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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corporate Deal Tracker
  • GCs/Corp. Legal Depts.
  • Firm Management
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CDT Roundup: A Week of Power Plants, Energy Infrastructure and Another Crypto CapM Deal

September 21, 2025 Jason Philyaw

The week that ended Sept. 20 saw 24 deals with a reported value of $11.3 billion. That doesn’t count the late arrivals and deals outside our usual space (See “Late Arrivals and other matters …” at the bottom of the Roundup).

There were a lot of deals this week related to energy, infrastructure or AI, or some combination of the three. The largest deals of the week included, perhaps unsurprisingly, a few of the largest players: with San Antonio’s electric utility buying four natural gas plants for $1.4 billion and Blackstone buying a huge natural gas plant in southwest Pennsylvania for $1 billion, give or take a few million or so.

Other deals included an Illinois-based GPU infrastructure company going public via a SPAC and a Frisco-based platform for the short-term rental market, securing an investment to expand its AI services. Also, a PE firm bought a significant stake in a 7 Brew franchisee that is planning to expand fourfold in Texas, Oklahoma, New Mexico and Florida.

The capital market/credit category included the usual bread-and-butter debt issues by energy companies, while a developer of green data centers received a credit facility and an Amazon reseller went public. And in what seems like a weekly occurrence, another small public company declared itself a crypto trader.

On the lawyer side of things, capital markets lawyers are racking up the billables. Gibson Dunn partner Hillary Holmes followed a $540 million WaterBridge IPO noted in last week’s Roundup by reporting a couple more deals this week: a $2 billion debt issue for Phillips 66 and a $78.4 million equity issue by Diversified Energy.

Have a deal we should include next week?

The CDT Roundup is a regular feature from The Texas Lawbook highlighting the work Texas dealmakers are doing inside and outside the state.

Please let us know at CDTRoundup@texaslawbook.net by sharing a news release or a short blurb containing the date of the deal, a brief description, a link to any public announcement, the lead lawyers and their offices, as well as any Texas lawyers who advised on the deal.

Allen Pusey contributed to this column.

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 CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
20-Sept-2524$11,3051323816$6,2098$5,096
13-Sept-2520$26,575 1122512$20,9718$5,604
06-Sept-2519$8,6221219013$2,8806$8,622
30-Aug-2510$6,56991097$3,5193$3,050
23-Aug-2523$15,2071012918$14,5005$707
16-Aug-2513$26,405121497$3,1806$23,225
09-Aug-2519$16,0661624515$11,3074$4,759
02-Aug-2517$19,4801110413$18,0024$1,478
26-Jul-2515$3,164129612$3,00233$162
19-Jul-2514$6,08014979$4,1655$1,915
12-Jul-2515$13,0121420812$10,9023$2,110
05-Jul-259$15,7788914$7,2805$8,498
28-Jun-2513$7,77781547$2,0316$5,746
21-Jun-2516$5,9841011311$3,0875$2,897
14-Jun-259$4788133603$478
07-Jun-2516$26,2101119611$24,7445$1,466
31-May-2519$23,3811116612$18,6657$4,717
24-May-2515$24,0331112113$23,6242$409
17-May-2516$21,7601214511$18,6155$3,145
10-May-2524$33,1751620619$30,7655$2,410
03-May-2511$4,249139011$2,226.52$2,022.5
26-Apr-2512$8,78791689$6,0113$2,776
19-Apr-2511$8,09771389$7,9852$112
12-Apr-2513$2,392815210$2,0653$327
05-Apr-2519$27,7621518816$25,4733$2,289
29-Mar-2521$8,1881025816$4,1255$4,064
22-Mar-2519$6,4851423115$4,1284$2,857
15-Mar-2513$13,7371315110$9,9324$3,805
8-Mar-257$2,2345665$2242$2,100
1-Mar-2511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/Fundings

San Antonio Utility Buys 4 Natural Gas Plants for $1.4B

Deal Description: CPS Energy agreed to acquire four natural gas-powered generation facilities in Texas for nearly $1.4 billion from PROENERGY. Dykema Gossett is the legal advisor to CPS Energy on the deal announced Sept. 16, and Latham & Watkins is advising PROENERGY. CPS Energy said the recently constructed facilities in Harris, Brazoria and Galveston Counties have a total capacity of 1,632-megawatts and are dual-fuel capable, providing the San Antonio utility the ability to transition to a hydrogen fuel blend that would help reduce carbon emissions, according to the company. Missouri-based PROENERGY will continue to operate the power plants after the deal closes. CPS Energy has more than 950,000 electric and 389,000 natural gas customers in San Antonio and seven adjoining counties. Please click here for more.

