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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

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  • Corporate Deal Tracker
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CDT Roundup: Utilities, Pipelines and Oil Take Center Stage

May 3, 2026 Jason Philyaw

For the week ended May 2, the CDT Roundup reported on 13 deals valued at nearly $37.9 billion. The prior week had 11 deals reported with a total value of about $19.7 billion, while a year ago at this time, the Roundup reported on 11 deals valued about $4.3 billion.

On the M&A side, the week proved to be all about power and energy and data centers. The $16.4 billion acquisition of ARC Resources by Shell was the boldest stroke, continuing the massive consolidation in fossil fuels. There were two purchases of utilities and a pipeline acquisition — even the sale of a petroleum engineering services firm.

The cap markets/financing side kept apace with a $16 billion data center financing, along with debt issues by an energy services giant, a pair of mining operations and a Louisiana utility. Outliers included a food distributor and a pair of SPAC IPOs.

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

Have a deal we should include next week?

Please share your news with us at CDTRoundup@texaslawbook.net by sending 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, and all other 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
05-02-2613$37,87071225$16,8708$21,000
25-Apr-2611$19,69072209$16,0202$3,670
18-Apr-2614$3,5101219211$2,2633$3,510
11-Apr-2610$5,09591075$1,9305$3,165
04-Apr-2611$32,95712949$32,2222$735
28-Mar-2613$10,74191069$7,2504$3,491
21-Mar-2611$7,52791146$5,9855$1,631
14-Mar-2613$5,980121347$1,4726$4,508
07-Mar-2613$48,14081189$41,7764$6,364
28-Feb-2611$7,312111025$4,7756$2,537
21-Feb-2610$7,08771807$6,1873$899
14-Feb-2614$20,46091519$16,4405$4,020
7-Feb-268$316,505112038$316,50500
31-Jan-2611$3,9858727$1354$3,850
24-Jan-268$1,34051207$9851$355
17-Jan-2619$18,4401020313$12,9636$5,477
10-Jan-2618$8,9581218217$8,3581$600
03-Jan-262$1,5192171$18.81$1,500
27-Dec-252$3,2002152$3,20000
20-Dec-2511$10,1678967$7,4114$2,756
13-Dec-2515$9,9521021111$6,2674$3,686
06-Dec-2516$9,947119413$8,0913$1,856
29-Nov-256$4,0755602$1754$3,900
22-Nov-2520$5,5461416614$3,3096$2,238
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
22-Feb-2512$16,39771496$6,6356$9,862
15-Feb-2517$12,1361313410$9,4112$2,725
8-Feb-2514$7,15491799$4,9505$2,204
1-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/Funding

Shell buys ARC Resources in $16.4B deal

Deal Description: British oil and gas giant Shell announced on April 27 an agreement to acquire ARC Resources, a Canadian energy company focused on the Montney shale basin in British Columbia and Alberta, in a deal with a total enterprise value of about $16.4 billion. Baker Botts is acting as U.S. regulatory counsel to Calgary-based ARC Resources. Travis Torrence is head of legal for Shell USA. Click here for The Lawbook’s coverage.

UGI Corp. sells Pa. electric utility to Argo Infrastructure for $470M

Deal Description: UGI Corp. said on April 28 that its UGI Utilities unit signed a definitive agreement to sell its electric division to mid-market infrastructure and utility fund manager Argo Infrastructure Partners for about $470 million. The natural gas and electric utility company said the unit has about 2,700 miles of transmission and distribution lines and 14 substations in Pennsylvania’s Luzerne and Wyoming counties, serving more than 63,000 customers. UGI Utilities, which serves more than 760,000 customers throughout Pennsylvania and Maryland, plans to use proceeds to reduce debt and for general corporate purposes. The deal is expected to close in the first quarter of 2027.

