CDT Roundup: 23 Deals, 16 Firms, 163 Lawyers, $5.5B

In a week like last week — with nearly two-dozen Texas-related deals reported — finding a common thread can be a revealing, even invigorating process: like dialing the tumblers on a long-unopened safe. Twist left and you see that nearly half of the deals (11) directly involve energy transition. Turn right and there’s a bitcoin-mining deal. Turn left again and you run into a transaction involving sports stars like Tim Tebow, Isaiah Thomas and the Manning brood (Peyton, Eli and Cooper).

But among the week’s disparate business sectors it’s also hard not to notice that there were three Texas-related deals involving the manufacture of Electric Vehicles, each of which seems to reflect both the promise and the turbulence of the burgeoning EV Era.

Hyliion, a manufacturer of electric powertrains for existing and future commercial vehicles, paid $37 million in cash and stock for KARNO, a fuel-agnostic generator developed by a subsidiary of General Electric. Based outside Austin, Hyliion is bringing the hydrogen-enabled generator and the team that developed it into its manufacturing fold. In June 2020, Hyliion went public through a merger with Tortoise Acquisition Corp, a SPAC sponsored by Lightfoot Capital Partners and advised by Vinson & Elkins. With a current market cap of $527 million, the stock is hovering around the $3 mark, having been twice that to begin the year.

Winston & Strawn’s Houston office guided Atlis Motor Vehicles through a crowd-funding launch of their opening on Nasdaq. Based in Mesa, Arizona, Atlis is still in the protype stage with its EV truck, but it’s a prototype built on Atlis’ own renewable battery technology. As they had with earlier funding campaigns, the company used Regulation A+ crowdfunding to peg their stock at $27.50 before taking the company public on Sept. 27. Once on Nasdaq, the company surged past $240 for a heartbeat before settling down to its current $16 per share.

But the most interesting backstory may be that of Faraday Future Intelligent Electric, a California luxury EV manufacturer that took the de-SPAC route to Nasdaq in January 2021. In its merger with Property Solutions Acquisition Corp. the company reported an enterprise value of $3.3 billion. Faraday was advised by Sidley Austin out of Chicago and Dallas; PSAC by Latham & Watkins out of Houston and New York. But Faraday management has been challenged by increasingly problematic postponements in the actual manufacture of vehicles.

In May the company reported that it had only 401 preorders for their splashy FF 91, instead of 14,000 as the company had suggested. Faraday Future stock, which sold for as much as $18 per share after its introduction on Nasdaq, is now trading at less than 70 cents per share. And on Sept. 19, the company was sued by its major stockholder, FF Top Holding, complaining that the company’s management had “squandered” billions and sought replacement of its top executives.

Last week, exactly a week later, the suit was settled. The company’s board was reshuffled and a new, independent director was installed. And, perhaps more importantly, the company received new financing for up to $100 million to help end the company’s five-year slog toward actual production.  

As noted, the week ending Oct 1 was brisk with 16 different Texas law offices reporting 23 transactions worth an aggregate $5.5 billion. The deals included 18 M&A transactions worth more than $4.9 billion along with five CapM deals worth just under $600 million. That compares with 18 deals last week worth $5.1 billion and 14 deals worth $6.2 billion this time last year.

