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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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From Jet Engines to Electric Wings: Aerospace Leads the Week

November 16, 2025 Jason Philyaw

The week that ended Nov. 15 saw 16 deals reported to the Roundup, evenly split between M&A and capital/credit markets, with a total value of $16.4 billion.

That’s down more than a tad from last week’s 21 deals valued at nearly $76 billion. But it’s about the same as the 17 deals for $11 billion reported this time last year. And more importantly, it continues a remarkable run of nine consecutive weeks with total reported values of $11 billion or more.

That last number is particularly important. It underscores the role of capital markets on the value side, as only $4.8 billion of the week’s $16.4 billion came from the M&A side of the balance sheet. That’s the lowest weekly M&A value since the first week of September when M&A accounted for only $2.9 billion of $8.6 billion.

Even so, the week had its upsides, featuring a couple of high-profile exits, a continued focus on aerospace and an eye-popping IPO.

Canadian upstream Baytex Energy announced a literal exit, leaving its Eagle Ford assets — and its U.S. operations altogether — with $2.3 billion from an undisclosed buyer. KKR announced the sale of Novaria Group, the Fort Worth aerospace manufacturer. And Fluor Corp. continued its exit from NuScale, a maker of small modular nuclear reactors.

Meanwhile BETA Technologies, a Vermont maker of several lines of all-electric aircraft, introduced itself to the New York Stock Exchange in dramatic fashion with a $1 billion oversubscribed initial public offering.

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 report.

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
15-Nov-2516$16,373111368$4,7908$11,583
08-Nov-2521$75,9191519115$70,6306$5,289
01-Nov-2520$25,9271215214$21,4556$4,472
25-Oct-2519$61,4701426218$60,8941$576
18-Oct-2514$47,7921213013$46,5921$1,200
11-Oct-2514$17,36191047$14,4447$2,917
04-Oct-2521$20,8431523610$15,37611$5,467
27-Sept-2516$22,7741221910$19,1036$3,671
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

Canada’s Baytex Energy exits US, sells Eagle Ford assets for $2.3B

Deal Description: Baytex Energy said on Nov. 12 that it sold all of its Eagle Ford assets to an undisclosed buyer for $2.305 billion cash. The Calgary energy company, which plans to focus on its Canadian operations of over 2,200 drilling locations, will use proceeds from the sale to repay debt and other general purposes.

Baytex Financial Advisor: RBC Capital Markets

Outside Legal Counsel for the undisclosed buyer: Latham & Watkins

Latham & Watkins Lead Lawyers: Justin T. Stolte (Houston/New York), Kevin Richardson (Houston), James Robertson (Houston), Nathan Zhang

Latham & Watkins Texas Lawyers: Robert Cunningham (Houston), Patrick Donlon (Houston)

KKR Exits Novaria Group for $2.2B

The investment firm said on Nov. 10 that it selling Novaria Group, a Fort Worth aerospace manufacturer founded in 2011, to Nashville-based Arcline Investment Management. Kirkland & Ellis, Ropes & Gray are legal advisors on the deal. KKR acquired Novaria Group from Rosewood Private Investments and Tailwind Advisors in a deal The Lawbook reported on in November 2019.

IES Holdings buys Gulf Island Fabrication for $192M

Deal Description: Sugar Land integrated electrical and technology systems company IES Holdings said Nov. 7 that it acquired Gulf Island Fabrication for $12 a share cash, or about $192 million, representing a premium of 52% to Gulf Island’s closing price of $7.87 on Nov. 6. Gulf Island makes complex steel structures, modules and automation systems for the industrial, energy and government sectors with headquarters in The Woodlands and operations in Houma, La., and Houston.

IES Holdings Outside Legal Counsel: Norton Rose Fulbright

Norton Rose Fulbright Lead Lawyers: Brian Fenske (Houston) and Thomas Verity (Houston)

Norton Texas Lawyers: Juan Felipe Velasquez (Houston), Jenelle Tubergen (Houston), Danielle Bodunrin (Houston)

Amplify Energy sells Oklahoma oil, gas assets to Revolution Resources III for $92.5M

Deal Description: Houston-based acquirer, developer and producer of oil and natural gas properties Amplify Energy Corp. said on Nov. 5 that it sold all its oil and gas assets in Oklahoma to Revolution Resources III for $92.5 million. Amplify recently sold assets in East Texas and Eagle Ford, as it simplifies its portfolio and focuses on its highest upside assets. Revolution Resources III is a private exploration and production company based in Oklahoma City, backed by Houston-based Mountain Capital Management.