Blackstone acquires Pennsylvania power plant for around $1B

Deal Description: As part of its continuing investment in data centers and their infrastructure, New York investment giant Blackstone announced Sept. 15 that it is acquiring Hill Top Energy Center, a 620-megawatt natural gas power plant in Pennsylvania from Paris-based Ardian. Terms of the deal, as announced, were not specific, but Blackstone said they paid “nearly $1 billion” for the plant, a dual-fuel combined cycle gas turbine power plant that, in case of a natural gas shortage, can be operated on ultra-low sulfur diesel. The plant began commercial operations in 2021. Ardian held a 41.9 percent stake in the Hill Top plant until April 2025 when it acquired the remaining interest from Ares Management and the Israeli investment firm Menora Mivtachim. In January, Blackstone acquired the Potomac Energy Power Center in the Northern Virginia data corridor, the largest concentration of data centers in the world.

Blackstone Financial Advisors: Santander, Houlihan Lokey

Blackstone Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: Ahmed Sidik (Houston), Qasim Rasool (San Francisco) and Rhett Van Syoc (Houston)

Ardian Financial Advisors: Solomon Partners, Macquarie Capital

Ardian Outside Legal Advisors: Gibson Dunn & Crutcher

Gibson Lead Lawyers: Tomer Pinkusiewicz (New York) and Rahu Vashi (Houston)

Texas Lawyers: Jonathan Sapp (Dallas), Kene Obi (Houston), Hunter Michielson (Houston), Muriel Hague (Houston), Michael Cannon (Dallas)

Elsewhere: Tory Lauterbach (Washington, D.C.), Bradley Smith (New York)

I Squared Capital acquires stake in Indiana battery maker for $800M

Deal Description: I Squared Capital said Sept. 18 that it acquired a majority interest in ENTEK Technology Holdings, an Indiana battery separators maker, for $800 million. Miami-based infrastructure investment manager I Squared said ENTEK also received a loan for up to $1.3 billion from the Department of Energy’s Advanced Technology Vehicles Manufacturing program. The investment and loan will fund construction of a gigafactory in Terre Haute, Ind., that will produce wet-process lithium-ion battery separators, critical components for batteries powering electric vehicles, energy storage systems, defense equipment and digital infrastructure.

ENTEK Financial Advisor: William Blair

ENTEK Outside Legal Counsel: Troutman Pepper Locke and Holland & Knight

I Squared Outside Counsel: Kirkland & Ellis

Kirkland & Ellis Texas Lawyers: Kyle Watson (Houston), Colleen Haile (Dallas), Sarah Walden (Dallas), Alexa Grealis (Dallas), Lucas Spivey (Houston), Osaro Aifuwa (Houston), Christina Godard (Houston), David Wheat (Dallas/Houston), Rebecca Fine (Dallas), Rob Fowler (Houston)

Elsewhere: Stephen Brecher (New York), Matthew Mutino (New York)  

California Resources, Berry Corp. merge in $717M stock swap

Deal Description: California Resources Corp. and Berry Corp. said on Sept. 15 that they will merge in a stock swap valued at $717 million. Shareholders of Dallas-based Berry will receive 0.0718 shares of California Resources common stock for each share held, representing a premium of 15% based on closing prices on Sept. 12. California Resources shareholders will own about 94% of the combined company. Upstream energy company Berry Corp. operates in California’s San Joaquin Basin and Utah’s Uinta Basin. California Resources, based in Long Beach, was spun off of Occidental Petroleum in 2014. The energy exploration company said the Berry deal will enhance its ability to maintain active wells, strengthen well-abandonment capabilities, mitigate cost inflation and ensure long-term operational efficiency.