Argo Financial Advisor: Truist Securities

Argo Outside Legal Counsel: King & Spalding 

UGI Corp. Financial Advisor: PJT Partners

UGI Corp. General Counsel: Kathleen Shea Ballay

UGI Corp. Outside Legal Counsel: Baker Botts

Baker Botts Texas Lawyers: Bryan Henderson (Dallas), Jenna Kabrich (Austin), Rachel Brachman (Dallas), Clint Culpepper (Austin), Daniel Leventhal (Dallas), Jordan Hahn (Dallas), Matt Larsen (Dallas), Meaghan Christner (Houston), Liz Singleton (Houston)

Ares Management acquires stake in Rover pipeline from Blackstone

Deal Description: Alternative investment manager Ares Management Corp. said on April 29 that it acquired a 32.4% stake in the Rover Pipeline from Blackstone Energy Transition Partners. Terms weren’t disclosed. Ares said Rover is a 700-mile natural gas transmission pipeline that connects the Appalachian Basin to markets across North America. The pipeline, which is operated by an affiliate of Dallas-based midstream giant Energy Transfer, spans Pennsylvania, West Virginia, Ohio and Michigan, with transportation capacity of 3.425 billion cubic feet per day. Blackstone acquired its interest in Rover in 2017.

Blackstone Chief Legal Officer: John G. Finley

Blackstone Outside Legal Counsel: Vinson & Elkins

Ares Financial Advisors: RBC Capital Markets and Greenhill & Co.

Ares General Counsel: Naseem Sagati Aghili

Ares Outside Legal Counsel: Kirkland & Ellis

Kirkland Lead Lawyers: Robert P. Goodin (Houton/Austin), Jimmy Chalk (Houton)

Texas Lawyers: Phillip Greenfield (Houton), Tyler Ciavarra (Houston), Colby Gardner (Houston), Bill Dong (Houston/Salt Lake City), Griffin Peeples (Houton), Jim Dolphin (Houton), Chad Smith (Houton), Jonathan Strom (Houton)

Elsewehere: Aaron King (Salt Lake City), Rohit Chaudhry (Washington, D.C.), Olivia George (New York), Meng Ding (Washington, D.C.), Drew Stuyvenberg (Washington, D.C.)

Stonepeak, Bernhard Capital Partners acquires Louisiana electric utility Cleco Group

Deal Description: Private investment firms Stonepeak and Bernhard Capital Partners, which is based in Baton Rouge, La., announced on April 27 an agreement to acquire Cleco Group, a regulated electric utility serving 24 parishes in Louisiana, from Macquarie Asset Management, British Columbia Investment Management and Manulife Investment Management. Terms weren’t disclosed.

Stonepeak Financial Advisor: Greenhill

Stonepeak General Counsel: Adrienne Saunders

Stonepeak Outside Legal Counsel: Simpson Thacher & Bartlett

Bernhard Financial Advisor: Centerpoint Partners

Bernhard General Counsel: Lucie Kantrow

Bernhard Outside Legal Counsel: Latham & Watkins

Latham Lead Lawyers: Caroline Phillips (New York), Jessica Marina Pisani (New York)

Texas Lawyers: Craig Kornreich (Houston), Max Fin (Houston), Govin Kaggal (Houston), Stacey Hall (Houston)

Elsewhere: Felix Gasten (New York), Lachlan Sievert (New York), Sam Berry (New York), Eric Rothman (New York), Jen Goldshtein (Washington, D.C.), Jake Goodman (Washington, D.C.), Matthew Dewitz (New York), Jacob Nagelberg (New York), Jason Cruise (Washington, D.C.)

Cleco Financial Advisors: Goldman Sachs and Moelis & Co.

Cleco Outside Legal Counsel: Kirkland & Ellis and Phelps Dunbar

Kirkland & Ellis Texas Lawyers: John Pitts (Houston), Kersten Kober (Dallas), Julian Seiger (Houston), Joe Tobias (Dallas)

Elsewhere: Rohit Chaudhry (Washington, D.C.), Lee Morlock (Chicago)

SLB buys petroleum engineering software businesses of S&P Global Energy

Deal Description: Global technology firm SLB said on April 24 that it agreed to acquire the geoscience and petroleum engineering software businesses of S&P Global Energy, which provides subsurface software used by onshore and unconventional oil and gas operators. Terms weren’t disclosed. SLB, which rebranded itself from Schlumberger in 2022, said the deal extends its “presence in workflow-centric customer segments that are strategically important to long-term digital growth.” S&P Global Energy said this portfolio of subsurface and engineering software is widely used by U.S. onshore and unconventional operators. S&P Global Energy also said it plans to launch an AI-powered upstream data platform known as Titan, “designed to transform how customers discover, analyze, and act on high-quality data and insights.”