Amplify Financial Advisor: TenOaks Energy Advisors

Amplify Outside Legal Counsel: Kirkland & Ellis

Revolution Resources III Outside Legal Counsel: Willkie Farr & Gallagher

Willkie Lead Lawyers: Tan Lu with Emerson W. Girardeau III and Claudia Garnica in Houston

Willkie Texas Lawyers: Robert Jacobson (Houston)

Elsewhere: Jeffrey Clancy (New York), Scott Thompson (San Francisco), Stuart Lombardi (New York), John Forbush (Washington, D.C.), William Thomas (Washington, D.C.), David Mohl (Washington, D.C.), Kenneth Sommer (New York) 

KBR/One Equity Partners JV buys Louisiana welding firm

Deal Description: Mid-market PE firm One Equity Partners and KBR announced Nov. 3 that their shared portfolio company Brown & Root Industrial Services is acquiring Specialty Welding and Turnarounds, a Gonzales, La.-based provider of specialty welding, cooling tower and industrial catalyst services to the refinery, petrochemical, and renewables markets in 22 states. SWAT is a portfolio company of mid-market PE firm ORIX Capital Partners. Financial terms were not disclosed.

Brown & Root Industrial Services Legal Counsel: Baker McKenzie

OEP Financial Advisors: KPMG and Arnovia

OEP Outside Legal Counsel: Sidley Austin

SWAT Financial Advisor: Lazard

SWAT/ORIX Capital Partners Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: Kevin Crews (Dallas) and Jacqueline Scioli (Dallas)

Texas Lawyers: Claire Wolf (Austin), Alexa Wachsman (Dallas), Alexa Beckham (Austin), Stephen Jacobson (Houston/New York), Rebekah Kostelak (Houston), Christie Alcala (Houston), David Wheat (Dallas/Houston), Rebecca Fine (Dallas), Stacie Nguyen (Houston), Catherine Garner (Dallas), Jonathan Kidwell (Dallas)

Elsewhere: Shana Krauss (New York), Alexandra Mihalas (Chicago), Caitlin Pyrce (Chicago), George Cartveli (New York), Shellie Freedman (New York), Molly Mahowald (New York), Lanre Williams (New York), Carter Vella (Washington, D.C.), Mike Thorpe (Chicago), Alasdair Balfour (London), Jessica Sicsu (Chicago)

Fluor Corp. to exit NuScale after 14 years

Deal Description: Irving-based Fluor Corp. said on Nov. 6 that it plans to exit NuScale Power through a planned monetization of NuScale stock. In a process that began in October with a $605 million sale of its Class A stock in NuScale, Fluor has agreed to convert its remaining Class B units of NuScale Power into Class A common shares and begin a structured sale of its remaining 39 percent stake in NuScale, a Corvallis, Ore.-based provider of small, modular nuclear reactor technology. Fluor, which specializes in engineering, procurement, construction and maintenance services, also agreed to vote in favor of NuScale’s increase in authorized share count. The agreement also reduces Fluor’s economic rights under the tax receivable agreement and waives certain claims relating to Fluor’s commercial arrangements with NuScale. Fluor acquired a majority interest in NuScale in 2011.

NuScale Power Outside Legal Counsel: Gibson Dunn

Gibson Dunn Lead Lawyer: Jonathan Whalen (Dallas)

Gibson Dunn Lawyers: George Sampas (New York), Andrew Kaplan (New York), Ronald Mueller (Washington, D.C.), Andrew Fabens (New York), Adam Lapidus (New York), William Altabef (Dallas), Pamela Lawrence Endreny (New York)

Transom Capital Group buys Binswanger Glass

Deal Description: Los Angeles private equity firm Transom Capital Group said on Nov. 12 that it completed its acquisition of Binswanger Glass, a private, 150-year-old flat glass company based in Memphis. Terms weren’t disclosed. Binswanger operates 42 locations across 11 states, providing commercial and residential glass design, engineering, fabrication, and installation services.

