With the beginning of every new year comes a new round of data showing how dealmaking fared in the previous year – and projections of what’s to come.
Preqin did its data dump on Jan. 7, releasing figures on everything from buyouts to venture capital activity to private equity fundraising. Among the highlights: That 2018 was the most active year ever recorded for private equity-backed buyout deals, with 5,106 acquisitions (the fifth consecutive year in which the number of deals exceeded 4,000) and the second-highest deal value ($456 billion) since the global financial crisis in 2006-2007 ($700 billion was lodged in 2007).
Two Texas deals shared the spotlight. Preqin said the largest deal of the year was the $21 billion formation of Keurig Dr Pepper Inc. in January and the largest exit was BMC Software Inc.’s $8.3 billion sale by Bain Capital, Golden Gate Capital, GIC and Insight Venture Partners to KKR (which was the sixth largest acquisition of 2018).
Last year also was a record period for venture capital dealmaking with 14,889 transactions announced worldwide worth $274 billion, which far surpassed the previous record of $192 billion set in 2017, Preqin said. Interestingly, China accounted for a large share of the activity, with 4,281 deals announced worth $107 billion, including seven of the 10 largest deals of the year.
Private capital fundraising, meanwhile, remained substantial: $757 billion, which was on par with 2016, Preqin said. And while there was a significant drop in the number of funds closed in 2018 compared with 2017, Preqin thinks 2019 fund value seems set to continue, with funds currently raising capital having already secured more than half a trillion dollars through interim closes.
On the oil and gas front, Drillinginfo reported Jan. 8 that U.S. oil and gas exploration and production M&A clocked in at $84 billion in 2018, the highest total since oil prices fell from their peak in late 2014.
Large billion-dollar-plus deals fueled the surge in the back half of the year with a record-setting $32 billion in the third quarter and $21 billion in the fourth quarter.
One of the highlights, according to Drillinginfo: BP’s transformational $10.5 billion purchase of most of BHP Billiton’s shale assets. It was the largest deal of the year and fourth largest since 2009 – and underpins BP’s strategy to roll-out BPX as an independent and leading U.S. shale player.
The year also ran a close tie with 2014 for the most public company consolidations, Preqin said, with RSP Permian, Energen, Newfield, WildHorse and Penn Virginia leading the exit list in 2018.
The shift toward corporate-level M&A late in 2018 cut into private equity’s share of deal activity, Drillinginfo says. After hitting a high-water mark in the fourth quarter by taking the buyer role in 46 percent of deals, private equity’s share of acquisitions fell to only 7 percent in the fourth quarter. Private equity wasn’t overly active as a seller in the fourth quarter, either, accounting for only 4 percent of sold deals by value versus 23 percent in the same period in 2017.
Looking to 2019, Drillinginfo expects the pace of oil and gas deal markets to remain impacted by oil price volatility, which ultimately provides several special situation opportunities, particularly for oil equities that have been oversold.
“All eyes are on the impact of the start of OPEC+ round two cuts, Iran sanctions plus the trend of global oil demand,” said Brian Lidsky, Drillinginfo’s senior director of market intelligence.
Drillinginfo estimates that $39 billion worth of deals are in play in the U.S., half of which are located in the Permian.
The firm expects the launch of several non-core asset sales from public companies, including BP, and thinks private equity is likely to reemerge as a key buyer on asset deals. Markets also are rewarding scale and low-cost leaders, a trend that could translate into richer equity currency for large players to make accretive buys of smaller ones.
In Texas, dealmaking picked up considerably over the last several weeks. This past week there were 18 transactions worth $7.283 billion, versus 10 deals worth $529.08 million the week before and 12 deals worth $16.5 billion in the same period last year.
Weekly Corporate Deal Tracker Roundup Stats
A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)
(Deal Values in Millions)
| Deal Count | Amount | Firms | Lawyers | M&A Count | M&A Value $M | CapM Count | ||
|---|---|---|---|---|---|---|---|---|
| 09-Nov-24 | 14 | $2,110 | 12 | 139 | 12 | $1,410 | 2 | $700 |
| 02-Nov-24 | 12 | $52,788 | 11 | 107 | 11 | $52,738 | 1 | $50 |
| 26-Oct-24 | 8 | $3,160 | 8 | 65 | 7 | $3,065 | 1 | $75 |
| 19-Oct-24 | 12 | $5,304 | 11 | 136 | 11 | $4,554 | 1 | $750 |
| 12-Oct-24 | 17 | $8,438 | 12 | 150 | 15 | $8,116 | 2 | $322 |
| 05-Oct-24 | 22 | $23,181 | 12 | 189 | 15 | $19,980 | 7 | $3,201 |
| 28-Sep-24 | 11 | $2,356 | 7 | 144 | 7 | $53 | 4 | $2,303 |
| 21-Sep-24 | 12 | $9,568 | 10 | 169 | 5 | $4,101 | 7 | $5,467 |
| 14-Sep-24 | 24 | $10,988 | 12 | 235 | 16 | $7,175 | 8 | $3,813 |
| 7-Sep-24 | 12 | $20,420 | 16 | 168 | 11 | $20,307 | 1 | $112.9 |
| 31-Aug-24 | 13 | $20,631 | 9 | 134 | 12 | $14,775 | 1 | $5,856 |
| 24-Aug-24 | 19 | $8,452 | 21 | 325 | 16 | $7,102 | 3 | $1,350 |
| 17-Aug-24 | 25 | $49,196 | 16 | 304 | 11 | $39,386 | 14 | $9,810 |
| 10-Aug-24 | 20 | $12,264 | 15 | 312 | 16 | $9,794 | 4 | $2,470 |
| 03-Aug-24 | 26 | $16,498 | 16 | 334 | 18 | $8,137 | 8 | $8,361 |
| 27-Jul-24 | 19 | $16,442 | 21 | 271 | 15 | $13,838 | 4 | $2,604 |
| 20-Jul-24 | 15 | $16,016 | 14 | 184 | 10 | $14,232 | 5 | $1,784 |
| 13-Jul-24 | 20 | $17,220 | 14 | 265 | 18 | $7,146 | 2 | $10,074 |
| 6-Jul-24 | 11 | $3,941 | 11 | 95 | 8 | $2,650 | 3 | $1,291 |
| 29-Jun-24 | 14 | $6,296 | 15 | 224 | 8 | $6,296 | 6 | $1,927 |
| 22-Jun-24 | 12 | $5,679 | 8 | 137 | 5 | $210 | 7 | $5,469 |
| 15-Jun-24 | 13 | $9,895 | 16 | 214 | 10 | $5,280 | 3 | $4,615 |
| 8-Jun-24 | 19 | $23,859 | 13 | 239 | 12 | $19,436 | 7 | $4,423 |
| 1-Jun-24 | 12 | $34,510 | 11 | 147 | 9 | $26,110 | 3 | $8,400 |
| 25-May-24 | 13 | $9,684 | 15 | 171 | 10 | $4,434 | 3 | $5,250 |