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 Count	Amount	Firms	Lawyers	M&A Count	M&A Value $M	CapM Count	CapM Value $M
23-Nov-24	15	$4,553	15	145	11	$3,379	4	$1,174
16-Nov-24	17	$11,488	11	245	13	$10,186	4	$1,303
09-Nov-24	14	$2,110	12	139	12	$1,410	2	$700
02-Nov-24	12	$52,788	11	107	11	$52,738	1	$50
26-Oct-24	8	$3,160	8	65	7	$3,065	1	$75
19-Oct-24	12	$5,304	11	136	11	$4,554	1	$750
12-Oct-24	17	$8,438	12	150	15	$8,116	2	$322
05-Oct-24	22	$23,181	12	189	15	$19,980	7	$3,201
28-Sep-24	11	$2,356	7	144	7	$53	4	$2,303
21-Sep-24	12	$9,568	10	169	5	$4,101	7	$5,467
14-Sep-24	24	$10,988	12	235	16	$7,175	8	$3,813
7-Sep-24	12	$20,420	16	168	11	$20,307	1	$112.9
31-Aug-24	13	$20,631	9	134	12	$14,775	1	$5,856
24-Aug-24	19	$8,452	21	325	16	$7,102	3	$1,350
17-Aug-24	25	$49,196	16	304	11	$39,386	14	$9,810
10-Aug-24	20	$12,264	15	312	16	$9,794	4	$2,470
03-Aug-24	26	$16,498	16	334	18	$8,137	8	$8,361
27-Jul-24	19	$16,442	21	271	15	$13,838	4	$2,604
20-Jul-24	15	$16,016	14	184	10	$14,232	5	$1,784
13-Jul-24	20	$17,220	14	265	18	$7,146	2	$10,074
6-Jul-24	11	$3,941	11	95	8	$2,650	3	$1,291
29-Jun-24	14	$6,296	15	224	8	$6,296	6	$1,927
22-Jun-24	12	$5,679	8	137	5	$210	7	$5,469
15-Jun-24	13	$9,895	16	214	10	$5,280	3	$4,615
8-Jun-24	19	$23,859	13	239	12	$19,436	7	$4,423
1-Jun-24	12	$34,510	11	147	9	$26,110	3	$8,400
25-May-24	13	$9,684	15	171	10	$4,434	3	$5,250
18-May-24	11	$5,490	11	173	8	$3,129	3	$2,361
11-May-24	22	$14,855	14	227	16	$11,105	6	$3,750
4-May-24	13	$3,139	9	87	10	$1,297	3	$1,842
27-Apr-24	10	$6,684	6	28	10	$6,684	0	0
20-Apr-24	19	$15,989	11	147	9	$5,208	10	$10,781
13-Apr-24	13	$8,952	9	76	10	$1,652	3	$7,300
6-Apr-24	22	$22,616	14	222	14	$13,501	8	$13,116
30-Mar-24	12	$9,286	8	136	8	$4,299	4	$4,987
23-Mar-24	18	$5,451	17	266	16	$4,759	2	$692
16-Mar-24	21	$11,437	13	186	14	$9,316	6	$2,070
9-Mar-24	23	$4,695	21	218	19	$2,723	4	$1,972
2-Mar-24	20	$9,108	19	372	14	$4,558	6	$4,550
24-Feb-24	19	$16,382	12	248	15	$9,507	4	$6,875
17-Feb-24	16	$29,932	15	157	12	$29,216	4	$716
10-Feb-24	25	$10,750	17	196	19	$5,372	6	$5,379
3-Feb-24	12	$8,416	18	125	9	$3,416	3	$5,000
27-Jan-24	9	$8,165	9	87	8	$7,815	1	$800
20-Jan-24	14	$4,084	12	109	12	$3,219	2	$865
13-Jan-24	17	$33,588	12	256	12	$26,765	5	$6,823
6-Jan-24	8	$7,915	8	84	6	$7,265	2	$650
30-Dec-23	17	$14,599	12	99	15	$2,714	2	$11,885
23-Dec-23	23	$4,182	13	219	16	$1,813	7	$2,370
16-Dec-23	13	$16,436	13	280	7	$15,150	5	$1,286
9-Dec-23	26	$14,633.90	17	244	16	$8,095	10	$6,538.90
2-Dec-23	13	$6,720	9	57	12	$6,630	1	$90
25-Nov-23	9	$4,835	9	131	6	$1,785	3	$3,050
18-Nov-23	22	$6,568.70	17	184	14	$4,709.20	8	$1,859.50
11-Nov-23	15	$9,825	13	179	12	$6,581	3	$3,244
4-Nov-23	15	$20,582.50	14	193	12	$19,417.50	3	$1,165
28-Oct-23	18	$68,419.10	18	152	15	$66,646	3	$1,773.10
21-Oct-23	16	$6,755.90	16	165	15	$6,755.90	1	$3
14-Oct-23	14	$67,851.20	13	125	9	$61,998.50	5	$5,852.70
7-Oct-23	17	$6,595.50	13	228	16	$5,995.50	1	$600
30-Sep-23	17	$1,896.45	13	189	14	$806.45	3	$1,090
23-Sep-23	23	$6,432.70	17	230	16	$1,402.80	7	$5,029.90
16-Sep-23	25	$23,226.70	23	353	16	$17,239	9	$5,987.70
9-Sep-23	12	$6,369	8	102	7	$4,311	5	$2,058
2-Sep-23	14	$2,522	6	92	13	$1,322	1	$1,200
26-Aug-23	17	$12,160.25	13	202	15	$6,573.25	2	$5,587.00
19-Aug-23	19	$11,505	13	213	15	$11,255	4	$250
12-Aug-23	19	$9,698.80	13	184	7	$3,270	12	$6,428.80
5-Aug-23	13	$5,201	12	118	12	$5,051	1	$150
29-Jul-23	15	$21,031.60	13	196	11	$18,292.00	4	$2,739.60
22-Jul-23	18	$3,992	12	130	13	$2,808	5	$1,184
15-Jul-23	13	$8,254.95	13	81	13	$8,254.95	0	0
8-Jul-23	16	$5,441.45	12	172	11	$2,443	5	$2,998.45
1-Jul-23	16	$6,872	10	105	12	$5,474	4	$1,398
24-Jun-23	13	$10,914	16	201	10	$7,874	3	$3,040
17-Jun-23	17	$5,880.70	15	151	15	$4,705.70	2	$1,175
10-Jun-23	19	$8,516.10	13	111	16	$6,252.40	3	$2,263.70
June 3 2023	12	$6,104.42	12	138	8	$4,256.92	4	$1,847.50
27-May-23	17	$12,200	10	67	11	$6,165	6	$6,035
20-May-23	11	$22,458.10	8	103	4	$19,455	7	$3,003
13-May-23	12	$7,034	10	101	8	$5,460	4	$1,574
6-May-23	20	$3,297.60	18	196	17	$2,985.60	3	$312
29-Apr-23	23	$3,691.20	18	135	17	$1,969.70	6	$1,721.50
22-Apr-23	16	$5,570	14	104	14	$4,750	2	$1,000
15-Apr-23	12	$23,818.10	9	59	10	$21,618.10	2	$2,200
8-Apr-23	16	$7,949	9	173	9	$5,472	7	$3,477
1-Apr-23	21	$18,676.70	12	175	11	$10,926.70	10	$7,750
25-Mar-23	15	$8,779.50	10	141	5	$2,362	10	$6,416.50