Binswanger Financial Advisor: Genesis Capital

Binswanger Outside Legal Counsel: Willkie Farr & Gallagher

Transom Capital Outside Legal Counsel: Kirkland & Ellis, led by Brandon McCoy (Dallas)

Canopy Aerospace & Defense acquires Tods Technology Ltd.

Deal Description: Canopy Aerospace & Defense, a portfolio company of Dallas-based Trive Capital, said on Nov. 4 that it acquired Tods Technology Ltd., a U.K. designer and manufacturer of advanced composite structures and acoustic materials serving the maritime defense industry. Financial terms weren’t disclosed. Canopy, which operates at facilities in Los Angeles, Denver, Cape Canaveral, and the U.K., said Tods Technology has longstanding partnerships with the Royal Navy and more than 25 other navies that allow it to expand its aerospace and defense presence.

Canopy Outside Legal Counsel: Willkie Farr & Gallagher

Willkie Lead Lawyer: Chase Proctor (Dallas)

Willkie Farr & Gallagher Texas Lawyers: Omar Shariff (Houston), Bilal Sheriff (Dallas), Zan Khan (Dallas)

Elsewhere: Vishaal Patel (London), Alexander Sandwell (London), Magnus Chisolm (London)

Capital Markets/Credit

VoltaGrid sells $2B of notes, gets $3B credit facility

Deal Description: VoltaGrid said on Nov. 10 that it sold $2 billion of senior second lien notes due 2030 and closed a $3 billion revolving credit facility. The company plans to use proceeds to repay debt and accelerate its power deployment plan of more than 4.3 gigawatts through 2028. Houston-based VoltaGrid provides modular, behind-the-meter power services for hyperscale data centers, industrial applications, and the energy sector.

Underwriters for the Notes: Goldman Sachs (lead joint bookrunner)

Credit Facility Advisors: JPMorgan Chase (administrative agent)

VoltaGrid Outside Legal Counsel: Sidley Austin

Sidley Lawyers: George Vlahakos (Houston), John Stribling (Houston), Tanner Groce (Houston), Brian Minyard (Houston), Quan Lu (Houston), Lauren Elledge (Houston)

Midstream natural gas company Targa Resources prices $1.75B notes

Deal Description: Targa Resources announced Nov. 6 the pricing $750 million of 4.35% senior notes due 2029 and $1 billion of 5.4% senior notes due 2036. The Houston midstream natural gas infrastructure company plans to use proceeds to redeem notes due 2029, to repay other debt and for general purposes.

Targa Resources Outside Legal Counsel: Gibson Dunn

Gibson Dunn Lead Lawyer: Doug Rayburn (Dallas/Houston)

Gibson Dunn Lawyers: Alexis Levine (Dallas), Gregory Nelson (Houston), Taylor Cathleen Amato (Washington, D.C.) and Tara Adhikari

Enterprise Products Partners prices $1.65B notes in three tranches

Enterprise Products Partners said on Nov. 10 that its Enterprise Products Operating unit priced $1.65 billion of notes in three tranches: $300 million due 2028, $600 million due 2031 and $750 million due 2036. The Houston midstream energy company plans to use proceeds to repay notes due next year and general purposes, including investments and acquisitions.

Underwriters: BofA Securities, JPMorgan Securities, Morgan Stanley, RBC Capital Markets, and Truist Securities (joint book-running managers)

Underwriters Outside Counsel: Vinson & Elkins

Vinson & Elkins Lead Lawyers: Doug McWilliams (Houston), David Stone (Houston), Alex Lewis (Houston)

V&E Texas Lawyers: Connor Rabalais (Houston), Shelby Shearer (Houston), Jack Kimmel (Houston), Chandni Jaggi (Houston), Ryan Vanderlip (Austin), Wendy Salinas (Dallas), Ryan Carney (Houston), Jeff Slusher (Dallas), Addy Jackson (Dallas), Suzanne Clevenger (Houston), Ryan Hoeffner (Houston)

Elsewhere: Jennifer Cornejo (Denver)

LyondellBasell unit prices $1.5B notes

LyondellBasell said on Nov. 10 that its LYB International Finance III unit priced $500 million of 5.125% notes due 2031 and $1 billion of 5.875% notes due 2036. The Houston chemical company and polymer manufacturer plans to use proceeds to redeem notes due in 2026 and 2027.