| 18-May-24 | 11 | $5,490 | 11 | 173 | 8 | $3,129 | 3 | $2,361 |
| 11-May-24 | 22 | $14,855 | 14 | 227 | 16 | $11,105 | 6 | $3,750 |
| 4-May-24 | 13 | $3,139 | 9 | 87 | 10 | $1,297 | 3 | $1,842 |
| 27-Apr-24 | 10 | $6,684 | 6 | 28 | 10 | $6,684 | 0 | 0 |
| 20-Apr-24 | 19 | $15,989 | 11 | 147 | 9 | $5,208 | 10 | $10,781 |
| 13-Apr-24 | 13 | $8,952 | 9 | 76 | 10 | $1,652 | 3 | $7,300 |
| 6-Apr-24 | 22 | $22,616 | 14 | 222 | 14 | $13,501 | 8 | $13,116 |
| 30-Mar-24 | 12 | $9,286 | 8 | 136 | 8 | $4,299 | 4 | $4,987 |
| 23-Mar-24 | 18 | $5,451 | 17 | 266 | 16 | $4,759 | 2 | $692 |
| 16-Mar-24 | 21 | $11,437 | 13 | 186 | 14 | $9,316 | 6 | $2,070 |
| 9-Mar-24 | 23 | $4,695 | 21 | 218 | 19 | $2,723 | 4 | $1,972 |
| 2-Mar-24 | 20 | $9,108 | 19 | 372 | 14 | $4,558 | 6 | $4,550 |
| 24-Feb-24 | 19 | $16,382 | 12 | 248 | 15 | $9,507 | 4 | $6,875 |
| 17-Feb-24 | 16 | $29,932 | 15 | 157 | 12 | $29,216 | 4 | $716 |
| 10-Feb-24 | 25 | $10,750 | 17 | 196 | 19 | $5,372 | 6 | $5,379 |
| 3-Feb-24 | 12 | $8,416 | 18 | 125 | 9 | $3,416 | 3 | $5,000 |
| 27-Jan-24 | 9 | $8,165 | 9 | 87 | 8 | $7,815 | 1 | $800 |
| 20-Jan-24 | 14 | $4,084 | 12 | 109 | 12 | $3,219 | 2 | $865 |
| 13-Jan-24 | 17 | $33,588 | 12 | 256 | 12 | $26,765 | 5 | $6,823 |
| 6-Jan-24 | 8 | $7,915 | 8 | 84 | 6 | $7,265 | 2 | $650 |
| 30-Dec-23 | 17 | $14,599 | 12 | 99 | 15 | $2,714 | 2 | $11,885 |
| 23-Dec-23 | 23 | $4,182 | 13 | 219 | 16 | $1,813 | 7 | $2,370 |
| 16-Dec-23 | 13 | $16,436 | 13 | 280 | 7 | $15,150 | 5 | $1,286 |
| 9-Dec-23 | 26 | $14,633.90 | 17 | 244 | 16 | $8,095 | 10 | $6,538.90 |
| 2-Dec-23 | 13 | $6,720 | 9 | 57 | 12 | $6,630 | 1 | $90 |
| 25-Nov-23 | 9 | $4,835 | 9 | 131 | 6 | $1,785 | 3 | $3,050 |
| 18-Nov-23 | 22 | $6,568.70 | 17 | 184 | 14 | $4,709.20 | 8 | $1,859.50 |
| 11-Nov-23 | 15 | $9,825 | 13 | 179 | 12 | $6,581 | 3 | $3,244 |
| 4-Nov-23 | 15 | $20,582.50 | 14 | 193 | 12 | $19,417.50 | 3 | $1,165 |
| 28-Oct-23 | 18 | $68,419.10 | 18 | 152 | 15 | $66,646 | 3 | $1,773.10 |
| 21-Oct-23 | 16 | $6,755.90 | 16 | 165 | 15 | $6,755.90 | 1 | $3 |
| 14-Oct-23 | 14 | $67,851.20 | 13 | 125 | 9 | $61,998.50 | 5 | $5,852.70 |
| 7-Oct-23 | 17 | $6,595.50 | 13 | 228 | 16 | $5,995.50 | 1 | $600 |
| 30-Sep-23 | 17 | $1,896.45 | 13 | 189 | 14 | $806.45 | 3 | $1,090 |
| 23-Sep-23 | 23 | $6,432.70 | 17 | 230 | 16 | $1,402.80 | 7 | $5,029.90 |
| 16-Sep-23 | 25 | $23,226.70 | 23 | 353 | 16 | $17,239 | 9 | $5,987.70 |
| 9-Sep-23 | 12 | $6,369 | 8 | 102 | 7 | $4,311 | 5 | $2,058 |
| 2-Sep-23 | 14 | $2,522 | 6 | 92 | 13 | $1,322 | 1 | $1,200 |
| 26-Aug-23 | 17 | $12,160.25 | 13 | 202 | 15 | $6,573.25 | 2 | $5,587.00 |
| 19-Aug-23 | 19 | $11,505 | 13 | 213 | 15 | $11,255 | 4 | $250 |
| 12-Aug-23 | 19 | $9,698.80 | 13 | 184 | 7 | $3,270 | 12 | $6,428.80 |
| 5-Aug-23 | 13 | $5,201 | 12 | 118 | 12 | $5,051 | 1 | $150 |
| 29-Jul-23 | 15 | $21,031.60 | 13 | 196 | 11 | $18,292.00 | 4 | $2,739.60 |
| 22-Jul-23 | 18 | $3,992 | 12 | 130 | 13 | $2,808 | 5 | $1,184 |
| 15-Jul-23 | 13 | $8,254.95 | 13 | 81 | 13 | $8,254.95 | 0 | 0 |
| 8-Jul-23 | 16 | $5,441.45 | 12 | 172 | 11 | $2,443 | 5 | $2,998.45 |
| 1-Jul-23 | 16 | $6,872 | 10 | 105 | 12 | $5,474 | 4 | $1,398 |
| 24-Jun-23 | 13 | $10,914 | 16 | 201 | 10 | $7,874 | 3 | $3,040 |
| 17-Jun-23 | 17 | $5,880.70 | 15 | 151 | 15 | $4,705.70 | 2 | $1,175 |
| 10-Jun-23 | 19 | $8,516.10 | 13 | 111 | 16 | $6,252.40 | 3 | $2,263.70 |
| June 3 2023 | 12 | $6,104.42 | 12 | 138 | 8 | $4,256.92 | 4 | $1,847.50 |
| 27-May-23 | 17 | $12,200 | 10 | 67 | 11 | $6,165 | 6 | $6,035 |
| 20-May-23 | 11 | $22,458.10 | 8 | 103 | 4 | $19,455 | 7 | $3,003 |
| 13-May-23 | 12 | $7,034 | 10 | 101 | 8 | $5,460 | 4 | $1,574 |
| 6-May-23 | 20 | $3,297.60 | 18 | 196 | 17 | $2,985.60 | 3 | $312 |
| 29-Apr-23 | 23 | $3,691.20 | 18 | 135 | 17 | $1,969.70 | 6 | $1,721.50 |
| 22-Apr-23 | 16 | $5,570 | 14 | 104 | 14 | $4,750 | 2 | $1,000 |
| 15-Apr-23 | 12 | $23,818.10 | 9 | 59 | 10 | $21,618.10 | 2 | $2,200 |
| 8-Apr-23 | 16 | $7,949 | 9 | 173 | 9 | $5,472 | 7 | $3,477 |
| 1-Apr-23 | 21 | $18,676.70 | 12 | 175 | 11 | $10,926.70 | 10 | $7,750 |
| 25-Mar-23 | 15 | $8,779.50 | 10 | 141 | 5 | $2,362 | 10 | $6,416.50 |
| 18-Mar-23 | 7 | $14,048.80 | 6 | 69 | 5 | $13,345 | 2 | $703.80 |
| 11-Mar-23 | 21 | $11,576 | 16 | 165 | 16 | $8,131 | 5 | $3,445 |
| 4-Mar-23 | 20 | $9,668 | 11 | 228 | 16 | $8,209 | 4 | $1,459 |
| 25-Feb-23 | 13 | $5,335 | 13 | 130 | 12 | $4,235 | 1 | $1,200 |
| 18-Feb-23 | 14 | $5,743.70 | 13 | 158 | 8 | $898.70 | 6 | $4,845 |
| 11-Feb-23 | 16 | $12,088 | 12 | 137 | 12 | $9,965 | 4 | $2,123 |
| 4-Feb-23 | 17 | $8,066 | 15 | 140 | 13 | $5,614 | 4 | $2,452 |
| 28-Jan-23 | 7 | $2,180 | 7 | 75 | 5 | $1,692.75 | 2 | $488 |
| 21-Jan-23 | 17 | $5,768 | 16 | 174 | 12 | $1,918 | 5 | $3,850 |
| 14-Jan-23 | 11 | $2, 800 | 10 | 102 | 8 | $421 | 3 | $2,400 |
| 7-Jan-23 | 18 | $8,296 | 11 | 167 | 14 | $6,461 | 3 | $1,835 |
| 31-Dec-22 | 14 | $2,732 | 11 | 99 | 12 | $2,092 | 2 | $640 |
| 17-Dec | 14 | $7,919 | 13 | 115 | 12 | $7,419 | 1 | $500 |
| 10-Dec-22 | 14 | $10,093 | 12 | 88 | 11 | $7,093 | 3 | $3,000 |
| 3-Dec-22 | 26 | $12,800.90 | 11 | 172 | 20 | $4,141 | 6 | $8,659.90 |
| 26-Nov-22 | 8 | $2,266.70 | 8 | 5 | 3 | $76 | 5 | $2,190.70 |
| 19-Nov-22 | 21 | $2,886 | 15 | 212 | 19 | $2,550 | 2 | $336 |
| 12-Nov-22 | 13 | $15,093.70 | 9 | 81 | 9 | $14,200 | 4 | $893.70 |
| 5-Nov-22 | 25 | 19,337.20 | 16 | 509 | 22 | $8,267.20 | 3 | $11,070 |
| 29-Oct-22 | 15 | $7,805.30 | 9 | 116 | 14 | $7,180.30 | 1 | $625 |
| 22-Oct-22 | 20 | $8,193.50 | 13 | 253 | 13 | $5,442 | 7 | $2,751.50 |
| 15-Oct-22 | 9 | $3,046.10 | 9 | 139 | 7 | $2,588.30 | 2 | $457.80 |
| 8-Oct-22 | 19 | $2,011.80 | 12 | 114 | 16 | $833.80 | 3 | $1,178 |
| 1-Oct-22 | 23 | $5,532.90 | 16 | 156 | 18 | $4,952.30 | 5 | $580.60 |
| 24-Sep-22 | 18 | $5,194 | 14 | 216 | 15 | $4,050 | 3 | $1,144 |
| 17-Sep-22 | 21 | $8,352.30 | 12 | 320 | 15 | $4,759.60 | 6 | $3,592.70 |
| 10-Sep-22 | 15 | $19,853.50 | 10 | 126 | 13 | $19,403.60 | 2 | $450 |
| 3-Sep-22 | 9 | $2,312 | 9 | 62 | 9 | $2,312 | 0 | 0 |
| 27-Aug-22 | 16 | $30,891.70 | 10 | 135 | 15 | $30,666.40 | 1 | 227.7 |
| 20-Aug-22 | 12 | $1,977 | 8 | 152 | 9 | 925 | 3 | $1,052 |
