne Clevenger (Houston), counsel Mike Malenfant (Houston) and associate Max Aguirre (Houston). Environmental partner Matt Dobbins (Houston) and associate Ryan Vanderlip (Austin) also played a role in the deal. Furthermore, partners David D’Alessandro (Houston/Dallas) and Dario Mendoza (Dallas), who specialize in executive compensation and benefits, along with counsel Melissa Spohn (Dallas/Houston) and associate Morgan Whittlesey (Houston), contributed, as did employment partner Rebecca Baker (Houston) and senior associate Peter Goetschel (Houston). Antitrust partner Darren Tucker (Washington, D.C) and counsel Ryan Will (Washington, D.C) also supported the transaction.
Ironwood II Outside Legal Counsel: Haynes Boone led by partner Austin Elam and Reem Abdelrazik led the deal team with support from Counsel Chris Reagen and Associates Grant Armentor and Sam Richards.
Plains Outside Legal Counsel (Medallion): V&E also represented the firm in the Medallion Midstream deal. The Vinson & Elkins team handling the Medallion Midstream acquisition was led by partner Doug Bland (Houston) and senior associate Ryan Logan (Houston), with assistance from associates Vestita Zumot (Houston) and Mary Smith (Houston). Other key team members included tax-focused partner John Lynch (Houston) and associate Keleigh Carver (Houston), antitrust-focused partner Darren Tucker (Washington, D.C), Ryan Will (Washington, D.C), and associates Rami Rashmawi (Washington, D.C) and Adam Thomas (Washington, D.C). Additionally, insurance-focused partner Sarah Mitchell (Dallas), senior associate Victoria Bahrami-Negad (Dallas), finance-focused partner Caitlin Turner (New York) and associate Hayley Johnson (New York) contributed. Environmental-focused partner Matthew Dobbins (Houston) and associate Ryan Vanderlip (Austin) played a role in the deal, as did anti-corruption counsel Brian Howard (Washington, D.C). Finally, sanctions counsel Elizabeth McIntyre(Washington, D.C) and litigation partner Jason Powers (Houston) assisted with the transaction.
EnCap Flatrock Midstream Outside Legal Counsel Ironwood Midstream Energy Partners Deal: Willkie Farr & Gallagher represented EnCap in the deal with a team that included Sarah McLean (Houston/Dallas), counsel Jonathan Konoff (NY) and associate Erin Kaufman (Houston).
EnCap Flatrock Midstream Outside Legal Counsel in Sell of its Series A Preferred Units: Willkie Farr & Gallagher represented EnCap in the deal with a team that included Sarah McLean (Houston/Dallas) and associate Erin Kaufman (Houston).
Energy & Minerals Group Outside Legal Counsel: Troutman Pepper Locke advised with a team led from Houston by Bill Swanstrom and Jennie Simmons, and included Shumaila Dhuka, Alex Dillard, Joe Farside, Tammi Niven, Eric Larson, and Andrew Nelson.
Kimbell Royalty Partners Acquires Magbee Ranch Interests From Boren Minerals for $231M
Deal Description: Kimbell Royalty Partners, a Fort Worth-based owner of oil and gas mineral and royalty interests, announced on Jan. 7 that it acquired a new batch of mineral and royalty interests located within the Magbee Ranch from Boren Minerals, a Saskatchewan partnership, for $231 million. Kimbell will be able to pay for the deal entirely in cash or pay for it using a combination of $207 million in cash alongside 1.4 million standard units of Kimbell, valued at $24 million; the final funding mix will be announced before the deal is closed in mid-January. The acquisition is expected to increase distributable cash flow per unit immediately, with further growth anticipated in future years. Additionally, the newly acquired assets are expected to produce approximately 1,842 barrels of oil equivalent per day in 2025 and enhance Kimbell’s presence in the Permian region by providing significant reservoir quality.
Kimbell Royalty Partners Outside Legal Counsel: White & Case advised Kimbell Royalty Partners in the deal with a team that included partners Jason Rocha (Houston) and Charlie Ofner (Houston) and included M&A associates Muhammad Hasan (Houston) and Gabriele Josephs (Houston). Additionally, the deal included tax partners Chad McCormick (Houston) and Neil Clausen (Houston), associate Thor Fielland (Houston) and antitrust partner Rebecca Farrington (Washington, D.C.).