18-Mar-23	7	$14,048.80	6	69	5	$13,345	2	$703.80
11-Mar-23	21	$11,576	16	165	16	$8,131	5	$3,445
4-Mar-23	20	$9,668	11	228	16	$8,209	4	$1,459
25-Feb-23	13	$5,335	13	130	12	$4,235	1	$1,200
18-Feb-23	14	$5,743.70	13	158	8	$898.70	6	$4,845
11-Feb-23	16	$12,088	12	137	12	$9,965	4	$2,123
4-Feb-23	17	$8,066	15	140	13	$5,614	4	$2,452
28-Jan-23	7	$2,180	7	75	5	$1,692.75	2	$488
21-Jan-23	17	$5,768	16	174	12	$1,918	5	$3,850
14-Jan-23	11	$2, 800	10	102	8	$421	3	$2,400
7-Jan-23	18	$8,296	11	167	14	$6,461	3	$1,835
31-Dec-22	14	$2,732	11	99	12	$2,092	2	$640
17-Dec	14	$7,919	13	115	12	$7,419	1	$500
10-Dec-22	14	$10,093	12	88	11	$7,093	3	$3,000
3-Dec-22	26	$12,800.90	11	172	20	$4,141	6	$8,659.90
26-Nov-22	8	$2,266.70	8	5	3	$76	5	$2,190.70
19-Nov-22	21	$2,886	15	212	19	$2,550	2	$336
12-Nov-22	13	$15,093.70	9	81	9	$14,200	4	$893.70
5-Nov-22	25	19,337.20	16	509	22	$8,267.20	3	$11,070
29-Oct-22	15	$7,805.30	9	116	14	$7,180.30	1	$625
22-Oct-22	20	$8,193.50	13	253	13	$5,442	7	$2,751.50
15-Oct-22	9	$3,046.10	9	139	7	$2,588.30	2	$457.80
8-Oct-22	19	$2,011.80	12	114	16	$833.80	3	$1,178
1-Oct-22	23	$5,532.90	16	156	18	$4,952.30	5	$580.60
24-Sep-22	18	$5,194	14	216	15	$4,050	3	$1,144
17-Sep-22	21	$8,352.30	12	320	15	$4,759.60	6	$3,592.70
10-Sep-22	15	$19,853.50	10	126	13	$19,403.60	2	$450
3-Sep-22	9	$2,312	9	62	9	$2,312	0	0
27-Aug-22	16	$30,891.70	10	135	15	$30,666.40	1	227.7
20-Aug-22	12	$1,977	8	152	9	925	3	$1,052
13-Aug-22	18	$8,004.70	11	242	11	$2,844.70	7	$5,160
6-Aug-22	24	$7,948.90	12	240	17	$3,577	7	$4,371.90
30-Jul-22	8	$6,941	9	78	7	$6,839	1	$102
23-Jul-22	11	$801	11	92	10	$801	1	0
16-Jul-22	14	$3,650	10	122	14	$3,650	0	0
9-Jul-22	10	$3,557.70	7	68	9	$3,557.70	1	0
2-Jul-22	18	$8,609.40	13	152	15	$2,754.40	3	$5,855
25-Jun-22	15	$6,142	13	146	9	$2,017	6	$4,125
18-Jun-22	17	$11,890.10	14	228	15	$11,410	2	479.7
11-Jun-22	17	$7,600	12	123	10	$2,300	7	$5,300
4-Jun-22	12	$2,937	10	127	9	$692	3	$2,245
28-May-22	9	$3,197.60	11	86	9	$3,197.60	0	0
21-May-22	14	$7,284.50	12	185	11	$6,609	3	$675.50
14-May-22	11	$306.60	9	80	10	$306.60	1	$225
7-May-22	16	$10,451.75	12	108	12	$1,827	4	$8,624.75
30-Apr-22	16	$2,296.50	16	157	12	$895.50	4	$1,401
23-Apr-22	10	$2,241	11	58	8	$1,641	2	$600
16-Apr-22	11	$6,643	7	156	8	$2,359	3	$4,284
9-Apr-22	17	$4,429	14	184	11	$1,690	6	$2,739
2-Apr-22	13	$1,755	8	84	10	$1,145	3	$610
26-Mar-22	11	$3,205	8	65	6	$200	5	$3,005
19-Mar-22	13	$2,239.17	9	106	13	$2,239.17	0	0
12-Mar-22	18	$12,016	11	239	15	$11,965	2	$51.35
5-Mar-22	17	$6,786	13	137	13	$5,161	4	$1,625
26-Feb-22	12	$5,095	8	149	9	$4,437.50	3	$658
19-Feb-22	17	$22,229	17	174	14	$21,354	3	$875
12-Feb-22	12	$2,344.70	10	73	8	$641.70	4	$1,703
5-Feb-22	11	$2,503	8	99	11	$2,503	0	0
29-Jan-22	11	$3,872	12	101	12	$3,872	0	0
22-Jan-22	13	$5,143.50	10	99	12	$4,842.50	1	$301
15-Jan-22	12	$7,605	9	155	9	$6,480	3	$1,025
8-Jan-22	13	$8,256.20	11	102	13	$8,256.20	0	0
1-Jan-22	9	$1,273.80	6	50	9	$1,273.80	0	0
25-Dec-21	21	$4,734.75	11	176	16	$3,410	5	$1,324.75
18-Dec-21	26	$7,325.20	15	193	18	$3,640.20	8	$3,685.20
11-Dec-21	16	$5,017	10	109	13	$1,417	3	$3,600
4-Dec-21	14	$2,310	8	86	8	$2,310	6	$1,882.05
27-Nov-21	9	$3.460.1	10	101	6	$1,758	3	$1,702.60
20-Nov-21	20	$22,792	15	157	12	$18,864.50	8	$3,928
13-Nov-21	21	$26,729	12	178	13	$11,822	8	$14,907
6-Nov-21	12	$8,303	13	157	10	$6,682	3	$1,621
30-Oct-21	21	$10,368	15	218	15	$9,24.4	6	$1,103.00
23-Oct-21	21	$18.783.1	15	222	11	$12,314	10	$6,468.60
16-Oct-21	15	$3,868	11	118	15	$2,293	2	$1,575
9-Oct-21	20	$8,610	16	175	16	$7,795	4	$815
2-Oct-21	14	$6,250	11	137	10	$5,200	4	$1,050
25-Sep-21	11	$11,460	9	93	7	$10,200	4	$1,250
18-Sep-21	11	$16,603	8	99	8	$15,084	3	$1,519
11-Sep-21	17	$10,653	11	103	13	$8,503	4	$2,150
4-Sep-21	13	$7,222	10	89	11	$6,715	2	$507
28-Aug-21	12	$763	9	63	11	$663	1	$100
21-Aug-21	12	$29,659	7	79	11	$29,579	1	$80
14-Aug-21	22	$17,845	11	199	12	$12,805	10	$5,04
7-Aug-21	17	$13,670	12	139	15	$11,766	2	$1,904
31-Jul-21	21	$8,160	11	134	10	$3,574	10	$4,586
July 24,2021	21	$6,367	11	139	15	$3,712	6	$2,655
17-Jul-21	14	$4,009	11	124	12	$2,015	2	$1,994
10-Jul-21	16	$3,997	13	143	11	$1,597	4	$2,4
3-Jul-21	24	$7,492	13	94	16	$3,769	8	$3,722
26-Jun-21	10	$4,995	7	85	8	$3,847	2	$1,148
19-Jun-21	28	$16,830	8	228	9	$1,861	19	$14,968
12-Jun-21	26	$27,238	15	209	19	$25,602	7	$1,636