California Resources Financial Advisors: RBC Capital Markets and Petrie Partners

California Resources Legal Counsel: Sullivan & Cromwell

Berry Financial Advisors: Guggenheim Securities

Berry Legal Counsel: Vinson & Elkins

Vinson & Elkins Lead Lawyers: Lande Spottswood (Houston) and Sang Lee (Dallas)

Vinson & Elkins Texas Lawyers: Griff Kimball (Dallas), Mimi Nguyen (Houston), Graham Buck (Houston), Will Sladic (Houston), John Grand (Dallas), Alex Turner (Dallas), Nick Wetzeler (Dallas), Taylor Santori (Dallas), David Peck (Dallas), Jason McIntosh (Houston), Allyson Seger (Austin), Keleigh Carver (Houston), Paige Melton (Houston), Shane Tucker (Dallas), Missy Spohn (Dallas/Denver), Henry Crowell (Houston), Becky Baker (Houston), Phileda Tennant (Houston) ,Peter Goetschel (Houston), Justine Jia (Houston), Rajesh Patel (Houston), Haley Titcomb (Austin), Ken Adler (Dallas), Fry Wernick (Dallas/Washington D.C.), Pete Thomas (Dallas/ Washington D.C.), Joyce Adetutu (Houston) and Jeff Crough (Dallas)

Elsewhere: David Wicklund (New York), Jeffrey Jakubiak (New York/Washington D.C.), Jennifer Cornejo (Denver), Alyssa Sieja (Washington D.C.), Brian Howard (Washington D.C.), Hill Wellford (Washington D.C.), Evan Miller (Washington D.C.), Rami Rashmawi (Washington D.C.)

Pennybacker raises $700M for infrastructure fund

Deal Description: Pennybacker Capital Management raised more than $430 million and secured over $285 million of co-investment capital for its infrastructure fund. The Austin investment manager said the investor base includes global pensions, insurance companies, endowments, foundations and family offices. Pennybacker plans to use the equity to invest in businesses across the infrastructure landscape that have hard assets and contracted cash flows.

Pennybacker Outside Counsel: Simpson Thacher

Simpson Thacher Texas Lawyers: Linda Tieh (Houston), Lauren Jenkins (Houston), Anita Brown (Houston), Charles Ritger (Houston)

Commercial Metals Co. buys Mid-Atlantic concrete pipe provider for $675M

Deal Description: Commercial Metals Co. announced Sept. 18 that it signed a definitive agreement to acquire Concrete Pipe & Precast from Eagle Corporation and ECPP for $675 million cash. Concrete Pipe & Precast operates 17 facilities in seven states across the the Mid-Atlantic and South. The company offers standard and highly engineered precast and reinforced concrete pipe to the infrastructure, non-residential, and residential construction markets. Irving-based Commercial Metals expects the acquisition to immediately add to earnings per share and free cash flow with annual cost-saving synergies of $5 million to $10 million within three years.

Commercial Metals Financial Advisor: Moelis & Company

Commercial Metals Outside Legal Counsel: Willkie Farr & Gallagher

Willkie Lead Lawyer: Chase Proctor (Dallas)

Willkie Texas Lawyers:  AK Lutz (Dallas), Omar Shariff (Houston), Brielle Rowe (Dallas), Bilal Sheriff (Dallas), Connor Brown (Houston) and Zan Khan (Dallas)

Eagle Corp. Outside Counsel: King & Spalding

King & Spalding Lawyers: Justin King (Atlanta), Hillyer Jennings (New York/Atlanta), Austin Whan (Atlanta), Archie Wilson (Atlanta), Les Oakes (Atlanta), John Sweet (New York), Jeff Spigel (Washington, D.C.), Sydney Lampard (Washington, D.C.), John Kleinjan (Atlanta), John Lisy (Charlotte) and Scott Petty (Atlanta)

National Bank buys Vista Bancshares for about $369M

Deal Description: National Bank Holdings Corp. announced on Sept. 18 that it acquired Vista Bancshares Inc., which operates Vista Bank in DFW, Austin, Lubbock and Palm Beach, Fla., for about $84.8 million cash and 7.4 million common shares. National Bank Holdings said the deal has a full $369 million, based on its closing price of $38.47 on Sept. 12.