SLB Outside Legal Counsel: Akin Gump Strauss Hauer & Feld

Akin Lead Lawyer: W. Robert Shearer (Houston)

Texas Lawyers: Patrick Hovet (Houston), Rhylee Azevedo (Houston), Kiera Galloway (Houston),
Julia Pashin (Dallas/Houston), Samir Halawi (Houston)

Capital Markets/Credit

Related Digital inks $16B data center deal in Michigan

Deal Description: Blackstone-sponsored Related Digital, a Dallas-based data center development platform announced the financing for a $16 billion data center campus in Saline, Michigan, known as “The Barn.” Built to accommodate Oracle, the deal includes long-term, fixed-rate financing led by PIMCO, along with equity from Related Digital. Power will be supplied by DTE Energy, supplemented by a new battery storage investment by Oracle. The financing was announced April 24.

Financial Advisors: Bank of America, Wells Fargo, Goldman Sachs

Related Digital Outside Legal Counsel: Kirkland & Ellis

Lead Lawyers: Michael Shultz (Los Angeles) and Kimberly McGrath (Chicago)

Texas Lawyers: Maxwell Baird (Dallas), Julian Seiguer (Houston), Ieuan Adrian List (Austin), Mary Kogut (Houston), William Zakhary (Houston)

Elsewhere: Robin Basu (Chicago), Katie Roddy (Los Angeles)

Schlumberger offering $2B of notes

Deal Description: SLB’s Schlumberger Investment unit plans to offer $500 million of 4.55 percent notes due 2031; $500 million of 4.8 percent notes due 2033; and $1 billion of 5.15 percent notes due 2036, according to an SEC filing on April 30. The filing listed 11 joint book-running managers led by JP Morgan Securities.

Schlumberger Outside Legal Counsel: Gibson Dunn

Gibson Dunn Texas Lawyers: Cynthia Mabry (Houston)

Elsewhere: Andrew Fabens (New York), Rodrigo Surcan (New York), Chad Kang (Orange County)

Australian mining firm Mineral Resources prices $1.3B of notes

Deal Description: Western Australian lithium, iron ore, energy and mining services company Mineral Resources priced the offering of $650 million of 6 percent notes due 2032 and $650 million of 6.25 percent notes due 2034. The company plans to use proceeds to redeem in notes due next year and in 2028.

Lead Initial Purchaser: JPMorgan Securities

Initial Purchasers Outside Legal Counsel: Simpson Thacher

Lead Lawyers: David Azarkh (New York) and Brian Rosenzweig (Houston)

Texas Lawyers: Margaret Selbe (Houston), Lidia Donaldson (Houston), Kaylee Ham (Houston),

Elsewhere: Michael Mann (New York), Adam Hersch (New York), Caroline Geiger (New York), Chandler Gerard-Reimer (New York), George Gerstein (Boston), Jennie Getsin (New York)

PLS Group Limited closes offering of $600M 6.875% notes

Deal Description: PLS Group Limited said on April 23 that it closed an offering of $600 million of 6.875 percent notes due 2031. The Australian lithium materials producer, which changed its name from Pilbara Minerals Limited in November, plans to use proceeds to refinance a revolving credit facility and general purposes.

PLS Group Outside Legal Counsel: Simpson Thacher & Bartlett

Simpson Thacher Texas Lawyers: Brian Rosenzweig (Houston), Margaret Selbe (Houston), Lidia Donaldson (Houston), Natalie Marionneaux (Houston)

Elsewhere: David Azarkh (New York), Michael Mann (New York), Preston Irace (New York), Chandler Gerard-Reimer (New York), Corina Holland (San Francisco), George Gerstein (Boston), Jennie Getsin (New York)

KeHE Distributors prices $500M 7.125% notes

Deal Description: Natural and organic fresh food distributor KeHE Distributors priced $500 million of 7.125 percent notes maturing in 2033 on April 15. The Naperville, Ill.-based company, which has one of its 19 distribution centers in Dallas, plans to use proceeds to repay asset-based lending debt.