Boren Minerals Outside Legal Counsel: MLT Aikins and Vinson & Elkins counseled Boren Minerals on the deal. The V&E team was led by partner Bryan Loocke (Houston), assisted by counsel Michael Zarcaro (Houston) and associate Michael Gassman (Houston). Other key team members who assisted in the deal included partner Jackson O’Maley(Houston), associate Walt Baker (Houston), corporate associate Chandni Jaggi (Houston), tax partner Todd Way and senior tax associate Adam Bateman (Houston).
Kimbell Royalty Partners Financial Advisor: Citigroup
Boren Minerals Financial Advisor: TPH&Co.
SAExploration Acquires Norway’s in April
Deal Description: Stafford-based firm SAExploration, a global oilfield services company, announced on Jan. 6 that it acquired Norway’s inApril, a seismic technology-focused firm. The newly acquired company primarily develops and supplies standard and automated ocean bottom nodes for back deck handling systems globally. Furthermore, its solutions offer individuals a more cost-effective option to be able to explore Earth’s hydrocarbon reserves. As a part of the deal, inApril will operate as a separate business from SAE and will see its former chairman, Paal E. Johnsen, join SAE’s Board.
SAExploration Holdings In-House Counsel: David Rassin (Houston)
SAExploration Holdings Outside Legal Counsel: Porter Hedges served as U.S. co-counsel on the deal alongside Norway’s Arntzen de Besche. The Porter Hedges team included managing partner James Cowen (Houston) and associate Miles Emery (Houston).
IVI RMA North America Acquires a Trio of Southern California-Based Fertility Clinics From Global Premier Fertility
Deal Description: IVI RMA North America, a fertility care and assisted reproduction facility network, announced on Jan. 6 that it acquired a trio of Southern California-based fertility clinics from Global Premier Fertility, a portfolio company of Houston-based private investment firm Albatross Capital Partners. Neither firm publicly disclosed the financial details of the private transaction. However, the trio of fertility clinics RMA will acquire from the Southern California-based fertility network includes Laguna Hills’ Reproductive Health and Wellness Center (RHWC), Orange County’s Rise Fertility and Rolling Hills Estates’ Halo Fertility, with each center expected to integrate with IVI RMA’s North American network starting in Q1. The acquisition further enhances IVI RMA’s North American presence in the United States and Southern California, adding over 30 doctors and employees from the trio of newly acquired centers to its global network, which consists of 190 clinics located within 14 different countries with more than 4,000 employees.
Albatross Capital Partners and Global Premier Fertility Outside Counsel: Morgan Lewis represented Albatross Capital Partners and Global Premier Fertility in the deal with a team that included partner Sameer Mohan (Houston) and counsel Veronica DiCamillo (Princeton) along with counsel Melissa Brown (Houston) and associate Deborah Choi (Orange County). The team also included partner Ryan Kantor (Washington, D.C.) and associate Frank Ren (Washington, DC), partner Richard Zarin (New York), partner Patrick Rehfield (Washington, D.C.), partner Albert Shay (Washington, D.C.) and associate Sydney Reed Swanson (Houston), partner David Chang (Los Angeles), partner Gene Park (San Francisco) and partner Michelle Pector (Houston).
Varel Energy Solutions Acquires Norway’s Ace Well Technology
Deal Description: Kingwood’s Varel Energy Solutions, a global energy-focused manufacturer and supplier of downhole drilling and completions products, announced on Jan. 6 that it has acquired Ace Well Technology, a Norway-based company that supplies oilfield casing, cementing and completion products globally. The Bluewater-backed firm plans to leverage its acquisition of Ace Well to further enhance its primary cementing equipment portfolio and expand its offerings to support the smart completions and offshore market areas. Furthermore, the newly combined company’s product portfolios will be tailored to meet the difficulties of well installation and completion in any environment.
Ace Well Technology Outside Legal Counsel: Thommessen
Varel Energy Solutions Outside Legal Counsel: Wikborg Rein
Shareholders of Ace Well Technology Financial Advisor: Piper Sandler
PSG Equity Makes Strategic Investment in Coursekey
Deal Description: PSG Equity, a Boston-based growth equity firm that primarily collaborates with software and technology-focused companies, announced on Jan. 7 that it has made a strategic growth investment in CourseKey. Headquartered in Southern California, CourseKey is a mobile app designed for students and institutions to track several key metrics specializing in vocational education. In addition to the investment, CourseKey will work closely alongside a pair of other educational-focused platforms that PSG made a Sept. 2024 strategic investment in, with them being Campus Ivy, a financial aid services and software provider, and Verity IQ, a CRM and student information systems provider. By combining the trio of its strategic investments, PSG hopes to create a “one-stop shop” for schools to streamline its operations and improve the overall student experience.