Underwriters: Citigroup Global Markets, Deutsche Bank Securities and JPMorgan Securities (joint book-running managers)

LyondellBasell Outside Legal Counsel: Gibson Dunn

Gibson Dunn Texas Lawyers: Hillary Holmes (Houston/Dallas), Cynthia Mabry (Houston), Alan Williams (Houston), Caroline Simms (Houston)

Elsewhere: Chris Haynes (London), Jennifer Sabin (New York), Benjamin Fryer (London), Kate Long (New York), Bridget English (London), Jason Richards (London)

BETA Technologies raises $1B+ in IPO

Deal Description: BETA Technologies Inc., a Vermont electric aerospace company, said on Nov. 3 that it priced its initial public offering of nearly 30 million shares at $34 each, raising more than $1 billion. The IPO was oversubscribed and above the expected range of $27 to $33 a share. The company, which builds an all-electric aircraft designed for regional flight and an electric vertical takeoff and landing aircraft for trips in urban areas, granted underwriters an option to acquire another 4.5 million shares. BETA Technologies awaits approval from the Federal Aviation Administration for the vertical takeoff and landing aircraft. CNBC reported that BETA expects full FAA approval in about 30 months.

Underwriters: Morgan Stanley and Goldman Sachs (lead book-running managers); BofA Securities, Jefferies, TPG Capital BD and Citigroup (book-running managers); Cantor, BTIG and Needham & Co. (bookrunners)

BETA Technologies Outside Legal Counsel: Kirkland & Ellis

Kirkland & Ellis Lead Lawyers: Matt Pacey (Houston), Jennifer Wu (Austin), Erin Meziere (Dallas), Sarah Yang (Los Angeles), Cassie Cox (Austin), Alex Saenz (New York), Kyle Sledge (Dallas) and Kristin Kluding (Houston)

Kirkland Lawyers: Christopher Burwell (New York/San Francisco), David Feirstein (New York), Adam Phillips (Palo Alto), Ravi Agarwal (New York), Mohammed Banjari (Palo Alto), Siddharth Rai (San Francisco), Michael Krasnovsky (New York), Steph Matko (New York), Shana J. Krauss (New York), Devin Heckman (Palo Alto), Nithya Sheshadri (Palo Alto)

Centuri Holdings net $160M from public offering, $75M from Icahan Partners

Deal Description: Centuri Holdings announced on Nov. 14 that it sold more than 7.4 million common shares at $21.50 each, raising $160 million. The Phoenix energy utility said it gave underwriters an over-allotment option to buy over 1.1 million shares at the offering price. Centuri also said Icahn Partners and Icahn Partners Master Fund purchased nearly 3.5 million common shares in a private placement concurrent with the public offering for $75 million.

Underwriters: JPMorgan, Wells Fargo Securities, BofA Securities, and KeyBanc Capital Markets (joint lead book-running managers); UBS Investment Bank, Baird, BTIG, CIBC Capital Markets, PNC Capital Markets and Siebert Williams Shank (book-running managers)

Centuri Holdings Outside Legal Counsel: Baker Botts

Baker Botts Texas Lawyers: Clint Rancher (Houston), Eileen Boyce (Houston), Marshall B. Heins II (Houston), Treyton Zanutto (Houston), Amy Jiang (Austin), Madeline McCune (Houston), Jon Lobb (Houston), Andrew Maughan (Houston)

Wonderful gets $100M from Index Ventures, Insight Partners

Israeli AI company Wonderful said on Nov. 11 that it raised $100 million in funding led by Index Ventures, with participation from Insight Partners, IVP, and Bessemer Venture Partners and Vine Ventures. The company said it is developing AI-powered agents for enterprise use.