| 13-Aug-22 | 18 | $8,004.70 | 11 | 242 | 11 | $2,844.70 | 7 | $5,160 |
| 6-Aug-22 | 24 | $7,948.90 | 12 | 240 | 17 | $3,577 | 7 | $4,371.90 |
| 30-Jul-22 | 8 | $6,941 | 9 | 78 | 7 | $6,839 | 1 | $102 |
| 23-Jul-22 | 11 | $801 | 11 | 92 | 10 | $801 | 1 | 0 |
| 16-Jul-22 | 14 | $3,650 | 10 | 122 | 14 | $3,650 | 0 | 0 |
| 9-Jul-22 | 10 | $3,557.70 | 7 | 68 | 9 | $3,557.70 | 1 | 0 |
| 2-Jul-22 | 18 | $8,609.40 | 13 | 152 | 15 | $2,754.40 | 3 | $5,855 |
| 25-Jun-22 | 15 | $6,142 | 13 | 146 | 9 | $2,017 | 6 | $4,125 |
| 18-Jun-22 | 17 | $11,890.10 | 14 | 228 | 15 | $11,410 | 2 | 479.7 |
| 11-Jun-22 | 17 | $7,600 | 12 | 123 | 10 | $2,300 | 7 | $5,300 |
| 4-Jun-22 | 12 | $2,937 | 10 | 127 | 9 | $692 | 3 | $2,245 |
| 28-May-22 | 9 | $3,197.60 | 11 | 86 | 9 | $3,197.60 | 0 | 0 |
| 21-May-22 | 14 | $7,284.50 | 12 | 185 | 11 | $6,609 | 3 | $675.50 |
| 14-May-22 | 11 | $306.60 | 9 | 80 | 10 | $306.60 | 1 | $225 |
| 7-May-22 | 16 | $10,451.75 | 12 | 108 | 12 | $1,827 | 4 | $8,624.75 |
| 30-Apr-22 | 16 | $2,296.50 | 16 | 157 | 12 | $895.50 | 4 | $1,401 |
| 23-Apr-22 | 10 | $2,241 | 11 | 58 | 8 | $1,641 | 2 | $600 |
| 16-Apr-22 | 11 | $6,643 | 7 | 156 | 8 | $2,359 | 3 | $4,284 |
| 9-Apr-22 | 17 | $4,429 | 14 | 184 | 11 | $1,690 | 6 | $2,739 |
| 2-Apr-22 | 13 | $1,755 | 8 | 84 | 10 | $1,145 | 3 | $610 |
| 26-Mar-22 | 11 | $3,205 | 8 | 65 | 6 | $200 | 5 | $3,005 |
| 19-Mar-22 | 13 | $2,239.17 | 9 | 106 | 13 | $2,239.17 | 0 | 0 |
| 12-Mar-22 | 18 | $12,016 | 11 | 239 | 15 | $11,965 | 2 | $51.35 |
| 5-Mar-22 | 17 | $6,786 | 13 | 137 | 13 | $5,161 | 4 | $1,625 |
| 26-Feb-22 | 12 | $5,095 | 8 | 149 | 9 | $4,437.50 | 3 | $658 |
| 19-Feb-22 | 17 | $22,229 | 17 | 174 | 14 | $21,354 | 3 | $875 |
| 12-Feb-22 | 12 | $2,344.70 | 10 | 73 | 8 | $641.70 | 4 | $1,703 |
| 5-Feb-22 | 11 | $2,503 | 8 | 99 | 11 | $2,503 | 0 | 0 |
| 29-Jan-22 | 11 | $3,872 | 12 | 101 | 12 | $3,872 | 0 | 0 |
| 22-Jan-22 | 13 | $5,143.50 | 10 | 99 | 12 | $4,842.50 | 1 | $301 |
| 15-Jan-22 | 12 | $7,605 | 9 | 155 | 9 | $6,480 | 3 | $1,025 |
| 8-Jan-22 | 13 | $8,256.20 | 11 | 102 | 13 | $8,256.20 | 0 | 0 |
| 1-Jan-22 | 9 | $1,273.80 | 6 | 50 | 9 | $1,273.80 | 0 | 0 |
| 25-Dec-21 | 21 | $4,734.75 | 11 | 176 | 16 | $3,410 | 5 | $1,324.75 |
| 18-Dec-21 | 26 | $7,325.20 | 15 | 193 | 18 | $3,640.20 | 8 | $3,685.20 |
| 11-Dec-21 | 16 | $5,017 | 10 | 109 | 13 | $1,417 | 3 | $3,600 |
| 4-Dec-21 | 14 | $2,310 | 8 | 86 | 8 | $2,310 | 6 | $1,882.05 |
| 27-Nov-21 | 9 | $3.460.1 | 10 | 101 | 6 | $1,758 | 3 | $1,702.60 |
| 20-Nov-21 | 20 | $22,792 | 15 | 157 | 12 | $18,864.50 | 8 | $3,928 |
| 13-Nov-21 | 21 | $26,729 | 12 | 178 | 13 | $11,822 | 8 | $14,907 |
| 6-Nov-21 | 12 | $8,303 | 13 | 157 | 10 | $6,682 | 3 | $1,621 |
| 30-Oct-21 | 21 | $10,368 | 15 | 218 | 15 | $9,24.4 | 6 | $1,103.00 |
| 23-Oct-21 | 21 | $18.783.1 | 15 | 222 | 11 | $12,314 | 10 | $6,468.60 |
| 16-Oct-21 | 15 | $3,868 | 11 | 118 | 15 | $2,293 | 2 | $1,575 |
| 9-Oct-21 | 20 | $8,610 | 16 | 175 | 16 | $7,795 | 4 | $815 |
| 2-Oct-21 | 14 | $6,250 | 11 | 137 | 10 | $5,200 | 4 | $1,050 |
| 25-Sep-21 | 11 | $11,460 | 9 | 93 | 7 | $10,200 | 4 | $1,250 |
| 18-Sep-21 | 11 | $16,603 | 8 | 99 | 8 | $15,084 | 3 | $1,519 |
| 11-Sep-21 | 17 | $10,653 | 11 | 103 | 13 | $8,503 | 4 | $2,150 |
| 4-Sep-21 | 13 | $7,222 | 10 | 89 | 11 | $6,715 | 2 | $507 |
| 28-Aug-21 | 12 | $763 | 9 | 63 | 11 | $663 | 1 | $100 |
| 21-Aug-21 | 12 | $29,659 | 7 | 79 | 11 | $29,579 | 1 | $80 |
| 14-Aug-21 | 22 | $17,845 | 11 | 199 | 12 | $12,805 | 10 | $5,04 |
| 7-Aug-21 | 17 | $13,670 | 12 | 139 | 15 | $11,766 | 2 | $1,904 |
| 31-Jul-21 | 21 | $8,160 | 11 | 134 | 10 | $3,574 | 10 | $4,586 |
| July 24,2021 | 21 | $6,367 | 11 | 139 | 15 | $3,712 | 6 | $2,655 |
| 17-Jul-21 | 14 | $4,009 | 11 | 124 | 12 | $2,015 | 2 | $1,994 |
| 10-Jul-21 | 16 | $3,997 | 13 | 143 | 11 | $1,597 | 4 | $2,4 |
| 3-Jul-21 | 24 | $7,492 | 13 | 94 | 16 | $3,769 | 8 | $3,722 |
| 26-Jun-21 | 10 | $4,995 | 7 | 85 | 8 | $3,847 | 2 | $1,148 |
| 19-Jun-21 | 28 | $16,830 | 8 | 228 | 9 | $1,861 | 19 | $14,968 |
| 12-Jun-21 | 26 | $27,238 | 15 | 209 | 19 | $25,602 | 7 | $1,636 |
| 5-Jun-21 | 15 | $15,539 | 13 | 100 | 13 | $14,709 | 2 | $600 |
| 29-May-21 | 35 | $20,279 | 11 | 145 | 28 | $18,64 | 7 | $1,639 |
| 22-May-21 | 24 | $53,208 | 14 | 174 | 17 | $51,047 | 7 | $2,161 |
| 15-May-21 | 18 | $10,620 | 13 | 220 | 11 | $5,870 | 7 | $4,809 |
| 8-May-21 | 17 | $10,400 | 11 | 156 | 15 | $8,386 | 2 | $2,500 |
| 1-May-21 | 21 | $7,200 | 16 | 115 | 12 | $3,808 | 9 | $3,392 |
| 24-Apr-21 | 8 | $20,200 | 9 | 31 | 8 | $20,200 | 0 | 0 |
| 17-Apr-21 | 14 | $6,270 | 8 | 102 | 11 | $40,180 | 3 | $2,260 |
| 10-Apr-21 | 15 | $8,940 | 13 | 129 | 14 | $7,990 | 1 | $950 |
| 3-Apr-21 | 18 | $19,513 | 10 | 151 | 12 | $16,923 | 6 | $2,590 |
| 27-Mar-21 | 27 | $13,942 | 15 | 244 | 14 | $4,300 | 13 | $9,633.50 |
| 20-Mar-21 | 11 | $2,046 | 4 | 102 | 3 | $270 | 8 | $1,776 |
| 13-Mar-21 | 15 | $3,270 | 9 | 109 | 6 | $538 | 9 | $2,732 |
| 6-Mar-21 | 24 | $13,617 | 10 | 196 | 13 | $10,395 | 11 | $3,222 |
| 27-Feb-21 | 19 | $8,105 | 12 | 139 | 15 | $4,970 | 4 | $3,135 |
| 20-Feb-21 | 9 | $8,820 | 9 | 153 | 8 | $8,520 | 1 | $300 |
| 13-Feb-21 | 12 | $4,852.60 | 7 | 81 | 7 | 2,766 | 5 | $2,086.60 |
| 6-Feb-21 | 18 | $9,752 | 13 | 153 | 14 | $5,222 | 4 | $4,530 |
| 30-Jan-21 | 18 | $9,449 | 9 | 182 | 15 | $8,753.80 | 3 | $695.30 |
| 23-Jan-21 | 14 | $8,150 | 8 | 118 | 6 | $4,000 | 8 | $4,150 |
| 16-Jan-21 | 17 | $6,783 | 13 | 138 | 11 | $2,400 | 6 | $4,382.90 |
| 9-Jan-21 | 22 | $6,829 | 14 | 135 | 18 | $3,139.30 | 4 | $3,690 |
| 2-Jan-21 | 7 | $1,466 | 7 | 60 | 7 | $1,466 | 0 | 0 |
| 26-Dec-20 | 18 | $15,900 | 12 | 163 | 16 | $5,300 | 1 | $600 |
| 19-Dec-20 | 18 | $9,769 | 14 | 110 | 14 | $8,426 | 4 | $1,343 |
| 12-Dec-20 | 10 | $7,200 | 9 | 100 | 9 | $3,325 | 1 | $3,830 |
| 5-Dec-20 | 15 | $4,261 | 9 | 122 | 9 | $2,780 | 6 | $1,481 |
| 28-Nov-20 | 19 | $7,758 | 10 | 110 | 13 | $4,003 | 6 | $3,755 |
| 14-Nov-20 | 14 | $864.10 | 14 | 157 | 12 | $289.10 | 2 | $575 |
| 7-Nov-20 | 13 | $6,332 | 9 | 129 | 9 | $2,483.50 | 4 | $3,849 |
| 31-Oct-20 | 10 | $3,995.80 | 8 | 103 | 6 | $3,231.10 | 4 | $754.70 |
| 24-Oct-20 | 6 | $18,100 | 6 | 58 | 5 | $17,709 | 1 | $350 |