5-Jun-21	15	$15,539	13	100	13	$14,709	2	$600
29-May-21	35	$20,279	11	145	28	$18,64	7	$1,639
22-May-21	24	$53,208	14	174	17	$51,047	7	$2,161
15-May-21	18	$10,620	13	220	11	$5,870	7	$4,809
8-May-21	17	$10,400	11	156	15	$8,386	2	$2,500
1-May-21	21	$7,200	16	115	12	$3,808	9	$3,392
24-Apr-21	8	$20,200	9	31	8	$20,200	0	0
17-Apr-21	14	$6,270	8	102	11	$40,180	3	$2,260
10-Apr-21	15	$8,940	13	129	14	$7,990	1	$950
3-Apr-21	18	$19,513	10	151	12	$16,923	6	$2,590
27-Mar-21	27	$13,942	15	244	14	$4,300	13	$9,633.50
20-Mar-21	11	$2,046	4	102	3	$270	8	$1,776
13-Mar-21	15	$3,270	9	109	6	$538	9	$2,732
6-Mar-21	24	$13,617	10	196	13	$10,395	11	$3,222
27-Feb-21	19	$8,105	12	139	15	$4,970	4	$3,135
20-Feb-21	9	$8,820	9	153	8	$8,520	1	$300
13-Feb-21	12	$4,852.60	7	81	7	2,766	5	$2,086.60
6-Feb-21	18	$9,752	13	153	14	$5,222	4	$4,530
30-Jan-21	18	$9,449	9	182	15	$8,753.80	3	$695.30
23-Jan-21	14	$8,150	8	118	6	$4,000	8	$4,150
16-Jan-21	17	$6,783	13	138	11	$2,400	6	$4,382.90
9-Jan-21	22	$6,829	14	135	18	$3,139.30	4	$3,690
2-Jan-21	7	$1,466	7	60	7	$1,466	0	0
26-Dec-20	18	$15,900	12	163	16	$5,300	1	$600
19-Dec-20	18	$9,769	14	110	14	$8,426	4	$1,343
12-Dec-20	10	$7,200	9	100	9	$3,325	1	$3,830
5-Dec-20	15	$4,261	9	122	9	$2,780	6	$1,481
28-Nov-20	19	$7,758	10	110	13	$4,003	6	$3,755
14-Nov-20	14	$864.10	14	157	12	$289.10	2	$575
7-Nov-20	13	$6,332	9	129	9	$2,483.50	4	$3,849
31-Oct-20	10	$3,995.80	8	103	6	$3,231.10	4	$754.70
24-Oct-20	6	$18,100	6	58	5	$17,709	1	$350
17-Oct-20	8	$351.90	5	55	8	$351.90	0	0
10-Oct-20	7	$5,229	3	50	4	$735	3	$4,494
3-Oct-20	14	$21,428	9	173	9	$17,535	5	$3,893
26-Sep-20	10	$12,770	8	93	5	$10,300	5	$2,470
19-Sep-20	14	$8,365	9	101	6	$1,020	8	$7,345
12-Sep-20	6	$4,406	8	59	3	$1,270	3	$3,136
5-Sep-20	11	$5,191	8	117	9	$4,061	2	$1,130
29-Aug-20	11	$2,531	9	94	5	$1,130	6	$1,401
22-Aug-20	18	$6,574	12	140	7	$1,930	11	$4,644
15-Aug-20	13	$4,991	10	97	7	$1,216	6	$3,775
8-Aug-20	12	$32,092	11	112	9	$30,457	3	$1,635
1-Aug-20	7	$5,287	8	76	5	$3,687	2	$1,600
25-Jul-20	9	$18,751	6	67	7	$18,403	2	$348
18-Jul-20	6	$1,982.50	5	50	4	$1,407.50	2	$575
11-Jul-20	11	$565.10	12	75	10	$65.10	1	$500
4-Jul-20	10	$8,889	8	98	9	$8,788	1	$100.30
27-Jun-20	8	$6,874	10	50	5	$4,972.50	3	$2,081.50
20-Jun-20	12	$4,444	9	115	7	$2,829	5	$1,615
13-Jun-20	6	$3,582	4	37	2	$350	4	$3,232
6-Jun-20	11	$3,213.70	8	65	7	$470	4	$2,743.70
30-May-20	8	$7,335	7	48	6	$4,639	2	$2,697
23-May-20	4	$432.40	4	34	3	$432.40	1	0
16-May-20	6	$310	6	34	5	$310	1	0
9-May-20	18	$5,630	16	124	14	$3,180	4	$2,450
2-May-20	15	10,400	10	90	8	$1,900	7	$,8,500
25-Apr-20	8	$3,400	9	36	5	$1,000	3	$2,450
18-Apr-20	19	$9,500	14	92	8	$185.70	11	$9,360
11-Apr-20	12	$6,000	9	40	5	$190	7	$5,800
4-Apr-20	14	$8,200	11	68	10	$2,200	4	$6,000
28-Mar-20	16	$6,500	13	96	10	$3,700	6	$2,800
21-Mar-20	11	$11,910	7	33	7	$2,250	4	$9,960
14-Mar-20	7	809.8	6	34	6	684.8	1	125
7-Mar-20	16	$2,500	15	70	13	$669	3	$1,400
29-Feb-20	13	$15,260	13	128	11	$11,760	2	$3,500
22-Feb-20	12	$3,700	10	92	10	$2,560	2	$1,130
15-Feb-20	16	$1,250	10	84	12	$35	4	$1,222
8-Feb-20	18	$6,080	14	123	14	$2,595	4	$3,485
1-Feb-20	21	$20,900	12	101	14	$17,860	7	$3,060
25-Jan-20	13	$7,430	13	62	12	$6,430	1	$1,000
18-Jan-20	23	$9,580	15	120	19	$6,580	4	$3,000
11-Jan-20	21	$14,200	18	199	16	$1,020	5	$13,200
4-Jan-20	22	$6,400	11	119	16	$3,204	6	$3,245
28-Dec-19	22	$7,150	19	175	18	$6,800	4	$327.40
14-Dec-19	24	$36,300	23	167	19	$9,500	5	$26,800
7-Dec-19	11	$10,400	11	55	7	$1,082	4	$9,370
November 30. 2019	14	$2,450	12	126	12	$1,760	2	$692.50
23-Nov-19	16	$1,995	10	41	11	$615	5	$1,380
16-Nov-19	15	$3,820	13	135	11	$2,500	4	$1,271
9-Nov-19	25	$12,900	17	182	23	$12,200	2	$575
2-Nov-19	10	$2,470	12	61	9	2,450	3	$22
26-Oct-19	12	$5,560	14	70	11	$3,860	1	$1,700
19-Oct-19	8	$6,600	8	138	8	$6,600	0	0
12-Oct-19	19	$4,300	14	55	16	$3,800	3	$500
5-Oct-19	18	$14,500	19	166	15	$11,100	3	$3,400
28-Sep-19	19	$8,100	18	132	18	$7,560	1	$550
21-Sep-19	14	$6,300	16	66	11	$2,160	3	$4,170
14-Sep-19	15	$23,800	12	56	11	$21,250	4	$2,570
7-Sep-19	17	$3,500	15	98	14	$1,900	3	$1,600
31-Aug-19	5	$8,700	6	50	5	$8,700	0	0
24-Aug-19	16	$10,000	14	82	15	$4,250	1	$5,750
16-Aug-19	10	$1,680	5	52	7	$650	3	$950
9-Aug-19	17	$17,700	15	68	14	$3,900	3	$13,800
2-Aug-19	13	$5,760	12	108	13	$5,760	NA	NA
27-Jul-19	11	$7,300	13	76	8	$6,570	3	$730