National Bank Holdings Financial Advisors: Keefe, Bruyette & Woods

National Bank Holdings Legal Counsel: Wachtell, Lipton, Rosen & Katz

Vista Bancshares Financial Advisors: Jefferies

Vista Bancshares Legal Counsel: Squire Patton Boggs

Dallas PE firm Crux Capital raises $340M for first insitutional fund

Deal Description: Crux Capital said Sept. 17 that it raised $340 million for its first institutional fund. The Dallas-based private equity firm said the fund was oversubscribed following a nine-month fundraising period. Crux said it secured commitments from university endowments, charitable foundations, family offices, funds of funds, and industry executives.

Crux Capital Outside Legal Counsel: Weil, Gotshal & Manges 

Weil, Gotshal & Manges Lawyers: Jonathon Soler (New York), Karen Chao (New York), Christopher Scully (Washington, D.C.), Adam Ofman (New York), Matthew Trabold (New York), Andrew Morris (New York)

Boost Run goes public via $112M deSPAC merger

Deal Description: Boost Run said Sept. 16 that it agreed to go public via a merger with New York-based SPAC Willow Lane Acquisition Corp. Northbrook, Ill.-based Boost Run, which provides scalable GPU infrastructure for AI workloads, said the merger values the company at about $614 million with about $112 million added to the Boost balance sheet in the transaction. The combined company will trade on Nasdaq under the symbols BRUN.

Willow Lane Financial Advisors: BTIG, Craig-Hallum Capital Group and D.A. Davidson & Co.

Willow Lane Legal Counsel: Ellenoff Grossman & Schole

Boost Run Investor Relations Advisor: Riveron Consulting

Boost Run Outside Legal Counsel: Winston & Strawn

Winston & Strawn Lead Lawyer: Mike Blankenship (Houston)

Winston & Strawn Texas Lawyers: Ben Smolij (Houston), Drew Pierce (Houston), Jon Bodle (Houston), Robbie Oakes (Houston), Matthew Regens (Houston), Zach Scott (Houston)

Elsewhere: Peter Clarke (Chicago), Katherine Erbeznik (New York), Del Efimov (Chicago)

AI-driven permitting platform raises $49.5M

Deal Description: GreenLite, a New York-based AI-driven platform that claims to accelerate common permitting problems by as much as 75 percent, announced September 15 a $49.5 million Series B fund raise led by Insight Partners. GreenLite said it plans to use the money to enter its platform into other verticals including logistics and lodging. Joining Insight in the raise was Energize Capital alongside existing investors Craft Ventures, LiveOak Ventures and Chicago Ventures.

Insight Outside Legal Counsel: Willkie Farr & Gallgher

Willkie Lead Lawyers: Matthew Haddad (New York) and Joe Laurel (Houston)

Frisco-based Blue Star Innovation Partners invests in short-term rental management software company

Deal Description: Hostfully, a software provider for short-term rental managers, said Sept. 16 that it received a major investment from Frisco-based Blue Star Innovation Partners. Terms weren’t disclosed. Hostfully said it plans to use the investment to add more AI services, explore new markets, and expanding beyond digital guidebooks, smart device management, and its current property management system.

Hostfully Outside Legal Counsel: Reed Smith

Reed Smith Lawyers: Nick Foreste (Atlanta), Jennifer Feld(Atlanta), and Sarah Moy (Atlanta)

Blue Star Innovation Outside Legal Counsel: Kirkland & Ellis

Kirkland & Ellis Texas Lawyers: Kevin Crews(Dallas), Jessica Berkowitz(Dallas), Dani Blain (Dallas), Brittney Fricks (Houston), Will Whitlock (Dallas), Saam Namazi (Houston), Christie Alcala (Houston), Jon Kidwell (Dallas), Thomas Boynton(Dallas), Stephen Jacobson (Houston/New York), David Wheat (Dallas/Houston), Joe Tobias(Dallas) and  Alex Stephenson(Dallas)

Elsewhere: George Cartveli (New York), Paige Costakos (New York), Stew Dunoskovic (Chicago), Shellie Freedman (New York), Zachary Sallen(New York), Anna Geml(Chicago), Michael Thorpe(Chicago), John Goldman (New York)

Nasdaq sells Solovis tech platform to Insight Partners

Deal Description: Nasdaq Inc. said Sept. 17 that it sold the Solovis financial technology platform to technology investment firm Insight Partners. Terms weren’t disclosed. Based in Irving, the Solovis platform provides portfolio management, analytics, and reporting tools that allow investors to monitor performance, exposure, liquidity, and risk in real time.