| 17-Oct-20 | 8 | $351.90 | 5 | 55 | 8 | $351.90 | 0 | 0 |
| 10-Oct-20 | 7 | $5,229 | 3 | 50 | 4 | $735 | 3 | $4,494 |
| 3-Oct-20 | 14 | $21,428 | 9 | 173 | 9 | $17,535 | 5 | $3,893 |
| 26-Sep-20 | 10 | $12,770 | 8 | 93 | 5 | $10,300 | 5 | $2,470 |
| 19-Sep-20 | 14 | $8,365 | 9 | 101 | 6 | $1,020 | 8 | $7,345 |
| 12-Sep-20 | 6 | $4,406 | 8 | 59 | 3 | $1,270 | 3 | $3,136 |
| 5-Sep-20 | 11 | $5,191 | 8 | 117 | 9 | $4,061 | 2 | $1,130 |
| 29-Aug-20 | 11 | $2,531 | 9 | 94 | 5 | $1,130 | 6 | $1,401 |
| 22-Aug-20 | 18 | $6,574 | 12 | 140 | 7 | $1,930 | 11 | $4,644 |
| 15-Aug-20 | 13 | $4,991 | 10 | 97 | 7 | $1,216 | 6 | $3,775 |
| 8-Aug-20 | 12 | $32,092 | 11 | 112 | 9 | $30,457 | 3 | $1,635 |
| 1-Aug-20 | 7 | $5,287 | 8 | 76 | 5 | $3,687 | 2 | $1,600 |
| 25-Jul-20 | 9 | $18,751 | 6 | 67 | 7 | $18,403 | 2 | $348 |
| 18-Jul-20 | 6 | $1,982.50 | 5 | 50 | 4 | $1,407.50 | 2 | $575 |
| 11-Jul-20 | 11 | $565.10 | 12 | 75 | 10 | $65.10 | 1 | $500 |
| 4-Jul-20 | 10 | $8,889 | 8 | 98 | 9 | $8,788 | 1 | $100.30 |
| 27-Jun-20 | 8 | $6,874 | 10 | 50 | 5 | $4,972.50 | 3 | $2,081.50 |
| 20-Jun-20 | 12 | $4,444 | 9 | 115 | 7 | $2,829 | 5 | $1,615 |
| 13-Jun-20 | 6 | $3,582 | 4 | 37 | 2 | $350 | 4 | $3,232 |
| 6-Jun-20 | 11 | $3,213.70 | 8 | 65 | 7 | $470 | 4 | $2,743.70 |
| 30-May-20 | 8 | $7,335 | 7 | 48 | 6 | $4,639 | 2 | $2,697 |
| 23-May-20 | 4 | $432.40 | 4 | 34 | 3 | $432.40 | 1 | 0 |
| 16-May-20 | 6 | $310 | 6 | 34 | 5 | $310 | 1 | 0 |
| 9-May-20 | 18 | $5,630 | 16 | 124 | 14 | $3,180 | 4 | $2,450 |
| 2-May-20 | 15 | 10,400 | 10 | 90 | 8 | $1,900 | 7 | $,8,500 |
| 25-Apr-20 | 8 | $3,400 | 9 | 36 | 5 | $1,000 | 3 | $2,450 |
| 18-Apr-20 | 19 | $9,500 | 14 | 92 | 8 | $185.70 | 11 | $9,360 |
| 11-Apr-20 | 12 | $6,000 | 9 | 40 | 5 | $190 | 7 | $5,800 |
| 4-Apr-20 | 14 | $8,200 | 11 | 68 | 10 | $2,200 | 4 | $6,000 |
| 28-Mar-20 | 16 | $6,500 | 13 | 96 | 10 | $3,700 | 6 | $2,800 |
| 21-Mar-20 | 11 | $11,910 | 7 | 33 | 7 | $2,250 | 4 | $9,960 |
| 14-Mar-20 | 7 | 809.8 | 6 | 34 | 6 | 684.8 | 1 | 125 |
| 7-Mar-20 | 16 | $2,500 | 15 | 70 | 13 | $669 | 3 | $1,400 |
| 29-Feb-20 | 13 | $15,260 | 13 | 128 | 11 | $11,760 | 2 | $3,500 |
| 22-Feb-20 | 12 | $3,700 | 10 | 92 | 10 | $2,560 | 2 | $1,130 |
| 15-Feb-20 | 16 | $1,250 | 10 | 84 | 12 | $35 | 4 | $1,222 |
| 8-Feb-20 | 18 | $6,080 | 14 | 123 | 14 | $2,595 | 4 | $3,485 |
| 1-Feb-20 | 21 | $20,900 | 12 | 101 | 14 | $17,860 | 7 | $3,060 |
| 25-Jan-20 | 13 | $7,430 | 13 | 62 | 12 | $6,430 | 1 | $1,000 |
| 18-Jan-20 | 23 | $9,580 | 15 | 120 | 19 | $6,580 | 4 | $3,000 |
| 11-Jan-20 | 21 | $14,200 | 18 | 199 | 16 | $1,020 | 5 | $13,200 |
| 4-Jan-20 | 22 | $6,400 | 11 | 119 | 16 | $3,204 | 6 | $3,245 |
| 28-Dec-19 | 22 | $7,150 | 19 | 175 | 18 | $6,800 | 4 | $327.40 |
| 14-Dec-19 | 24 | $36,300 | 23 | 167 | 19 | $9,500 | 5 | $26,800 |
| 7-Dec-19 | 11 | $10,400 | 11 | 55 | 7 | $1,082 | 4 | $9,370 |
| November 30. 2019 | 14 | $2,450 | 12 | 126 | 12 | $1,760 | 2 | $692.50 |
| 23-Nov-19 | 16 | $1,995 | 10 | 41 | 11 | $615 | 5 | $1,380 |
| 16-Nov-19 | 15 | $3,820 | 13 | 135 | 11 | $2,500 | 4 | $1,271 |
| 9-Nov-19 | 25 | $12,900 | 17 | 182 | 23 | $12,200 | 2 | $575 |
| 2-Nov-19 | 10 | $2,470 | 12 | 61 | 9 | 2,450 | 3 | $22 |
| 26-Oct-19 | 12 | $5,560 | 14 | 70 | 11 | $3,860 | 1 | $1,700 |
| 19-Oct-19 | 8 | $6,600 | 8 | 138 | 8 | $6,600 | 0 | 0 |
| 12-Oct-19 | 19 | $4,300 | 14 | 55 | 16 | $3,800 | 3 | $500 |
| 5-Oct-19 | 18 | $14,500 | 19 | 166 | 15 | $11,100 | 3 | $3,400 |
| 28-Sep-19 | 19 | $8,100 | 18 | 132 | 18 | $7,560 | 1 | $550 |
| 21-Sep-19 | 14 | $6,300 | 16 | 66 | 11 | $2,160 | 3 | $4,170 |
| 14-Sep-19 | 15 | $23,800 | 12 | 56 | 11 | $21,250 | 4 | $2,570 |
| 7-Sep-19 | 17 | $3,500 | 15 | 98 | 14 | $1,900 | 3 | $1,600 |
| 31-Aug-19 | 5 | $8,700 | 6 | 50 | 5 | $8,700 | 0 | 0 |
| 24-Aug-19 | 16 | $10,000 | 14 | 82 | 15 | $4,250 | 1 | $5,750 |
| 16-Aug-19 | 10 | $1,680 | 5 | 52 | 7 | $650 | 3 | $950 |
| 9-Aug-19 | 17 | $17,700 | 15 | 68 | 14 | $3,900 | 3 | $13,800 |
| 2-Aug-19 | 13 | $5,760 | 12 | 108 | 13 | $5,760 | NA | NA |
| 27-Jul-19 | 11 | $7,300 | 13 | 76 | 8 | $6,570 | 3 | $730 |
| 20-Jul-19 | 13 | $11,800 | 13 | 125 | 11 | $5,300 | 2 | $6,500 |
| 13-Jul-19 | 10 | $775 | 7 | 46 | 8 | $542.50 | 2 | $233 |
| 6-Jul-19 | 7 | $2,500 | 9 | 85 | 7 | $2,500 | 0 | 0 |
| 29-Jun-19 | 23 | $8,290 | 15 | 154 | 17 | $2,300 | 6 | $5,970 |
| 22-Jun-19 | 17 | $10,700 | 10 | 139 | 14 | $7,700 | 3 | $3,000 |
| 15-Jun-19 | 11 | $13,500 | 14 | 160 | 11 | $13,500 | NA | NA |
| 8-Jun-19 | 13 | $2,870 | 17 | 55 | 11 | $1,570 | 2 | $1,300 |
| 1-Jun-19 | 10 | $4,460 | 11 | 60 | 8 | $4,140 | 2 | $315 |
| 25-May-19 | 17 | $4,360 | 14 | 79 | 14 | $3,700 | 3 | $612 |
| 18-May-19 | 22 | $9,000 | 17 | 150 | 16 | $3,400 | 6 | $5,600 |
| 11-May-19 | 18 | $19,800 | 17 | 177 | 15 | $18,300 | 3 | $1,500 |
| 4-May-19 | 10 | $7,075 | 6 | 32 | 8 | $6,900 | 2 | $175 |
| 27-Apr-19 | 15 | $3,200 | 14 | 117 | 14 | $3,160 | 1 | $40 |
| 20-Apr-19 | 13 | $13,500 | 10 | 90 | 9 | $12,200 | 4 | $1,300 |
| 13-Apr-19 | 16 | $38,900 | 14 | 91 | 14 | $37,800 | 2 | $1,100 |
| 6-Apr-19 | 12 | $6,870 | 11 | 94 | 10 | $6,730 | 2 | $50 |
| 30-Mar-19 | 15 | $6,470 | 12 | 84 | 10 | $7,91.5 | 5 | $5,677 |
| 23-Mar-19 | 18 | $6,450 | 14 | 91 | 14 | $5,042 | 4 | $1,408 |
| 16-Mar-19 | 14 | $10,180 | 12 | 115 | 11 | $8,800 | 3 | $1,300 |
| 9-Mar-19 | 9 | $1,800 | 6 | 49 | 8 | $1,300 | 1 | $500 |
| 2-Mar-19 | 20 | $3,033 | 16 | 107 | 14 | $1,817 | 6 | $1,262 |
| 23-Feb-19 | 12 | $2,040 | 8 | 69 | 9 | $614.60 | 3 | $1,430 |
| 16-Feb-19 | 16 | $9,970 | 18 | 77 | 16 | $9,970 | 0 | 0 |
| 9-Feb-19 | 14 | $6,400 | 10 | 110 | 14 | $6,400 | 0 | 0 |
| 2-Feb-19 | 18 | $6,740 | 15 | 99 | 16 | $5,720 | 2 | $950 |
| 26-Jan-19 | 13 | $2,770 | 11 | 67 | 11 | $918.95 | 2 | $1,850 |
| 19-Jan-19 | 15 | $3,819 | 16 | 76 | 12 | $2,594 | 3 | $1,225 |
| 12-Jan-19 | 18 | $7,283 | 14 | 92 | 15 | $1,683 | 3 | $5,600 |
| 5-Jan-19 | 10 | $529 | 12 | 50 | 10 | $529 | 0 | 0 |
| 22-Dec-18 | 17 | $2,570 | 13 | 87 | 14 | $941 | 3 | $1,629 |
| 15-Dec-18 | 10 | $2,860 | 8 | 26 | 8 | $264 | 2 | $2,600 |
| 8-Dec-18 | 15 | $1,819 | 16 | 65 | 12 | $552 | 3 | $1,267 |