20-Jul-19	13	$11,800	13	125	11	$5,300	2	$6,500
13-Jul-19	10	$775	7	46	8	$542.50	2	$233
6-Jul-19	7	$2,500	9	85	7	$2,500	0	0
29-Jun-19	23	$8,290	15	154	17	$2,300	6	$5,970
22-Jun-19	17	$10,700	10	139	14	$7,700	3	$3,000
15-Jun-19	11	$13,500	14	160	11	$13,500	NA	NA
8-Jun-19	13	$2,870	17	55	11	$1,570	2	$1,300
1-Jun-19	10	$4,460	11	60	8	$4,140	2	$315
25-May-19	17	$4,360	14	79	14	$3,700	3	$612
18-May-19	22	$9,000	17	150	16	$3,400	6	$5,600
11-May-19	18	$19,800	17	177	15	$18,300	3	$1,500
4-May-19	10	$7,075	6	32	8	$6,900	2	$175
27-Apr-19	15	$3,200	14	117	14	$3,160	1	$40
20-Apr-19	13	$13,500	10	90	9	$12,200	4	$1,300
13-Apr-19	16	$38,900	14	91	14	$37,800	2	$1,100
6-Apr-19	12	$6,870	11	94	10	$6,730	2	$50
30-Mar-19	15	$6,470	12	84	10	$7,91.5	5	$5,677
23-Mar-19	18	$6,450	14	91	14	$5,042	4	$1,408
16-Mar-19	14	$10,180	12	115	11	$8,800	3	$1,300
9-Mar-19	9	$1,800	6	49	8	$1,300	1	$500
2-Mar-19	20	$3,033	16	107	14	$1,817	6	$1,262
23-Feb-19	12	$2,040	8	69	9	$614.60	3	$1,430
16-Feb-19	16	$9,970	18	77	16	$9,970	0	0
9-Feb-19	14	$6,400	10	110	14	$6,400	0	0
2-Feb-19	18	$6,740	15	99	16	$5,720	2	$950
26-Jan-19	13	$2,770	11	67	11	$918.95	2	$1,850
19-Jan-19	15	$3,819	16	76	12	$2,594	3	$1,225
12-Jan-19	18	$7,283	14	92	15	$1,683	3	$5,600
5-Jan-19	10	$529	12	50	10	$529	0	0
22-Dec-18	17	$2,570	13	87	14	$941	3	$1,629
15-Dec-18	10	$2,860	8	26	8	$264	2	$2,600
8-Dec-18	15	$1,819	16	65	12	$552	3	$1,267
1-Dec-18	12	$7,500	10	90	9	$1,200	3	$6,200
28-Nov-18	15	$4,500	11	107	14	$4,000	1	$500
19-Nov-18	18	$6,137	13	98	13	$2,142	5	$3,995
14-Nov-18	18	$9,200	13	152	15	$8,500	3	$694
6-Nov-18	16	$17,300	16	183	14	$16,361	2	$950
29-Oct-18	14	$14,400	18	127	17	$13,800	1	$600
24-Oct-18	13	$6,140	13	126	11	$5,122	2	$1,018
17-Oct-18	18	$18,390	15	125	14	$12,292	4	$6,098
10-Oct-18	29	$3,149	18	104	20	$1,647	9	$819
2-Oct-18	18	$9,300	11	67	14	$7,300	4	$2,000
25-Sep-18	13	$7,000	11	75	10	$6,000	3	$995
18-Sep-18	9	$3,570	7	44	9	$3,570	0	0
11-Sep-18	13	$5,900	10	132	13	$5,900	0	0
7-Sep-18	14	$5,000	15	86	11	$4,000	3	$1,000
29-Aug-18	15	$20,700	14	79	13	$4,700	2	$16,000
20-Aug-18	10	$12,400	11	53	8	$11,380	3	$1,057
14-Aug-18	12	$19,900	12	132	9	$18,889	3	$1,011
7-Aug-18	16	$68,600	11	106	13	$67,259	3	$1,340
31-Jul-18	15	$15,100	15	95	11	$13,060	4	$2,060
23-Jul-18	13	$2,130	15	60	10	$1,804	3	$1,100
17-Jul-18	14	$5,370	17	98	9	$4,310	5	$1,100
9-Jul-18	16	$11,200	15	74	10	$11,080	6	$862
3-Jul-18	13	$7,000	7	81	12	$6,330	1	$750
25-Jun-18	15	$8,800	13	97	9	$4,970	6	$3,930
18-Jun-18	13	$14,200	14	80	7	$221	6	$14,290
11-Jun-18	12	$6,300	8	96	8	$5,910	4	$803
6-Jun-18	13	$14,500	10	88	8	$14,154	5	$579
31-May-18	11	$4,890	10	63	8	$3,240	3	$1,790
22-May-18	15	$20,400	11	63	9	$19,808	6	$885
15-May-18	15	$4,700	15	106	10	$3,900	5	$643
9-May-18	11	$1,400	13	88	9	$1,300	2	$560
1-May-18	8	$14,250	7	88	7	$13,400	1	$450
24-Apr-18	12	$5,300	6	61	11	$4,470	1	$800
17-Apr-18	9	$1,800	10	44	7	$2,330	2	$1,434
11-Apr-18	11	$2,500	8	32	6	$1,690	5	$809
3-Apr-18	15	$13,400	11	121	9	$12,020	6	$1,090
28-Mar-18	10	$4,000	10	92	7	$3,870	3	$215
19-Mar-18	17	$5,800	13	51	10	$590	7	$5,165
12-Mar-18	15	$3,130	11	43	11	$2,360	4	$788
6-Mar-18	19	$5,400	13	116	10	$1,530	9	$4,860
27-Feb-18	20	$6,600	13	69	14	$5,530	6	$1,030
19-Feb-18	15	$5,500	14	111	10	$3,990	6	$1,980
12-Feb-18	23	$10,900	17	157	12	$7,110	11	$3,840
5-Feb-18	16	$8,600	13	100	7	$1,330	9	$7,800
30-Jan-18	11	$12,600	11	68	5	$7,300	6	$4,982
24-Jan-18	19	$9,400	15	129	5	$2,010	14	$7,337
18-Jan-18	10	$6,280	8	49	2	$2,100	8	$4,188
9-Jan-18	12	$16,500	12	92	9	$15,890	3	$475
3-Jan-18	10	$2,500	9	47	8	$2,350	2	$150
27-Dec-17	15	$9,000	15	113	9	$7,568	6	$1,784
18-Dec-17	15	$13,800	16	164	9	$13,010	7	$1,118
11-Dec-17	14	$9,700	10	126	12	$2,940	4	$8,500
4-Dec-17	6	$1,800	6	31	5	$1,510	1	$300
28-Nov-17	7	$3,850	8	76	4	$3,260	3	$285
16-Nov-17	10	$2,700	10	48	6	$1,840	4	$856
8-Nov-17	15	$2,380	17	91	10	$1,860	5	$516
1-Nov-17	12	$4,700	17	94	9	$3,400	4	$1,300
23-Oct-17	15	$10,500	10	67	10	$9,780	4	$1,530
18-Oct-17	6	$2,000		37	3	$225	3	$1,820
10-Oct-17	12	$6,570		100	9	$3,880	3	$3,360
2-Oct-17	8	$3,100	11	19	3	$1,630	5	$1,750
25-Sep-17	8	$4,880	8	79	5	$2,660	5	$2,070
18-Sep-17	9	$4,770			3	$300	6	$4,470
12-Sep-17	11	$4,430			8	$2,030	3	$2,400
1-Sep-17	4	$1,310			3	$317	1	$1,000
23-Aug-17	11	$13,640	9		8	$11,840	3	$1,800