Insight Partners Outside Legal Counsel: Willkie, Farr & Gallagher

Nasdaq Financial Advisor: Evercore

Nasdaq Outside Legal Counsel: Skadden, Arps, Slate, Meagher & Flom

Skadden Lawyers: Jeffrey Brill (New York), Thaddeus Hartmann (New York), Gurjot Kaur (New York), Andrew Woodard (New York), Kashira Patterson (New York)

Franchise Equity Partners buys majority stake in 7 Brew franchisee

Deal Description: Franchise Equity Partners said Sept. 18 that it acquired a majority stake in 7 Crew, a franchisee of 7 Brew drive-thru coffee with 50 locations and plans to open more than 200 more across Texas, Florida, Oklahoma and New Mexico. Terms weren’t disclosed. Private investment firm Franchise Equity Partners said it has “taken a highly selective approach” in the quick-service restaurant sector. 7 Brew had 14 locations in 2021 and now has more than 460. 7 Crew investors, Masked Rider Capital of Lubbock and Red Sky Holdings, a Dallas real estate investment firm, will retain significant stakes in the franchisee.

Franchise Equity Partners Outside Legal Counsel: Davis Wright Tremaine

7 Crew and Masked Rider Capital Outside Legal Counsel: Willkie Farr & Gallagher

Willkie Lead Lawyer: Jonathan Platt (Dallas) 

Willkie Texas Lawyers: Omar Shariff (Houston) and Bilal Sheriff (Dallas)

Houston investment firm buys glass micronization company

Deal Description: Ara Partners said on Sept. 16 it acquired Naples-Fla.-based Microtec Development & Holdings, a micronization technology company. Terms weren’t disclosed. Microtec’s first commercial application, AggrePlex, transforms waste glass into ground glass pozzolan for concrete. Houston investment firm Ara Partners is focused on the decarbonization of the industrial economy.

 Ara Partners Outside Legal Counsel: Latham & Watkins

Latham & Watkins Lead Lawyers: Scott Craig (Houston), Justin T. Stolte (Houston), John Daywalt (Houston)

Other Latham Texas Lawyers: Stacey Hall (Houston), David Lee (Houston), Dylan Brown (Houston), Christine Mainguy (Houston), Andrea Herman (Austin), Krisa Benskin (Houston), Andrew Abokhair (Austin), Saúl Aguirre-Villarreal (Austin)

Elsewhere: Jenny Bobbitt (New York)

Partners Group acquires PowerTransitions after it buys power plants from Talen Energy

Deal Description: PowerTransitions said on Sept. 17 that it acquired a 226 MW portfolio of natural-gas fired power generation assets from Talen Energy. Terms weren’t disclosed. The portfolio includes power plants in Camden, N.J., and Dartmouth, Mass. In conjunction with the deal, Partners Group closed it acquisition of PowerTransitions from EnCap Investments and said it plans to invest over $450 million in PowerTransitions.

PowerTransitions and Partners Group Financial Advisor: Davis Polk & Wardwell

Talen Energy Outside Legal Counsel: Kirkland & Ellis

Kirkland & Ellis Texas Lawyers: Bill Benitez (Houston),  Josh Teahen (Houston), Shelby Morgan (Houston), Cat Leveque (Austin), Lucas Spivey (Houston), Osaro Aifuwa (Houston), Mark Dundon (Houston), Rachel Malhiet (Austin)

Elsewhere: Brooksany Barrowes (Washington, D.C.) and Drew Stuyvenberg (Washington, D.C.)

Capital Markets/Credit

Phillips 66 to offer $2B notes due 2056

Deal Description: Phillips 66 announced on Sept. 16 plans to offer $2 billion of junior subordinated notes in two series both due in 2056. The Houston energy company will offer $1 billion in 5.875% Series A junior subordinated notes and $1 billion in 6.2% Series B junior subordinated notes.