| 1-Dec-18 | 12 | $7,500 | 10 | 90 | 9 | $1,200 | 3 | $6,200 |
| 28-Nov-18 | 15 | $4,500 | 11 | 107 | 14 | $4,000 | 1 | $500 |
| 19-Nov-18 | 18 | $6,137 | 13 | 98 | 13 | $2,142 | 5 | $3,995 |
| 14-Nov-18 | 18 | $9,200 | 13 | 152 | 15 | $8,500 | 3 | $694 |
| 6-Nov-18 | 16 | $17,300 | 16 | 183 | 14 | $16,361 | 2 | $950 |
| 29-Oct-18 | 14 | $14,400 | 18 | 127 | 17 | $13,800 | 1 | $600 |
| 24-Oct-18 | 13 | $6,140 | 13 | 126 | 11 | $5,122 | 2 | $1,018 |
| 17-Oct-18 | 18 | $18,390 | 15 | 125 | 14 | $12,292 | 4 | $6,098 |
| 10-Oct-18 | 29 | $3,149 | 18 | 104 | 20 | $1,647 | 9 | $819 |
| 2-Oct-18 | 18 | $9,300 | 11 | 67 | 14 | $7,300 | 4 | $2,000 |
| 25-Sep-18 | 13 | $7,000 | 11 | 75 | 10 | $6,000 | 3 | $995 |
| 18-Sep-18 | 9 | $3,570 | 7 | 44 | 9 | $3,570 | 0 | 0 |
| 11-Sep-18 | 13 | $5,900 | 10 | 132 | 13 | $5,900 | 0 | 0 |
| 7-Sep-18 | 14 | $5,000 | 15 | 86 | 11 | $4,000 | 3 | $1,000 |
| 29-Aug-18 | 15 | $20,700 | 14 | 79 | 13 | $4,700 | 2 | $16,000 |
| 20-Aug-18 | 10 | $12,400 | 11 | 53 | 8 | $11,380 | 3 | $1,057 |
| 14-Aug-18 | 12 | $19,900 | 12 | 132 | 9 | $18,889 | 3 | $1,011 |
| 7-Aug-18 | 16 | $68,600 | 11 | 106 | 13 | $67,259 | 3 | $1,340 |
| 31-Jul-18 | 15 | $15,100 | 15 | 95 | 11 | $13,060 | 4 | $2,060 |
| 23-Jul-18 | 13 | $2,130 | 15 | 60 | 10 | $1,804 | 3 | $1,100 |
| 17-Jul-18 | 14 | $5,370 | 17 | 98 | 9 | $4,310 | 5 | $1,100 |
| 9-Jul-18 | 16 | $11,200 | 15 | 74 | 10 | $11,080 | 6 | $862 |
| 3-Jul-18 | 13 | $7,000 | 7 | 81 | 12 | $6,330 | 1 | $750 |
| 25-Jun-18 | 15 | $8,800 | 13 | 97 | 9 | $4,970 | 6 | $3,930 |
| 18-Jun-18 | 13 | $14,200 | 14 | 80 | 7 | $221 | 6 | $14,290 |
| 11-Jun-18 | 12 | $6,300 | 8 | 96 | 8 | $5,910 | 4 | $803 |
| 6-Jun-18 | 13 | $14,500 | 10 | 88 | 8 | $14,154 | 5 | $579 |
| 31-May-18 | 11 | $4,890 | 10 | 63 | 8 | $3,240 | 3 | $1,790 |
| 22-May-18 | 15 | $20,400 | 11 | 63 | 9 | $19,808 | 6 | $885 |
| 15-May-18 | 15 | $4,700 | 15 | 106 | 10 | $3,900 | 5 | $643 |
| 9-May-18 | 11 | $1,400 | 13 | 88 | 9 | $1,300 | 2 | $560 |
| 1-May-18 | 8 | $14,250 | 7 | 88 | 7 | $13,400 | 1 | $450 |
| 24-Apr-18 | 12 | $5,300 | 6 | 61 | 11 | $4,470 | 1 | $800 |
| 17-Apr-18 | 9 | $1,800 | 10 | 44 | 7 | $2,330 | 2 | $1,434 |
| 11-Apr-18 | 11 | $2,500 | 8 | 32 | 6 | $1,690 | 5 | $809 |
| 3-Apr-18 | 15 | $13,400 | 11 | 121 | 9 | $12,020 | 6 | $1,090 |
| 28-Mar-18 | 10 | $4,000 | 10 | 92 | 7 | $3,870 | 3 | $215 |
| 19-Mar-18 | 17 | $5,800 | 13 | 51 | 10 | $590 | 7 | $5,165 |
| 12-Mar-18 | 15 | $3,130 | 11 | 43 | 11 | $2,360 | 4 | $788 |
| 6-Mar-18 | 19 | $5,400 | 13 | 116 | 10 | $1,530 | 9 | $4,860 |
| 27-Feb-18 | 20 | $6,600 | 13 | 69 | 14 | $5,530 | 6 | $1,030 |
| 19-Feb-18 | 15 | $5,500 | 14 | 111 | 10 | $3,990 | 6 | $1,980 |
| 12-Feb-18 | 23 | $10,900 | 17 | 157 | 12 | $7,110 | 11 | $3,840 |
| 5-Feb-18 | 16 | $8,600 | 13 | 100 | 7 | $1,330 | 9 | $7,800 |
| 30-Jan-18 | 11 | $12,600 | 11 | 68 | 5 | $7,300 | 6 | $4,982 |
| 24-Jan-18 | 19 | $9,400 | 15 | 129 | 5 | $2,010 | 14 | $7,337 |
| 18-Jan-18 | 10 | $6,280 | 8 | 49 | 2 | $2,100 | 8 | $4,188 |
| 9-Jan-18 | 12 | $16,500 | 12 | 92 | 9 | $15,890 | 3 | $475 |
| 3-Jan-18 | 10 | $2,500 | 9 | 47 | 8 | $2,350 | 2 | $150 |
| 27-Dec-17 | 15 | $9,000 | 15 | 113 | 9 | $7,568 | 6 | $1,784 |
| 18-Dec-17 | 15 | $13,800 | 16 | 164 | 9 | $13,010 | 7 | $1,118 |
| 11-Dec-17 | 14 | $9,700 | 10 | 126 | 12 | $2,940 | 4 | $8,500 |
| 4-Dec-17 | 6 | $1,800 | 6 | 31 | 5 | $1,510 | 1 | $300 |
| 28-Nov-17 | 7 | $3,850 | 8 | 76 | 4 | $3,260 | 3 | $285 |
| 16-Nov-17 | 10 | $2,700 | 10 | 48 | 6 | $1,840 | 4 | $856 |
| 8-Nov-17 | 15 | $2,380 | 17 | 91 | 10 | $1,860 | 5 | $516 |
| 1-Nov-17 | 12 | $4,700 | 17 | 94 | 9 | $3,400 | 4 | $1,300 |
| 23-Oct-17 | 15 | $10,500 | 10 | 67 | 10 | $9,780 | 4 | $1,530 |
| 18-Oct-17 | 6 | $2,000 | 37 | 3 | $225 | 3 | $1,820 | |
| 10-Oct-17 | 12 | $6,570 | 100 | 9 | $3,880 | 3 | $3,360 | |
| 2-Oct-17 | 8 | $3,100 | 11 | 19 | 3 | $1,630 | 5 | $1,750 |
| 25-Sep-17 | 8 | $4,880 | 8 | 79 | 5 | $2,660 | 5 | $2,070 |
| 18-Sep-17 | 9 | $4,770 | 3 | $300 | 6 | $4,470 | ||
| 12-Sep-17 | 11 | $4,430 | 8 | $2,030 | 3 | $2,400 | ||
| 1-Sep-17 | 4 | $1,310 | 3 | $317 | 1 | $1,000 | ||
| 23-Aug-17 | 11 | $13,640 | 9 | 8 | $11,840 | 3 | $1,800 |
There were 15 M&A, private equity or venture capital transactions worth $1.683 billion and three capital markets transactions valued at $5.6 billion (including one filing for an initial public offering).
Ninety-two Texas lawyers and 14 firms were involved in the action, with two overachievers this week: Weil Gotshal & Manges partner David Gail in Dallas and Pillsbury Winthrop partner Steve Tyndall in Austin, who were both involved in two transactions.
The industries ranged from energy to technology to pharmaceutical to hospitality to health care to financial services.
M&A, PRIVATE EQUITY AND VENTURE CAPITAL
Gibson, STB, Bracewell advise on SemGroup’s $860M JV with KKR
SemGroup Corp. announced Jan. 10 that it was forming a joint venture with KKR to create a Canadian midstream infrastructure platform with shares and assets valued at C$1.15 billion ($860 million).
SemGroup will contribute the shares and assets of its Canadian unit SemCAMS in exchange for C$615 million ($460 million) in cash proceeds and 51 percent common equity ownership in SemCAMS Midstream.
KKR will pitch in C$515 million ($385 million) in cash in exchange for 49 percent of the common equity ownership. The private equity firm also will contribute $300 million ($224 million) to acquire perpetual preferred equity.
SemCAMS Midstream also agreed to acquire Riverstone-backed Meritage Midstream ULC and its midstream infrastructure assets for $600 million ($449 million).
Gibson, Dunn & Crutcher counseled SemGroup. Houston corporate associate Danny Nordstrom on the deal team, whose members came from Denver and New York. Osler, Hoskin & Harcourt was its Canadian counsel.
Simpson Thacher & Bartlett was KKR’s legal advisor with Houston partner Breen Haire and associate Jacqui Bogucki on the deal team along with attorneys in New York and Washington, D.C. Torys was its Canadian advisor.
Bracewell partner Will Anderson and associate Benjamin J. Martin represented Evercore, which was financial advisor to SemGroup’s board.