M&A/FUNDINGS

Quinbrook sells Scout Clean Energy to Brookfield for $1B

Deal Description: Quinbrook Infrastructure Partners, a specialist investment manager focused on new infrastructure needed for the energy transition, announced Sept. 29 the execution of binding contracts for the sale of its portfolio company, Scout Clean Energy, to Brookfield Renewable for $1 billion in cash.

Quinbrook’s Outside Counsel: Skadden led by partners Lance Brasher (Washington, D.C.) and Aryan Moniri (Washington, D.C.), counsel Nike Opadiran (Washington, D.C.) and associates Yvette Sokei (Houston) and Philip Killeen (Washington, D.C.)

Brookfield’s Outside Counsel: Vinson & Elkins led by partners Peter Marshall and Kaam Sahely, with assistance from senior associate Alexander Baker. Other team members include partner Lauren Collins (tax); partner David D’Alessandro (executive compensation/benefits); partner Sean Becker (employment/labor); partner Michael Joyce and senior associate Brent Schoradt (energy transactions/projects); partner John Decker (energy regulatory); partner Palmina Fava (litigation); partner Matt Dobbins (environmental); counsel Rajesh Patel (technology transactions/IP); senior associate Courtney Hammond (real estate); and partner Sarah Mitchell (insurance).

IDEX acquires Muon for $670.8M

Deal Description: IDEX Corp. announced Sept. 13 that it entered into a definitive agreement to acquire micro-precision technology manufacturing company Muon and its subsidiaries from Rivean Capital for cash consideration of €700 million ($670.8 million). Based in the Netherlands, Muon Group manufactures flow paths in a variety of materials that enable the movement of liquids and gases in applications for medical technologies, semiconductor, food processing, digital printing and filtration. The group includes LouwersHanique, Veco, Millux, Tecan and Atul, which have technical expertise in precision and tolerances for different materials, from metals and glass to plastics and ceramics. The acquisition will expand upon a growing platform of IDEX precision technology businesses with product solutions for similar end-customers. 

IDEX’s Outside Counsel: Sidley led by partner Sara Garcia Duran in Dallas and partner Fatema Orjela, managing associate Zoe Woodhouse, associate Jessica Edwards in London. The team also included partner Heather M. Palmer in Houston and associate Zach Johnston in Dallas along with lawyers in Brussels, Chicago and San Francisco.

Kinder Morgan sold equity interests in Elba Liquefaction for $565M

Deal Description: Kinder Morgan Inc. announced Sept. 27 that it closed on the sale of a 25.5 percent equity interest out of its membership interest in Elba Liquefaction Co. to an undisclosed financial buyer for about $565 million. The proceeds will reduce short-term debt and create additional capacity for investments, including opportunistic share repurchases. The value of the equity interest implies an enterprise value of around $2.3 billion for ELC, which is about 13 times 2022 estimated EBITDA. Upon closing, KMI and the undisclosed financial buyer will each hold a 25.5 percent interest and Blackstone Credit will continue to hold a 49 percent interest in ELC. The ELC joint venture was formed in 2017 to construct and own the 10 modular liquefaction units in operation at Elba Island. KMI will continue to operate the facility.

KMI’s Outside Counsel: Bracewell including partners Lytch T. Gutmann in Houston, Steven J. Lorch in New York, Jeffrey B. Andrews and Tony L. Visage in Houston, Timothy A. Wilkins in Austin and Rebecca L. Baker in Houston; counsel Tamara L. McKinzie in Houston; and associates Alexandra C. Crai in Houston and Michael A. Recchia in New York

DT Midstream increases ownership in Millennium Pipeline for $552M

Deal Description: DT Midstream Inc. announced Sept. 29 that it entered into an agreement to acquire an additional 26.25 percent ownership interest in Millennium Pipeline for $552 million in cash. The transaction will be financed with cash on hand and available capacity under the company’s revolving credit facility. Under the terms of the agreement, DTM will acquire National Grid’s full ownership interests in Millennium Pipeline, which, upon closing, will bring DT Midstream’s total ownership to 52.50 percent. Millennium Pipeline is a 263-mile interstate pipeline positioned to deliver Northeast Marcellus and Utica gas to utility and power plant markets across New York State and New England. DT Midstream is a founding developer and existing owner in Millennium Pipeline, which has been in service since 2008. The pipeline is also interconnected with the company’s wholly-owned Bluestone Gathering Lateral Pipeline, which has upstream connections to its Susquehanna Gathering System.