PSG Outside Legal Counsel: Weil, Gotshal & Manges advised the PSG team on the deal with a team led by private equity partner David Gail (Dallas) and executive compensation and benefits partner Jennifer Haydel Britz (New York).
Note: Weil’s David Gail and Jennifer Haydel Britz also advised on PSG’s Sept. 2024 strategic investment in Campus Ivy and Verity IQ.
ACON Investments Acquires Controlling Stake in True Religion
Deal Description: ACON Investments, a Washington, D.C.-based global private equity firm, and its affiliates announced on Jan. 7 that it acquired a controlling stake in True Religion, an apparel and accessories brand in Gardena, California. The deal will include support from ACON’s strategic partner, SB360 Capital Partners, a Massachusettes-based investor in clothing and retail. Furthermore, the deal will be financed by ACON’s incumbent lender, Second Avenue Capital Partners, Alpha Wave Global and Sagard Credit Partners; however, the transaction’s financial terms were not disclosed. ACON and SB360 plan to collaborate to leverage their resources and expertise to expand True Religion’s geographic presence and diversify its product offerings. However, True Religion will continue to operate independently, primarily from its current headquarters.
True Religion Outside Counsel: Akin
ACON Investments Outside Legal Counsel: Pillsbury Winthrop Shaw Pittman and Hogan Lovells served as the legal counsel to ACON. The Pillsbury team included corporate partner Nicole Islinger (Northern Virginia), tax partner Nora Burke (New York), employment law partner Rebecca Carr Rizzo (Washington, D.C.) and special counsel Andrea Milano(Washington, D.C.). Additionally, the deal included international trade partner Stephan Becker (Washington, D.C.), executive compensation and benefits partner Jessica Lutrin (Austin), and real estate partner Adam Weaver (Houston and San Francisco). Furthermore, intellectual property partners Patrick Jennings (Washington, D.C.), Sandro Serra (Austin) and corporate senior associate Tara Shankar (Washington, D.C.) also contributed to the deal.
True Religion Financial Advisor: Robert W. Baird & Co
Atlantic Aviation Acquires Vertiports Business From Ferrovial
Deal Description: Atlantic Aviation, a Dallas-based general aviation services provider and fixed-base operator, announced on Jan. 7 that it has acquired the Ferrovial vertiports business from Ferrovial, a global infrastructure-focused firm headquartered in Spain. However, neither firm disclosed the financial details of the acquisition. To integrate its newly acquired vertiport business with its own, Atlantic plans to rename the business and its team “VertiPorts by Atlantic.” Additionally, the newly acquired company’s leaders and its team, now based out of Dallas, will continue developing its eVTOL operations throughout its current veriport locations as they have been but will begin looking for additional locations to integrate the technology nationwide. The move further enhances Atlatntic’s position in the advanced air mobility space, and the firm plans to focus on finding ways to advance its eVTOL infrastructure capabilities.
Atlantic Aviation In-house Counsel: Dawud Crooms (Plano)
Atlantic Aviation Outside Counsel: Kirkland & Ellis advised Atlantic Aviation in the deal with a team that included corporate partners Emily Lichtenheld (Austin), Kyle Watson (Houston), John Pitts (Houston) and associate Josh Raizner(Austin). Additionally, executive compensation partner Robert Fowler (Houston), associate Rebecca Arnall (New York), and technology and IP transactions lawyers Shellie Freedman (New York) and associate Zachary Feldman (New York) were involved in the deal.
Capital Markets/Credit
Houston’s Kimmeridge Texas Gas Announces Yearly $500M Senior Unsecured Notes Offering
Deal Description: Houston’s Kimmeridge Texas Gas, a natural gas producer, announced on Jan. 8 that it has priced its yearly senior unsecured notes offering at $500 million and an 8.5 percent interest rate. Furthermore, due to the company’s strong profile heading into the New Year and the positive shift in gas prices, it was able to leverage both of these characteristics to enable it to be the first company to issue in the high-yield market for 2025. Additionally, as a part of this offering, the firm met with 30 high-yield investors, and the order book for the notes ended up being oversubscribed and allocated to a solid investor base. The proceeds from the notes will be used to repay a select amount of its outstanding borrowings and enable its ability to deliver further on its day-to-day responsibilities.