Dentons Canada and Vinson & Elkins counseled Meritage and Riverstone.
The V&E team was led by partner Doug Bland and a lawyer in the firm’s New York office. Specialists included partners David Peck and Jason McIntosh and senior associate Allyson Seger on tax; counsel Sarah Mitchell on litigation; and partner Ramey Layne on capital markets.
CIBC Capital Markets provided financial advice to SemGroup, TD Securities assisted KKR and RBC Capital Markets advised Meritage and Riverstone.
SemGroup CEO Carlin G. Conner said in a statement that the transaction captures an attractive valuation for its SemCAMS business and accelerates its Canadian strategy in one of North America’s premier energy basins. Dave Gosse is president of SemCAMS Midstream.
Brandon Freiman, KKR’s head of North American infrastructure in Menlo Park, Calif., said the combination of the complementary SemCAMS and Meritage businesses creates a top midstream platform in the core of the Alberta Montney.
Analysts at UBS applauded the move, noting that SEMG is monetizing SemCAMS above where it’s trading and will be able to grow the entity to a point where it could be taken public, potentially at a higher exit value. “Absent the investment from KKR, we don’t think SEMG would have been in a position to have acquired Meritage,” they said.
Motorola buys VaaS for $445M
Motorola Solutions Inc. said Jan. 7 it acquired VaaS International Holdings Inc. for $445 million in cash and equity.
VaaS is a California- and Texas-based data and image analytics provider for vehicle location and led in part by by co-founder Todd Hodnett in Fort Worth.
VaaS used Goodwin & Proctor attorneys outside of Texas and an in-house M&A consultant in California who had worked on two previous transactions involving Recovery Database Network, OpenLane and KAR Auction Services.
VaaS’ Texas counsel was Margaret E. Holland with Holland, Johns & Penny in Fort Worth.
Motorola used Winston & Strawn out of Chicago and California.
VaaS’ image capture and analysis platform, which includes fixed and mobile license plate reader cameras driven by machine learning and artificial intelligence, provides vehicle location data to public safety and commercial customers.
The company’s affiliates include Vigilant Solutions for law enforcement users and Digital Recognition Network for commercial customers. The company’s 2019 revenues are expected to be $100 million.
Motorola chairman and CEO Greg Brown said the deal will expand the company’s command center software portfolio with the largest shareable database of vehicle location information, which can help shorten response times and improve the speed and accuracy of investigations.
Shawn Smith is co-founder of VaaS and president of Vigilant Solutions while Hodnett is president of Digital Recognition Network.
Pillsbury Winthrop counsels Onit on $200M in K1 funding
Houston enterprise workflow software provider Onit Inc. said Jan. 8 it attracted a $200 million investment from K1 Investment Management.
Onit’s solutions include enterprise legal management, contract management and business process automation.
Onit’s law firm was Pillsbury Winthrop, including lead partner Steve Tyndall, intellectual property partner Ed Cavazos and executive comp and benefits senior associate Justin Krawitz, all of Austin. K1 used Morris, Manning & Martin.
With the investment, Onit plans to scale operations to meet increasing client demand for process automation technology, enhance its platform, help fund go-to-market strategies, accelerate new product development and improve functionality of its product offerings.
Eric M. Elfman, CEO and founder of Onit, is the former CEO and founder of SSM Partners-backed DataCert, which was purchased by Wolters Kluwer in 2014 for $290 million and is part of unit ELM Solutions. He’s a past winner of the EY Entrepreneur of the Year and a finalist for the award for 2018.
Neil Malik, who led the investment from K1, said Onit has tripled its customer base and revenue in two years.
Onit provides enterprise workflow solutions for legal, compliance, sales, information technology, human resources and finance departments.
Anna-Lisa Corrales, general counsel at Jaguar Land Rover North America in New York, said in a statement that Onit supports its needs for process automation, workflow and collaboration.
K1 focuses on investments in enterprise software companies globally. Its past investments have included Apttus, Buildium, Certify, Checkmarx, Chirotouch, Granicus, IronScales, Litera Microsystems, RFPIO, Smarsh and Workforce Software.
V&E aids Old Ironsides on $58M asset sale to Carbon Energy
Vinson & Elkins said Jan. 11 it advised affiliates of Old Ironsides Energy on their sale of 73.5 percent of Carbon Appalachian Co. to Carbon Energy Corp. for $58 million.
The V&E corporate team was led in part by partner Mingda Zhao and included partner Todd Way and associate Brian Russell on tax and partner Guy Gribov and associate Joe Higdon on finance.
The acquisition included natural gas producing properties and midstream assets.
Carbon Energy now owns all of the membership units of Carbon Appalachian.
Financing for the transaction came from a $500 million amended and restated senior secured credit facility with an initial borrowing base of $75 million, a $15 million term loan provided under the credit facility and a $25 million promissory note issued to the seller.
Carbon Energy managed the assets for Carbon Appalachian before the acquisition and integrated them into its southern Appalachian Basin operations and midstream infrastructure.
The buyers Appalachian assets now include 62,700 million cubic feet equivalent of natural gas production, 4,720 miles of natural gas pipelines and 1.65 million net acres of leasehold.
Kevin Struzeski is CFO of Denver based Carbon Energy, which also has oil and gas properties in California and Illinois.
K&S, Seyfarth advise on Post Oak’s $50M backing of Prime Downhole
Post Oak Energy Capital said Jan. 8 it led a $50 million equity commitment to Prime Downhole Holdings. Prime’s management team will co-invest alongside Post Oak.
King & Spalding partner Jason Peters and associate Casey Ragan in Houston advised Post Oak while Seyfarth Shaw partner Paul Pryzant, also of Houston, assisted management.
Houston-based Prime provides engineered services and manufactured products to the oil and gas industry globally with a focus on downhole tools.
Post Oak said with its assets and product lines, Prime provides a platform on which to build a diversified oilfield equipment manufacturing company organically and through acquisition. It plans to focus on manufacturing tools that are used primarily in developing and producing unconventional basins in the U.S. and internationally.
Prime’s senior management team is led by CEO Leif Syversen, who previously built oilfield equipment manufacturing companies BasinTek and Dyna-Drill.
Philip Davidson led the investment at Post Oak, which was established in 2006. The firm pursues investments primarily in the upstream sector of the oil and gas industry in North America and, to a lesser extent, in oilfield service and related infrastructure.
Pillsbury advises Salarius on $47.1M Flex Pharma merger
Struggling publicly traded Flex Pharma Inc. of Boston said Jan. 4 it agreed to merge with Houston-based Salarius Pharmaceuticals.
The deal values Salarius at $36.6 million and Flex Pharma at $10.5 million, according to a document filed with the Securities and Exchange Commission.
The transaction is expected to close in the first half of this year if it clears Flex Pharma stockholders.
Salatius is a clinical-stage oncology company targeting the epigenetic causes of cancers, including rare, orphan cancers with no targeted treatments and cancers that have a high unmet need.
Pillsbury advised Salarius with a team led by corporate partner Andrew Strong, who offices in Houston and Austin.
Assisting were corporate lawyers Steve Tyndall in Austin, Barry Burgdorf in Houston and Austin and Daniel Garcia in Houston. Specialists included Justin Krawitz (Austin – executive compensation and benefits); Bradley Reeves (Houston – litigation); and William Hotze (Houston – insolvency and restructuring).
Dentons Canada and Duane Morris out of Philadelphia were Flex Pharma’s outside counsel.
Flex Pharma’s strategic advisor was Wedbush PacGrow. Healthios Capital Markets was Salarius’ financial advisor.
Salarius recently completed a $6.4 million private placement, which combined with cash from Flex Pharma is expected to fund the combined company to mid-2020, allowing it to report early cohort data from an ongoing Phase 1 Ewing sarcoma trial.
Flex Pharma stockholders will own 19.9 percent of the combined company and Salarius investors will hold 80.1 percent. Flex Pharma stockholders also will receive a right to receive warrants six months and one day after closing to purchase additional shares, which could boost their stake by 2.4 percent to 22.3 percent.
Flex Pharma is expected to be renamed Salarius Pharmaceuticals Inc. and be led by Salarius’ management, including CEO David Arthur, who previously was an executive at Eli Lilly and Boehringer-Ingelheim. The Salarius clinical pipeline will become the lead assets of the company.
Flex Pharma president and CEO William McVicar, Ph.D., is expected to join the board.
Salarius’ lead compound, Seclidemstat, targets the epigenetic dysregulation underlying Ewing sarcoma, a pediatric, adolescent and young adult bone cancer for which no targeted therapies currently exist.
The company is currently enrolling patients in an open-label Phase 1 dose escalation/dose expansion study, which is expected to conclude in 2020. Salarius also is preparing to initiate additional studies in advanced solid tumors, including prostate, breast and ovarian cancers.
U.S. Silica buys Carbo Ceramics plant for $23M
Katy-based frac sand company U.S. Silica said Jan. 7 it closed its $23 million purchase of a Carbo Ceramics plant in Millen, Ga., that makes ceramics proppants for hydraulic fracturing.
U.S. Silica plans to convert the facility into a manufacturing plant to make high-end products for the company’s industrial and specialties products business.
Greenberg Traurig counseled U.S. Silica led by a partner in its McLean, Va., office.
Carbo Ceramics general counsel Robert J. Willette and IP and corporate counsel Chris Douglas led the deal in-house with help from Vinson & Elkins partner Michael Telle in Houston.
Weil advises Aimbridge on sale to Advent
Boston private equity firm Advent International said Jan. 7 that it acquired a majority interest in Plano-based hotel operator Aimbridge Hospitality from Lee Equity Partners and General Atlantic for undisclosed terms.
Aimbridge’s senior management team will continue to lead the company and will keep an equity stake in the business. The transaction is expected to close by February.
Weil, Gotshal & Manges partner David Gail in Dallas represented Aimbridge. Other Dallas-based team members were corporate associates Drew Mosier, Shanna Dean and Austin Freeman and tax partner Jonathan Macke and associate Adam Arikat. Ropes & Gray represented Advent.
Aimbridge’s general counsel is Greg Moundas, who was a contract attorney for the company starting in 2011 and then became its top legal officer in 2013.