Insight Partners Outside Legal Counsel: Willkie Farr & Gallagher  

Willkie Farr & Gallagher Lead Lawyers: Matthew Haddad in New York and Joe Laurel in Houston

Frontier TopCo Partnership sells 10M shares of Kodiak Gas Services

Kodiak Gas Services announced on Nov. 12 the sale of 10 million common shares by Frontier TopCo Partnership at $33.60 each. The contract compression services provider based in The Woodlands said it didn’t sell any shares and will not receive any proceeds from the sale by Frontier TopCo, which is an affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV that are managed by Swedish investment firm EQT. Kodiak Gas did agreed to repurchase 1 million common shares from the underwriter at the $33.60 a share.

Underwriter: Goldman Sachs

Kodiak Outside Legal Counsel: Kirkland & Ellis

Kirkland & Ellis Lawyers: Matt Pacey (Houston), Jennifer Wu (Austin), Ieuan List (Austin), Kate Wilson (Dallas), Kyle Sledge (Dallas), Brittany Murphy (Austin), Cassie Cox (Austin)

Late Arrivals and Other Matters …

On Oct. 14, Massachusetts healthcare technology company Imprivata said it acquired Austin-based Verosint, which provides identity threat detection and response services. Terms weren’t disclosed. Imprivata plans to integrate Verosint’s AI-powered risk engine to help the company modernize enterprise access management with “advanced, frictionless, and passwordless access for every user type, including frontline staff, knowledge workers, and third-party identities, while strengthening security, streamlining compliance, and reducing total cost of ownership.” A&O Shearman provided counsel to Verosint led by Carmelo Gordian in Austin and associates John Kurtz (Dallas), Sebastian Oranday (Austin), and Mina Zaky (Austin) with support from Ryan Bray (Dallas), JB Betker (New York) and Matthew Behrens (New York).

Spanish energy utility Naturgy announced on Nov. 10 that it agreed to purchase 1 million tonnes per annum of liquefied natural gas for 20 years beginning in 2030 from Venture Global Inc. The companies said the deal represents Spain’s return to long-term contracting for American LNG. Venture Global has supplied Spain with 35 cargoes from its Calcasieu Pass and Plaquemines facilities in Louisiana, according to the companies. (Separately on Nov. 11, Venture Global said Mitsui & Co. agreed to purchase 1 million tonnes per annum of LNG for 20 years beginning in 2029.) Latham & Watkins repped Naturgy in the deal through a team led by Chris Peponis and Carlos Diaz, with assistance from Andy Yuan and Diego Diaz all based in Houston.

Karman Holdings Inc. said Oct. 30 that it acquired Five Axis Industries, which provides spun form nozzles, gaseous oxygen systems and fluid control technologies for  commercial space engines, for $83 million cash and about $5 million of stock. Based in Arlington, Wash., an hour north of Seattle, Five Axis said it has developed a proprietary portfolio of complex products that “serve a critical role in optimizing engine performance and operate in highly corrosive, ultra-high-temperature propulsion environments.” On Oct. 24, Huntington Beach, Calif.-based Karman increased its existing term loan to $505 million from $375 million to fund the acquisition and pay off a revolving credit facility. Willkie Farr & Gallagher is Karman’s outside legal counsel with a team led by Brandon McCoy in Dallas that includes Morgan Butkus (Dallas), Omar Shariff and R. Connor Brown in Houston, as well as Andres Mena, Lindsay Girkin and Montgomery Nelson in New York, and Robert Mostek (Chicago).

Lumina Greenland announced on Nov. 12 that it received another mining license to expand work in rare earth minerals development and exploration. The company also said it received $125 million letter of intent for funding from the U.S. Export-Import Bank. Lumina Mining has been operating in Greenland for more than a decade now, producing and exporting anorthite since 2020. The company’s exploration expansion connects to its plans to leverage existing large mining operations on the west coast of Greenland to provide processing, shipping and logistics support. Lumina expects to begin exporting gallium and germanium from Greenland in early 2027. The company also said it is developing a critical minerals processing plant for antimony at its Jeffersonville, Ind., site.

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