Kimmeridge Texas Gas Lead Book-running Manager: Bank of America
Kimmeridge Texas Gas In-House Counsel: Tanner Sykes (Houston)
Kimmeridge Outside Legal Counsel: Kirkland & Ellis advised Kimmeridge Texas Gas in the deal with a team that included capital markets lawyers Julian Seiguer (Houston/Austin), Atma Kabad (Houston), Sami Ghubril (Houston), Robbie Dillard (Houston), Maya Pierce (Houston), Kaley Elizabeth Schnurbusch (Houston) and Anu Reddy (Houston).
Initial purchasers Outside Legal Counsel: Latham & Watkins represented the initial purchasers in the offering with a capital markets team led by partners David Miller (Austin/Houston) and Samuel Rettew (Austin), with associates Paul Robe (Houston) and Caitlyn Fiebrich (Houston). Furthermore, tax partner Bryant Lee (Houston), associate Molly Elkins (Houston), environmental matters-focused partner Joshua Marnitz (Los Angeles/Houston) and associate Nolan Fargo (San Diego) also contributed to the deal.
Flowco Holdings Announces Launch of $409M Initial Public Offering
Deal Description: Flowco Holdings, a Houston-based oil and natural gas equipment and service provider, filed on Jan. 3 to register its securities to the public and, on Jan. 7, officially announced the proposed offering of 17.8 million shares of its Class A common stock. In addition to the 17.8 million shares, the underwriters will have 30 days to purchase up to 2.67 million in additional shares. Flowco expects its price per share to fall between $21 and $23. Furthermore, it will be listed on the NYSE under the ticker symbol “FLOC.” Flowco will use the proceeds from the offering to repay its existing credit agreement debts and redeem equity interests from non-affiliate shareholders.
Flowco Holdings Outside Legal Counsel: Sidley Austin represents Flowco Holdings in the deal with a team that includes David C. Buck (Houston) and John W. Stribling (Houston).
Underwriters Outside Legal Counsel: Latham & Watkins represents the underwriters in the deal with a team that includes Ryan J. Maierson (Houston) and Nick S. Dhesi (Houston).
Flowco Holdings Lead Book-Running Managers for Initial Public Offering: JPMorgan, Jefferies, Piper Sandler and Evercore ISI
Flowco Holdings Joint Book-Running Managers For Initial Public Offering: BMO Capital Markets, Pareto Securities and TPH&Co
Flowco Holdings Co-Managers for Initial Public Offering: Fearnley Securities and Pickering Energy Partners
Summit Midstream Corporation Announces the Pricing of an Additional $250M of Senior Secured Second Lien Notes
Deal Description: Summit Midstream Corporation, a Houston-based company focused on owning and operating midstream energy infrastructure assets, announced on Jan. 7 that its subsidiary, Summit Midstream Holdings, has priced a previously announced offering of $250 million in additional senior secured second lien notes. These recently announced notes will have an interest rate of 8.625% and are due in 2029; however, the additional notes will be issued at 103.375 percent of par, plus accrued and unpaid interest from July 2024, excluding the issue date. The team will distribute the new notes at the same indenture as the existing ones, worth $575 million in aggregate principal amount of 8.625 percent senior secured second lien notes due in 2029. The recently announced notes will have terms nearly identical to the existing notes, aside from the date and price, in hopes of forming a single series of notes. Furthermore, these additional notes will be guaranteed by Summit Midstream and will be secured on a second-priority basis. Summit Midstream plans to utilize the notes to repay some of its outstanding borrowings owed to the firm’s credit facility, the ABL Facility, and other corporate purposes, including covering fees associated with this offering.
Summit Midstream Corporation In-House Counsel: James Johnston (Houston)
Initial Purchasers Outside Legal Counsel: Baker Botts represented the initial purchasers in the offering with a team that included finance-focused partner Clint Culpepper (Austin), associate Morgan Copher (Dallas) and associate Madeline McCune (Houston). Additionally, a corporate team that included partner Clint Rancher (Houston), senior counsel Joshua Davidson (Houston), special counsel Lakshmi Ramanathan (Houston) and associates William Cozzens (Austin), Sarah Dyer (Houston) and Brevan Ward (Houston) contributed to the deal. Furthermore, tax-focused partner and special counsel Jon Lobb (Houston) and Chuck Campbell (Houston) and environmental special counsel Elizabeth Singleton (Houston) also contributed to the deal.