Along with working with Aimbridge, Moundas served as general counsel for Eagle Hospitality Properties Trust Inc. and spent more than five years as general counsel for JF Capital Advisors, a hospitality investment and advisory firm. He also was chief counsel for real estate and finance for Wyndham International Inc.
The Fordham-trained lawyer started his career as an associate with Proskauer Rose and Cahill Gordon & Reindel in New York.
Led by chairman and CEO Dave Johnson, Aimbridge claims to be North America’s top third-party hotel operator managing 800 hotels with 100,000 rooms across the U.S., Canada and the Caribbean, including Marriott, Hilton, Hyatt, IHG and Wyndham.
Jeff Case led the investment from Advent, which has invested $20 billion in 150 financial services, consumer, retail and leisure businesses over the past 27 years. It had $39 billion in assets under management as of Sept. 30.
Yoo Jin Kim led the investment from Lee Equity, which targets equity investments of $50 million to $100 million and growth capital financings in companies with enterprise values of $100 million to $500 million. Peter Munzig participated from General Atlantic.
V&E advises SCF on ProDirectional investment
Vinson & Elkins said Jan. 9 it advised SCF Partners in its partnership with and investment in Professional Directional Enterprises, a Conroe-based directional drilling services provider.
The corporate team was led by recently-minted partner Brittany Sakowitz and associates Sara Bloom, Markeya Scott and Natalie Steen.
Others were partner Matt Strock on corporate matters; partner Lina Dimachkieh (tax); senior associate Matthew Dobbins (environmental); and partner Sean Becker and senior associate Christie Alcalá (labor/employment).
Other specialists were partner Stephen Jacobson and associate Gina Hancock (executive compensation/benefits); counsel Sarah Mitchell (litigation); and senior associate Sean Hill (intellectual property).
Jenner & Block assisted ProDirectional out of Chicago.
Karen O’Neal, one of ProDirectional’s original founders, will continue to serve as CEO and keep an ownership position in the business, along with previous sponsor Diamond Castle Partners. Steven Brewer will continue as CFO.
Founded in 2001, ProDirectional also provides completion and production fluid services under its Tornado brand and core acquisition services through ProCoring. It claims to operate in every major shale basin in the U.S.
David Baldwin led the deal from SCF while Ari Benacerraf did so at Diamond Castle.
Clark Hill aids Payer Compress on Spectrum investment
Spectrum Equity announced its purchase of a majority stake in Payer Compass, a Plano-based provider of healthcare reimbursement and price transparency solutions.
Healthcare Enterprise Partners also invested in the deal, whose terms weren’t disclosed.
Latham & Watkins advised Spectrum out of its Boston office while Clark Hill Strasburger member Richard Rafferty in Dallas counseled Payer Compass.
Payer Compass said the investment positions it to continue growing while extending its product offering serving health plans, self-insured employer groups, third-party administrators and brokers.
The company’s core software platform is Visium, a healthcare pricing engine and contract management system focused on addressing the complexities of Medicare, Medicaid and commercial claims pricing.
Payer Compass said with the rise of healthcare costs and shift to self-funded plans, the company helps employers and health plans to realize cost savings by using a Medicare-based reimbursement method as it is more closely tied to the true cost of providing care.
Payer Compass CEO Greg Everett said in a statement that Payer Compass serves 125 payer customers representing nearly 1,000 employer groups and 2 million covered people.
Spectrum executives Jeff Haywood, Steve LeSieur and Michael Radonich are joining the company’s board along with David Tamburri from Healthcare Enterprise Partners.
Founded 25 years ago, Boston-based Spectrum has invested in software, information services and internet companies, which have included Ancestry, Bats Global Markets, Definitive Healthcare, GoodRx, Grubhub, Jimdo, Lynda.com, SurveyMonkey, Teachers Pay Teachers and Verafin.
New York-based Health Enterprise invests primarily in privately held, middle-market companies in health care services and health care information technology. Thirty-six members of its hospital system and health plan network are investors in its funds.
Locke Lord counsels GCP-backed ClearView on sale to Amynta
Madison Dearborn Partners-backed Amynta Group has acquired ClearView Risk Holdings from GCP Capital Partners for an undisclosed sum.
The Dallas-based target is a managing general agent and wholesale brokerage that controls $200 million of premium.
Locke Lord advised ClearView with a team led by Houston partner Christopher Martin and associate Rachel Fitzgerald.
Other team members were partners Steve Boyd, Eric Larson, Ed Razim, Van Jolas and Geoffrey Polma, senior counsel Freddy Feldman, DeLaina Mulcahy and Jon Gillum and associates Matt Frogel, Tom Johnson, Stuart Lawson, Stefano Wach and Samantha Williams.
Waller Helms was ClearView’s and GCP’s financial advisor while MHT Partners and non-Texas lawyers from DLA Piper counseled Amynta.
Amynta CEO Stuart Hollander said in a statement that the acquisition is a major step forward in the company’s strategy to expand its managed general agent segment, enter the habitational risk and property underwriting business and diversify its services from premier carriers.
ClearView is the parent for Strata Underwriting Managers, a habitational program designed for the underwriting and management of multi-dwelling properties, and Southwest Risk, a transactional wholesale brokerage with expertise in difficult-to-place commercial coverage in the excess and surplus and specialty admitted marketplace.
ClearView was formed in 2010 with a majority investment in Southwest Risk by GCP. It also has offices in Houston, Fort Worth and Tallahassee and writes business in 37 states across the U.S. CEO Parker Rush is staying on.
Amynta was created in 2018 out of Madison Dearborn Partners’ acquisition of several AmTrust Financial Services U.S. fee businesses.
Boris Gutin led the deal from GCP, middle market private equity investment firm that manages three funds with $1.4 billion in committed capital. It’s completed 60 transactions since its 2000 inception. It’s the successor to Greenhill Capital Partners, the merchant banking business of Greenhill & Co. Inc.
Chicago-based Madison Dearborn has raised seven funds with $23 billion in capital and completed 140 investments since 1992. It’s currently investing out of its most recent fund, the $4.4 billion MDCP Fund VII, in government software and services, financial and transaction services, basic industries, health care and telecom, media and technology services.
Carbon Engineering gets investments from Oxy, Chevron
Carbon Engineering said Jan. 9 it attracted undisclosed investments from Oxy Low Carbon Ventures, a unit of Occidental Petroleum Corp., and Chevron Corp. venture capital arm Chevron Technology Ventures to advance its innovative low-carbon technology.
Brad Pollack, managing counsel at Occidental, worked on the deal in-house with help from Stikeman Elliot in Canada as lead outside counsel with Vinson & Elkins in Houston for intellectual property legal support (partner Devika Kornbacher). Marcia Backus is Occidental’s general counsel.
Fort Capital advised Carbon Engineering on the transaction.
Carbon Engineering, which is led by CEO Steve Oldham, said the investments will accelerate the commercialization of its technology that removes carbon dioxide directly from the air. It said the captured CO2 can be used in oil production and direct synthesis of fuels.
The company has been developing the technology since 2009 and capturing CO2 from the atmosphere at a pilot plant in Squamish, British Columbia, since 2015. It began converting it into fuels in 2017.
The plants can be located with an oilfield operation for enhanced oil recovery, or EOR. Occidential is the industry leader in using CO2 to enable low-cost EOR, which can increase oil recovery by 10 percent to 20 percent.
The company said the technology opens a pathway to producing fully carbon-neutral or even net-negative fuels.
Occidental senior VP of operations support Richard Jackson and Chevron Technology Ventures president Barbara Burger were involved in the investment.
Weil counsels Tower Three-backed NTS on sale to Vast
Vast Broadband said Jan. 9 that it was buying NTS Communications from Tower Three Partners for undisclosed terms.
Once the deal closes, Oak Hill Capital Partners and Pamlico Capital are investing in Vast via a recapitalization. The transaction has to clear regulators.
Weil Gotshal & Manges represented NTS, including partner David Gail and associate Austin Freeman in Dallas. Vast was counseled by Alston & Bird out of Charlotte.
Bank Street Group offered financial advice to NTS while SunTrust Robinson Humphrey Inc. and TD Securities (USA) provided debt financing.
Vast provides high-speed broadband, video and voice services to 55,000 residences and businesses in South Dakota and Minnesota. It’s led by CEO Jim Gleason, CFO Keith Davidson and COO Larry Eby, who previously built up GTCR-backed NewWave Communications, which grew to 160,000 subscribers before it was sold to Cable One in 2017 for $735 million (Pamlico also owned a piece of NewWave).
Led by CEO Bill Morrow, NTS operates a fiber network spanning 2,700 owned route miles that includes 60,000 homes and businesses in the Texas markets of Lubbock, Amarillo, Abilene, Midland and Wichita Falls and markets in Louisiana. It currently has 20,000 residential and business customers.
Adam Hahn led the deal from Oak Hill and will join Vast’s board along with Oak Hill partners Scott Baker and Benjy Diesbach. Andrew Tindel led the deal from Pamlico and also will join the board, along with Pamlico partners Art Roselle and Watts Hamrick.
New York-based Oak Hill has put $12 billion in initial capital commitments and co-investments since its inception and invested in 85 transactions in consumer, industrial media and communications and services sectors.
Charlotte-based Pamlico Capital has invested $3 billion since its 1988 founding. It typically invests up to $125 million per business and focuses on the business and technology services, communications and healthcare sectors.
Tower Three is based in Greenwich, Conn., and typically targets equity investments of $50 million to $150 million. It’s backed Restoration Hardware, Facet Technologies, Teters Floral Products, Heritage Golf and Parterre Flooring Systems.
Wilson Sonsini aids LiquidFrameworks on Luminate purchase
Luminate Capital Partners said Jan. 10 it acquired LiquidFrameworks Inc. from Houston Ventures and other investors for an undisclosed sum.
Scott Craig, a partner at Wilson Sonsini Goodrich & Rosati in Austin, represented LiquidFrameworks. Kirkland counseled Luminate with a team led out of California.
Houston-based LiquidFrameworks, led by CEO Trent Derr and COO Travis Parigi, provides “quote-to-cash” and field ticketing software to the oilfield services, industrial services and environmental services industries. Its product, FieldFX, automates the process representing the lifecycle of a job from origination to billing.
San Francisco-based Luminate is an enterprise software-focused private equity firm founded by managing partner Hollie Haynes. It’s investing from its recently closed $425 million Fund II.