 KeHE Distributors Outside Legal Counsel: Winston Strawn

Winston Strawn Lead Lawyer: Justin Hoffman (Houston)

Texas Lawyers: Etienne Dumas (Houston), Joel Green (Houston), Ryan Greenberg (Houston)

Cleco Power gets $250 term loan to repay notes due this year

Deal Description: Pineville, La.-based regulated electric utility company Cleco Power on April 24 received a $250 million term loan from a consortium of big banks. The company plans to use proceeds to repay notes due this year and general purposes.

Cleco Power Outside Legal Counsel: Baker Botts

Baker Botts Texas Lawyers: Clint Culpepper (Austin/Houston), Regan Vicknair (Houston), Tessa Driver (Houston), Tim Taylor (Houston), Jamie Yarbrough (Houston), Jordan Hahn (Dallas)

RRE Ventures SPAC IPOs at $250M

Deal Description: RRE Ventures Acquisition Corp. said on April 29 that its initial public offering of 25 million units priced at $10 each. The blank-check SPAC granted underwriters an over-allotment option to purchase another 3.75 million units at the IPO price. The units will trade on Nasdaq under the symbol “RREVU.” RRE Ventures plans to target business in the “technology, defense and space, robotics, quantum computing, professional sports, AI, energy, power and other transformative sectors.”

Underwriters: Cohen and Company Capital Markets

RRE Ventures Outside Legal Counsel: Latham & Watkins

Latham & Watkins Lead Lawyer: Ryan Maierson (Houston)

Texas Lawyers: Cooper Shear (Houston), Mary Kline (Houston), Emily Brown (Houston), Jared Grimley (Houston), Lucas Migliano (Houston)

Elsewhere: David Allinson (New York), Michelle Carpenter (Los Angeles)

Forefront Tech Holdings SPAC IPOs at $100M

Deal Description: Forefront Tech Holdings Acquisition Corp. priced its initial public offering of 10 million units at $10 each. The blank-check SPAC granted underwriters an over-allotment option to purchase another 1.5 million units. Forefront Tech plans “to target businesses in the technology sector, with an emphasis on blockchain-enabled artificial intelligence, digital trade identities and robotics.” The units began trading on Nasdaq on Friday under the symbol “FTHAU.”

Underwriter: BTIG LLC (sole book-running manager)

BTIG Outside Legal Counsel: Loeb & Loeb

Forefront Tech Outside Legal Counsel: Winston & Strawn

Winston & Strawn Lead Lawyer: Mike Blankenship (Houston)

Winston & Strawn Texas Lawyers: Joel Green (Houston), Robbie Oaks (Houston), Drew Pierce (Houston)

Late Arrivals and Other Matters …

On March 26, Contango Silver & Gold and Dolly Varden Silver closed their merger announced in December after all required shareholder and court approvals. The new company plans to trade on the Toronto Stock Exchange as Contango Silver & Gold under the symbol “CTGO.” The merger combined Contango’s Manh Choh gold mine and others projects in Alaska with Dolly Varden’s Kitsault Valley silver and gold project in British Columbia. Holland & Knight advised Contango led by partners Tim Samson and Paul Monsour in Houston. Andy Flint, Ryan Phelps and Eric Alborn also advised from Houston with Neely Munnerlyn in Dallas. Kendall Wilson advised from Tampa, while Brad Dumbacher and Andrew McAllister provided counsel from Washington, D.C.

Latham & Watkins said last week that Robert Brown, a partner with offices in Houston and Austin, advised Mexican private power producer Saavi Energía in its merger with Grupo México’s, and he also provided counsel to Cognizant in its acquisition of Astrey, as part of a team lead by Bay Area partners that also included Houston partner Jared Grimley, who advised on tax matters. Latham Houston Partner Christine Mainguy was the lone Texas lawyer who advised investment firm Carlyle as it provided preferred equity financing to support CC Capital’s acquisition of Insignia.

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