NextDecade Obtains $175M Senior Secured Loan From General Atlantic Credit
Deal Description: NextDecade, a Houston-based carbon capture and storage solutions-focused firm, announced on Jan. 6 that it has entered a credit agreement through its subsidiary, Rio Grande LNG Super Holdings, with New York’s General Atlantic Credit through its Atlantic Park Fund. The loan will provide the subsidiary with a $175 million senior secured loan received at the agreement’s closing on Dec. 31. The loan will mature in six years, and borrowings will carry an interest percentage of 12 percent, payable quarterly. However, interest can be paid in kind for the first two years after the closing date, and up to 50 percent can be paid in kind following those two years. Furthermore, on the loan’s closing date, NextDecade issued GA Credit around 7.16 million warrants that will be exercisable for five years after the closing date, with half being exercisable at $7.15 per share, and the other half exercisable at $9.30 per share. Most of the loan will be used to repay outstanding borrowings under its existing $50 million revolving credit facility and its $12.5 million interest-term loan. Additionally, NextDecade will use the loan to give it working capital and the necessary money to further develop a pair of expansion trains at its Rio Grande LNG Facility.
NextDecade In-House Counsel: Vera De Brito de Gyarfas (Houston)
NextDecade Outside Legal Counsel: Latham & Watkins
GA Credit Outside Legal Counsel: Akin and Baker Botts acted as legal counsel to GA credit. The Baker Botts team included advisory partner Brendan Quigley (New York) and a global projects team including partner Veronica Relea (New York), partner John Papaspanos (New York), and associates Shelby Ward (New York) and Reilly Hobson (New York) also contributed to the deal. Energy regulatory partner Emil Barth (Washington, D.C.) and appellate associate Matthew P. Erickson (Austin) contributed to the deal.
NextDecade Financial Advisor: Santander
Fold, Inc. Announces $30M Convertible Note Financing Round
Deal Description: Fold, Inc., a Phoneix-based Bitcoin-focused financial services company, announced on Dec. 30 an up to $30 million convertible note financing round following its July 2024 business combination agreement with FTAC Emerald Acquisition Corporation, an acquisition and merger firm. The business combination agreement is projected to publicly list the firm in Q1 of 2025. The Dec. 30 convertible note financing round will include $20 million in convertible note financing from ATW Partners, a New York-based investment manager, along with an additional $10 million that is expected to be provided once its business combination agreement is finalized. However, the extra $10 million is subject to the mutual discretion of Fold and ATW Partners. The initial $20 million will mature three years after the company goes public, and this amount will be secured through the company’s assets, which include a portion of its proprietary Bitcoin. Additionally, the note can be converted into common stock for $11.50 per share once the company goes public. ATW will also receive exercisable warrants for common stock in the combined company, with an exercise price of $12.50 per share. The round will be used to support Fold’s growth initiatives and further accelerate its product development.
Fold Outside Legal Counsel: Latham & Watkins represented Fold in the transaction with a corporate deal team led by Ryan Maierson (Houston) and Benjamin Potter (Silicon Valley) with associates Eric Znotins (Bay Area), Evan Kirsch(New York), Daniel Harrist (Houston) and Tori Hu (Silicon Valley). Finance advice was provided by Dan Van Fleet (San Francisco/Silicon Valley), with associates Hyunji Lee (Centruy City) and Ian Drazen (Los Angeles) and advice on UCC matters was provided by Emily Leong Yu (Los Angeles), who also contributed to the deal.
Fold Financial Advisor: Cohen & Company Capital Markets serves as Fold’s financial advisor, capital markets advisor and placement agent in the deal.
Other matters …
Younger Partner Investments, a Dallas-based boutique full-service commercial real estate firm, announced on Jan. 8 that it acquired a new retail portfolio that includes the McKinney Towne Crossing and the Longview Towne Crossing retail properties. The property duo has a combined square footage of 288,062 square feet, and both have an occupancy rate of 95 percent or higher. The McKinney property’s tenants include a FedEx Office, Buffalo Wild Wings, Leslie’s Pool Supplies, Cook Children’s Pediatrics, Storming Crab, Jimmy John’s and Mattress Firm. In contrast, the Longview property includes retailers PetSmart, Five Below and Old Navy. It is the firm’s first announced deal of 2025 and it’s first since Dec. 12, when it’s EVP Ben McCutchin and consultant Sam Kartalis brokered the sale of the former Midway Square Shopping Center in Katy, which spans eight acres. Holland & Knight represented the boutique real estate firm in the Jan. 8 deal. The deal was handled by an all-real estate-focused team, which included partner Mark Sloan (Dallas) and associates Jacob Dow (Dallas) and Wes Sentell (Dallas).