Phillips 66 Outside Legal Counsel: Gibson Dunn

Gibson Dunn Lead Lawyers: Hillary Holmes (Houston/Dallas) and Doug Rayburn (Dallas/Houston)

Other Texas Lawyers: Robbie Hopkins (Houston), Lawrence Lee (Houston), Benjamin Blefeld (Houston)

Elsewhere: Jennifer Sabin (New York), Kate Long (New York), Sumaya Bouadi (New York)

DTE Energy closes sale of $1.4B notes

Deal Description: DTE Energy Co. said Sept. 17 that it completed the sale of $600 million of Series H 6.25% junior subordinated notes due 2085.

Underwriters: BofA Securities, JPMorgan Securities, Morgan Stanley and Wells Fargo Securities (joint book-running managers)

The Detroit utility also closed the sale of $250 million Series C 4.875% senior notes due 2028 and $550 million of 2025 Series I 5.05% senior notes due 2035.

Underwriters: Barclays, BMO Capital Markets, MUFG Securities Americas and Truist Securities (joint book-running managers)

Underwriters Counsel: Bracewell

Bracewell Texas Lawyers: Troy L. Harder (Houston), Ian R. Brown (Dallas), Daniel J. Pope (Austin), Shannon L. Baldwin (Houston), Bronwyn T. Tuff (Houston), Steve Campbell (Dallas)

Elsewhere: Catherine C. Hood (New York) and Elizabeth L. McGinley (New York)

Permian Resources shareholders offer 46.1M shares at $13.53 each

Deal Description: Permian Resources Corp. announced Sept. 15 an offering of more than 46.1 million of its common shares at $13.53 a share by affiliates of Pearl Energy Investments and Riverstone Investment Group. The Midland-based oil and natural gas company did not sell any Class A common shares in the offering and will not receive any proceeds. Permian Resources plans to purc hase about 2 million common units at a price equal to the price per common share in the offering and cancel a corresponding number of shares of its Class C common stock held by the selling stockholders.

Underwriters: Morgan Stanley, Citigroup and Goldman Sachs

Permian Outside Legal Counsel: Latham & Watkins

Latham & Watkins Lead Lawyers: John Greer (Houston) and Kevin Richardson (Houston)

Latham & Watkins Lawyers: Brian Bruzzo (Houston), Nikky Wei (Houston), Riann Winget (Houston), Bryant Lee (Houston), Molly Elkins (Houston), Josh Marnitz (Los Angeles/Houston), Jacqueline Zhang (Washington, D.C.)

Helius Medical Technologies prices ATM offering, to buy Solana

Helius Medical Technologies Inc. on Sept. 15 announced an ATM offering of up to $92.8 million of common shares led by Pantera Capital and Summer Capital, both of which are focused on crypto and the blockchain. The offer also had the usual group of crypto investors and follows the termination of a previous agreement with Roth Capital Partners. The Newtown, Pa.-based neurotech company plans to use proceeds to acquire Solana tokens and convert to a SOL treasury. The company said the offering includes more than $500 million from a PIPE transaction for the purchase and sale of common shares and another $750 million in warrants to purchase common shares exercisable over three years at $10.134. Following offering, the company’s stock rose more than 250% in trading during the week. Helius Medical, which trades on Nasdaq under the symbol HDST, closed at $7.56 on Friday, Sept. 12; and then on Friday, Sept. 19, the stock closed at $24.13.    

Underwriters: Clear Street (lead placement agent); Maxim Group and Tiger Securities (co-placement agents)

Helius Medical Technologies Outside Counsel: Honigman LLP

Pantera Capital Outside Legal Counsel: Reed Smith

Summer Capital Outside Legal Counsel: Cooley LLP

Clear Street Outside Legal Counsel: Winston & Strawn

Winston Lead Lawyer: Mike Blankenship (Houston)

Winston Texas Lawyers: John Niedzwiecki (Houston), Hannah Miller (Houston), Pete Staviski (Houston)

Amazon re-seller Pattern Group raises $300M in IPO

Pattern Group said Sept. 19 that it priced an initial public offering of 21.4 million shares its common stock at $14 a share, raising about $300 million. CNBC reported that Utah-based Pattern currently ranks as the No. 2 Amazon reseller in the U.S., based on the number of customer reviews, according to research firm Marketplace Pulse. Pattern Group buys products from brands and resells them on online marketplaces. Underwriters have an over-allotment option to buy another 3.2 million shares, and the company will trade on Nasdaq under the symbol “PTRN.”