Luminate operating partner Mark Pierce will become chairman of LiquidFrameworks and join the board, along with Haynes and Luminate partner Sanjay Palakshappa.
Atria Wealth Solutions buys Next Financial
New York wealth management solutions provider Atria Wealth said Jan. 8 it bought Houston-based Next Financial Group Inc. for undisclosed terms.
The parties expect to close the transaction this quarter if it clears regulators.
Next general counsel John Unger led the deal in-house, tapping longtime outside legal counsel Warner Norcross + Judd in Michigan for assistance. Atria used Harter Sechrest & Emery out of Rochester, New York.
Before joining Next in 2014, Unger was a partner and counsel in Thompson & Knight’s Houston office. The University of Houston-trained lawyer previously was general counsel of Edelman Financial Group, founder and shareholder of Snell & Smith and a partner at Butler & Binion, which dissolved in 1999.
Next serves 500 independent advisors with $13 billion in assets under administration. Its sister companies Next Financial Insurance Services Co. and Visionary Asset Management Inc. are included in the sale.
After the transaction is completed, Atria will serve nearly 2,000 advisors with $65 billion in assets under administration, versus 1,400 advisors and $50 billion previously.
Barry G. Knight will remain the president of Next. Doug Ketterer is Atria’s CEO and founding partner.
Next will be the fourth broker-dealer acquired by Atria since 2017.
The company serves the investment programs of credit unions and banks through units CUSO Financial Services and Sorrento Pacific Financial and independent financial advisors through Sorrento Pacific and Cadaret, Grant & Co.
CAPITAL MARKETS
Latham counsels Energy Transfer on $4B notes offering
Latham & Watkins said Jan. 9 it represented Energy Transfer Operating, an affiliate of Dallas-based Energy Transfer, on a $4 billion senior notes offering.
The Houston-based team was led by partner Debbie Yee with associates Kevin Richardson, Daniel Harrist and Madeleine Neet. Energy Transfer’s general counsel is Tom Mason.
Hunton Andrews Kurth represented the banks, which included Deutsche Bank Securities Inc., Goldman Sachs, Merrill Lynch, RBC Capital Markets and SunTrust Robinson Humphrey.
The team included partners Mike O’Leary, Jordan Hirsch, Phil Haines, Tom Ford, Robert McNamara, Rob Taylor and Lisa Shelton. The associates were Mike Hoffman, Chris Adcock, Garrett Hughey, Michael Wright and Erin Kaufman.
Energy Transfer announced the pricing of the notes Jan. 8. The offering includes $750 million in 4.500 percent senior notes due 2024 (at 99.646 of face value), $1.5 billion in 5.250 percent senior notes due 2029 (99.789 percent) and $1.75 billion in 6.250 percent senior notes due 2049 (99.850 percent).
The sale of the senior notes was expected to settle Jan. 15.
Energy Transfer Operating intends to use $3.96 billion of the proceeds to make an intercompany loan to Energy Transfer LP, which will then repay in full its $1.22 billion term loan due February 2, 2024.
It also plans to repay in full its 9.70 percent senior notes due March 15, 2019, its 9.00 percent senior notes due April 15, 2019 and its subsidiary’s 8.125 percent senior notes due June 1, 2019 and repay part of its borrowings under its revolver.
V&E advises Targa on upsized $1.5B notes offering
Vinson & Elkins said Jan. 11 that it advised Targa Resources Partners, a unit of Houston-based Targa Resources Corp., and Targa Resources Partners Finance Corp. on the pricing of an upsized offering of $1.5 billion in senior unsecured notes.
The V&E team was led by partner Thomas Zentner with counsel Dan Spelkin and associates Brittany Smith and Jordan Fossee. Targa’s general counsel is Paul W. Chung, who previously practiced at V&E.
The issue includes the originally announced $750 million in senior unsecured notes due 2027 and an additional $750 million in senior unsecured notes due 2029.
Axios noted the offering’s “strong buyer interest” as evidence that the junk bond crunch was beginning to ease, thus giving some hope to private equity firms forced to put new deals into a leveraged holding pattern.
“This was the first non-investment-grade offering in over five weeks, which is a longer drought than was experienced during the financial crisis or after 9/11,” Axios said.
Targa plans to use the proceeds to refinance debt and for other general corporate purposes, which may include repaying borrowings under its credit facilities or other indebtedness, working capital and funding growth investments and acquisitions.
The offering is expected to close Jan. 17.
Exeter Finance files for $100M IPO
Irving-based Exeter Finance, a subprime auto lender backed by the Blackstone Group, filed for an initial public offering with a $100 million placeholder.
The company plans to use the net proceeds to redeem certain LLC units from existing shareholders and for general corporate purposes. Blackstone has controlled it since 2011.
Skadden, Arps Slate, Meagher & Flom attorneys in New York are advising Exeter while Simpson Thacher & Bartlett lawyers in Washington, D.C., are representing the underwriters, which include Citi and Wells Fargo Securities.
Walter Evans has served as Exeter’s general counsel since 2008. Before that the UT Law grad was general counsel at Ace Cash Express and Hollywood Casino Corp. and was a corporate finance associate for Akin, Gump, Strauss, Hauer & Feld and Hughes & Luce (now K&L Gates).
UPDATES:
Last month Riviera Resources sold its Arkoma Basin properties to an undisclosed buyer for $68 million, which will be used to buy back the company’s stock. The sale should close in the first quarter. Holly Anderson is its general counsel, having previously been Linn Energy Inc.’s general counsel before Riviera’s spinoff. She also was an associate at Thompson & Knight.
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Hydro One Ltd.’s $5.3 billion acquisition of Avista Corp. looks like it may be off. On Jan. 3, they received a regulatory decision from the Idaho Public Utilities Commission denying the proposed merger. Several days later, Washington state regulators denied a request for a rehearing of their rejection of the deal. Those regulators previously feared that Ontario’s provincial government, which owns 47 percent of Hydro One’s shares, might meddle in Avista’s operations.
Several Texas attorneys were involved in the big utility merger. Andy Calder, a corporate partner in Kirkland & Ellis’ Houston office, was advising Avista on the buyout. Bracewell was assisting Hydro One with a team that included employee benefits and executive compensation partner Bruce R. Jocz, environmental partner Heather M. Palmer, employment partner Rebecca L. Baker and senior benefits counsel Allison K. Perry.
Moelis & Co. was Hydro One’s financial adviser on the transaction with a team that included Scott DeGhetto in Houston and Bank of America Merrill Lynch was assisting Avista with bankers based in New York.
Williams Capital analyst Chris Ellinghaus told The Texas Lawbook last year that he was concerned that Washington state wouldn’t approve the deal.
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Another deal also looked to be on the rocks: Ensco’s $2.3 billion purchase of Houston offshore driller Rowan Cos.
Rowan shareholder Canyon Capital said Jan. 7 it was planning to vote against the transaction, saying the all-stock deal undervalued Rowan and exposed the company’s shareholders to operational and financial risks, including Ensco’s older drilling rig fleet and its $5.2 billion debt load. Canyon, which has a 6.3 percent stake in the company, thought that Rowan investors would be better served if the company ran a competitive process that resulted in a sale at a higher price or a breakup and sale in parts.
Institutional Shareholder Services jumped into the fray Monday, recommending that Rowan shareholders vote against the proposed merger because of the deal’s risks and the low offer price. Shortly thereafter, Ensco announced that it proposed increasing its offer by 17.4 percent, which would give Rowan shareholders a bigger chunk of the combination. If the stockholders are appeased (their vote is set for Jan. 23), then the deal would create the largest offshore driller in the industry with an enterprise value of $12 billion. “This enhanced proposal is a reaffirmation of our belief that this combination will generate significant long-term shareholder value and result in the creation of a leading offshore driller,” Ensco chairman Paul E. Rowsey said.
TPH, which had been concerned about the transaction’s lack of an equity premium for Rowan shareholders, said the bump-up should be enough to get the combination “across the finish line.”
Texas lawyers working on the deal include Gibson, Dunn & Crutcher partner Tull Florey, who assisted Ensco senior legal counsel Davor Vukadin in Houston; and Kirkland & Ellis partner Sean Wheeler, who advised Rowan general counsel Mark Mai and senior counsel Ryan Tarkington.
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Meanwhile, another deal may be in the works, with hedge fund Elliott Management offering Jan. 7 to buy QEP Resources for $2.07 billion in cash. Elliott – whose offer equates to $8.75 per share, or a 44 percent premium – said QEP is “deeply undervalued” in the market. Bloomberg reported Jan. 14 that QEP is working with Evercore on a possible sale. A source told The Texas Lawbook that Latham & Watkins partners Michael Dillard and John Greer in Houston are providing outside counsel to QEP and Olshan Frome Wolosky attorneys in New York may be assisting Elliott.
QEP has been working toward becoming a pure-play in West Texas’ and New Mexico’s Permian Basin by selling properties in other areas. TPH thinks now that QEP has closed the sale of its Haynesville and Cotton Valley assets to Atheon Energy, it clears the hurdle laid out in Elliott’s takeout offer.
The analysts called the offer a “win/win” given the premium and upside to Wall Street targets of $12 per share and opens the door for competitive counterbids for both assets that remain under the QEP umbrella. It said the Permian properties could fit nicely with nearby operators such as Encana, Diamondback Energy and ExxonMobil – but noted concerns around the likelihood of the close of the $1.6 billion sale of QEP’s Williston assets to Vantage Energy, which is not a prerequisite for the Elliott offer.
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Finally, Weingarten Realty Investors may be in a buying mode in the new year after selling off a lot of its developments. On Jan. 7, the Houston shopping center owner, manager and developer reported $240 million in dispositions in the fourth quarter and $634 million for the year, including properties in Las Vegas, Arizona, Colorado, Florida and Houston. The company added that there’s another $175 million of dispositions under contract expected to close early this year.
CEO Drew Alexander said in a statement that while the divestitures will reduce funds from operations this year, the proceeds will give Weingarten the flexibility to pursue acquisitions, buy back stock or debt and preserve its balance sheet. “We expect the volume of dispositions to be significantly less in 2019,” he said. Weingarten’s general counsel is Mark Stout, who joined the company in 1994 after practicing real estate and mortgage finance law for 10 years at the since dissolved Butler & Binion in Houston.