Expected Closing: Q4 2022

DT’s Financial Advisor: Lazard

DT’s Outside Counsel: Shearman & Sterling led by Houston partner Omar Samji and Todd Lowther and including Dan Tristan, Tomasz Kulawik, Jonathan Cheng, Ira Aghai, Brody Hinds, Daniel Kachmar, Jessica Kelly and Aylmer Wang

Brookfield closes acquisition of Standard Solar for $540M

Deal Description: Brookfield announced Sept. 29 the closing of its acquisition of Standard Solar for $540 million. Standard Solar is a market-leading owner and operator of commercial and community distributed solar with end-to-end development capabilities and a track record of delivering high-quality assets.

Brookfield’s Outside Counsel: Skadden including energy and infrastructure projects partner Aryan Moniri (Washington, D.C.) and counsel Nike Opadiran (Washington, D.C.); tax partner Sean Shimamoto (Palo Alto); and corporate associate Nicholas Woodruff (Houston).

Trace Midstream reels in $400M commitment from Quantum Energy Partners

Deal Description: Locke Lord said Sept. 29 that it advised Trace Midstream on its $400 million equity commitment from Quantum Energy Partners to form Trace Midstream Partners II and its affiliate Trace Carbon Solutions. Headquartered in Houston, the company will focus on developing carbon capture and sequestration assets and supporting midstream infrastructure across North America. 

From Locke Lord: Mitch Tiras in Houston led with assistance from Lauren Richter and Shannon Schroeder in Houston and Gene Schlack in Boston

Hammerhead, Decarbonization Plus Acquisition to merge in $320M deal

Deal Description: Hammerhead Resources Inc., a Calgary-based energy company, and Decarbonization Plus Acquisition Corp. IV, a special purpose acquisition company, announced Sept. 26 that they agreed to combine in a transaction that values Hammerhead at C$1.39 billion. Upon closing of the transaction, the combined company is expected to be listed on the Nasdaq Capital Market and trade under the ticker symbol “HHRS.” The combined company will continue to be managed by Hammerhead’s executive team led by CEO Scott Sobie. The transaction is anticipated to generate gross proceeds of $320 million, assuming minimal redemptions. The funds will be used to accelerate Hammerhead’s C$240 million carbon capture and sequestration program. The transaction creates a publicly traded upstream oil and gas company with a path toward achieving net zero emissions on a Scope 1 and Scope 2 basis by 2030. Combined company’s assets will include a large consolidated block of acreage in the Montney trend in Western Canada, spanning over 110,000 net acres in Alberta, which is the result of C$1.19 billion of equity raised by Hammerhead since its founding in 2009.

Expected Closing: Q1 2023

DCRD’s Outside Counsel: Vinson & Elkins led by Ramey Layne in Houston and Stancell Haigwood in New York with assistance from Dan Komarek, Zach Swartz, Joe Milano and Maram Mahajna.

Other DCRD’s Counsel: Walkers (Cayman Islands) and Bennett Jones (Canada)

Hammerhead’s Financial/Capital Markets Advisors: CIBC Capital Markets and Peters & Co. Ltd.

Hammerhead’s Strategic Advisors: National Bank Financial Inc. and ATB Financial

Hammerhead’s Outside Counsel: Burnet Duckworth & Palmer and Paul, Weiss, Rifkind, Wharton & Garrison

Hammerhead’s Special Committee Outside Counsel: Blake, Cassels & Graydon

DCRD’s Special Committee Outside Counsel: Maples Group

NioCorp to combine with Nasdaq-listed GXII in $285M transaction

Deal Description: NioCorp Developments Ltd. and Nasdaq-traded GX Acquisition Corp. II announced Sept. 26 the signing of a definitive agreement for a proposed combination between the two companies. NioCorp will acquire GXII, a U.S.-based special purpose acquisition company, and intends to be listed on the Nasdaq Stock Exchange soon after the acquisition closes. NioCorp shares will also continue to be traded on the Toronto Stock Exchange. The proposed transaction puts the combined entity at an estimated enterprise value of $313.5 million. The combined operating entity could have access to as much as $285 million in net cash after paying transaction expenses from the GXII trust account to continue advancing the Elk Creek Critical Minerals Project in Nebraska, which has the highest-grade Niobium resource in North America and the second largest indicated rare earth resource in the U.S. NioCorp also announced the signing of non-binding letters of intent for two separate financing packages with Yorkville Advisors Global that could provide the company with an additional $81 million to help advance the Elk Creek project. The financings would include $16 million in convertible debentures that are expected to be funded at the closing of the combination and a standby equity purchase facility in which NioCorp will have the ability to require Yorkville to purchase up to $65 million of its common shares.

Expected Closing: Q1 2023

NioCorp’s Advisor: SWI Partners Ltd.

NioCorp’s Outside Counsel: Jones Day (Joel May, Ann Bomberger and Julia Feldman with help from Alexandra Wilde in Houston) and Blake, Cassels and Graydon

NioCorp’s Financial Advisor: GenCap Mining Advisory Ltd.

GX’s Capital Markets Advisors: Cantor Fitzgerald & Co. and BTIG

GX’s Outside Counsel: Skadden, Arps, Slate, Meagher & Flom led out of New York and Stikeman Elliott

Cantor Fitzgerald’s Outside Counsel: DLA Piper

Enbridge acquires Tri Global Energy for $270M

Deal Description: Enbridge Inc. announced Sept. 29 it acquired Tri Global Energy, a U.S. renewable project developer, for $270 million in cash and assumed debt. Additionally, up to about $50 million in payments could be made contingent on successful execution of TGE’s project portfolio. TGE is currently the third largest onshore wind developer in the U.S., with a development portfolio of wind and solar projects representing more than 7 gigawatt of renewable generation capacity. TGE has developed and monetized over 6 gigawatts of utility scale renewable projects since its inception in 2009.

Enbridge’s Financial Advisor: CIBC

Enbridge’s Outside Counsel: Eversheds Sutherland including lead partner Tom Warren in Atlanta with assistance from counsel Jackson Allen and associate Katie Wymer, also of Atlanta. Partner Jack Massey assisted from Houston as well as Alex Franklin in Atlanta and Mark Herlach in Washington, D.C. 