Underwriters: Goldman Sachs and JPMorgan (lead book-running managers); Evercore ISI and Jefferies (joint book-running managers); Baird, BMO Capital Markets, KeyBanc Capital Markets, Needham & Co., Stifel, and William Blair (additional book-running managers)

Underwriters Outside Legal Counsel: Latham & Watkins

Latham Lead Lawyers: Tad Freese (Bay Area) and Marc Jaffe (New York)

Texas Lawyers: Robert Brown (Houston)

Soluna Holdings gets $100M credit facility from Generate Capital

Deal Description: Soluna Holdings announced Sept. 16 a credit facility of up to $100 million from San Francisco investment firm Generate Capital. Albany, N.Y.-based Soluna, which develops green data centers for AI and Bitcoin mining, plans to use the credit for refinancings and active data center projects, including some in Briscoe County in the Texas Panhandle and Willacy County in the Rio Grande Valley.

Soluna Outside Legal Counsel: Norton Rose Fulbright, O’Melveny & Myers, Lowenstein Sandler, and Brownstein Hyatt Farber Schreck

Generate Outside Legal Counsel: Vinson & Elkins

Vinson & Elkins Lead Lawyers: Eamon Nolan (New York) and Rafael B. de Toledo (New York)

Texas Lawyers: Scot Dixon (Houston), Ken Adler (Dallas), Sarah Lengyel (Dallas), Noelle Alix (Houston), Wendy Salinas (Dallas), David Peck (Dallas), Lauren Nieman (Houston), Winston Skinner (Austin), Ryan Hoeffner (Houston), Katie Grissel (Dallas), Heather Reynolds Johnson (Dallas), Nicole Waterstradt (Dallas), Cassandra Zárate (Houston), Mattnew Dobbins (Houston), Sean Becker (Houston), Peter Goetschel (Houston), James Leader (Houston), Joyce Adetutu (Houston), Rajesh Patel (Houston)

Elsewhere: Fon Kunanusorn (New York), Peter Kim (New York), Ben Heriaud (New York), Elisie Lee (New York), Adrian Hernandez (New York), Steven Abramowitz (New York), Jessica Peet (New York), Jennifer Cornejo (Denver), Alyssa Sieja (Washington, D.C.), Brian Howard (Washington, D.C.), Frankie Velez (Washington, D.C.), Alexa Chally (New York)

Diversified Energy prices 5.7M shares at $78.4M

Deal Description: Diversified Energy Co. announced on Sept. 16 the pricing of a secondary offering of about 5.7 million common shares at $13.75 a share by funds and entities managed by certain shareholders. Birmingham, Ala.-based Diversified Energy said the shareholders granted underwriters an over-allotment option to buy another 857,002 shares.

Underwriters: Mizuho, Raymond James and Citigroup (joint book-running managers)

Diversified Energy Outside Counsel: Gibson Dunn

Gibson Dunn Lead Lawyers: Hillary Holmes (Houston) and Atma Kabad (Houston)

Late Arrivals and other matters …

Holland & Knight said it advised FirstCall Mechanical Group in early August on an expanded senior secured credit facility. The Austin-based HVAC, building controls, electrical and plumbing services provider for commercial and industrial facilities plans to use the new capital for acquisitions and liquidity. The Holland & Knight team was led by Arthur Lotz in Dallas with associates Amir Saboorian and Ellie Ratliff,  who are also in Dallas. In late August, Holland & Knight represented North American Rail Solutions on a $770 million term loan and revolving credit facility that the Fort Worth-based railroad company used to acquire ZA Construction, a Mississippi rail support services company to the shortline and industrial rail sector. Arthur Lotz led the Holland & Knight team from Dallas with associates Amir Saboorian (Dallas), Ana Carvajal (Dallas), David Rascoe (Dallas), Nikolai Hood (Houston), Brandon Bloom (Dallas) and Courtney Wager (Dallas).

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