Northern Oil adds Delaware Basin bolt-on assets from Alpha Energy for $157.5M

Deal Description: Northern Oil and Gas Inc. announced Sept. 30 it agreed to acquire non-operated interests in the Delaware Basin from Alpha Energy Partners for an initial purchase price of $157.5 million in cash. NOG expects to fund the acquisition with cash on hand, operating free cash flow and borrowings under NOG’s revolving credit facility.

NOG’s Financial Advisor: Citigroup Global Markets

NOG’s Outside Counsel: Kirkland & Ellis led by corporate partners David Castro Jr. and Rahul Vashi.

Alpha’s Financial Advisor: TPH&Co, a unit of Perella Weinberg Partners

Alpha’s Outside Counsel: Holland & Knight led by partner Robert Dougherty in Dallas and including partners Brandon Bloom, Todd Keator and Ashley Phillips and associates Aaron Powell, Morgan Moore and Anna Boyer

Patra attracts $146M from FTV Capital

Deal Description: Locke Lord said Sept. 29 it represented Patra, a provider of technology-enabled services for the insurance industry, on its $146 million growth investment as part of a recapitalization from FTV Capital, a sector-focused growth equity firm with nearly 25 years of experience investing in technology-enabled services. The transaction closed on September 1.

From Locke Lord: John McKnight in Dallas and Christopher Martin in Houston led the team with assistance by Jason McCloskey, Ed Razim, Buddy Sanders, Shumaila Dhuka, Ashley Lopez, Andrew Nelson and Annaleigh Richardson of Houston, Mark Backofen, Van Jolas and Angela Stockbridge of Dallas, Paul Mahoney of Providence, Jon Gillum of Austin and Jordon Ferguson of Los Angeles.

Hyliion closes acquisition of GE’s generator technology for $37M

Deal Description: Austin-based Hyliion Holdings Corp., a leader in electrified powertrain solutions for Class 8 semi-trucks, announced Sept. 27 the closing of its previously announced deal to acquire a new hydrogen and fuel agnostic capable generator, Karno, from GE Additive, part of GE, for $15 million in cash and $22 million in Hyliion stock. The Karno generator will be deployed in Hyliion’s Hypertruck powertrain platform to offer a next-generation, fuel-agnostic semi-truck solution. Hyliion will integrate the Cincinnati-based engineering team that created the Karno system into the company’s operations.

GE’s Outside Counsel: Jones Day led by Darcy White

Hyliion’s General Counsel: Jose Oxholm

Bitcoin mining company Rhodium Enterprises in a $9M merger with SilverSun Technologies

Deal Description: Rhodium Enterprises Inc., an industrial-scale digital asset technology company using proprietary technologies to mine bitcoin, announced Sept. 29 it was merging with SilverSun Technologies Inc., a national provider of transformational business technology solutions and services. Rhodium is one of the largest bitcoin miners in the U.S. Rhodium plans to list on Nasdaq via the merger with SilverSun. Under the terms of the deal, each holder of an outstanding share of SilverSun common stock will receive a cash dividend of at least $1.50 per share, which equates to $8.5 million; a stock dividend of one share of SWK Technologies Holdings Inc., a recently formed subsidiary of SilverSun which accounted for the large majority of SilverSun’s revenue in 2021. SilverSun shareholders will hold about 3.2 percent of the common equity after the merger. The current management and board of SilverSun, including Mark Meller, the CEO of SilverSun and SWK, will continue in their current roles. Texas-based Rhodium initially filed in October 2021 with the SEC to raise up to $100 million in an initial public offering and launched the IPO in January but postponed it in later that month, according to Bloomberg. 

Expected Closing: Year-end 2022

Rhodium’s Financial Advisor: B. Riley Securities Inc.

Rhodium’s Outside Counsel: Kirkland & Ellis led by corporate partners Thomas Laughlin and Jack Shirley; capital markets partners Matt Pacey and Anne Peetz; corporate associates Jessica Berkowitz and Garrett Engel; and capital markets associate Logan Weissler. They had support from corporate partner Doug Bacon; tax partners David Wheat and Adam Arikat and associate Nicole Martin; and technology and IP transactions partner Jeff Norman; and executive compensation partners Stephen Jacobson and Frances Tompson and associate Lisa Cha

SilverSun’s Outside Counsel: Lucosky Brookman

Bernhard-backed United Utility Services acquires BHI Power Delivery

Deal Description: United Utility Services, a utility services company, announced Sept. 28 it agreed to acquire BHI Power Delivery, a utility transmission and distribution services provider, from Brookfield Asset Management-backed Westinghouse Electric Co. Financial terms were not disclosed. BHI supports power infrastructure investment across all transmission, substation, distribution and grid hardening projects from engineering and construction to maintenance, live-line work and storm response. Similar to United Utility, BHI is one of the leading middle market specialty solutions providers in the regulated electric power sector. With locations in Florida, Texas, Alabama, New York and Oklahoma, BHI has 1,200 employees and 170 crews in the U.S. United Utility said the acquisition will expand its geographic footprint, strengthen its presence in key markets and create one of the largest independent, pure-play power transmission and distribution services providers in the U.S. United Utility was formed in 2018 by Bernhard Capital Partners through the acquisition of W.A. Chester, an underground electric transmission and distribution services business.

United Utility’s Outside Counsel: Kirkland & Ellis led by corporate partners Bill Benitez and Rob Goodin with assistance from tax partner Mark Dundon, executive compensation partner Jared Whalen and corporate associates Daniel Cadis and Jessica Stenglein.

Brookfield’s Outside Counsel: Weil led out of New York by partner Michael Lubowitz

Entact acquires USA Environment

Deal Description: Dallas-based Entact, a provider of environmental remediation and geotechnical services and backed by J.F. Lehman & Co., announced Sept. 28 that it completed the acquisition of USA Environment and its affiliates. Terms weren’t disclosed. The acquisition enhances Entact’s capabilities and service solutions while significantly expanding its customer base and presence throughout North America, the company said. USA Environment is an environmental remediation and industrial services provider executing an array of services, often in high-hazard environments with complex logistics, including public infrastructure, specialty chemical, manufacturing, energy, mining, and brownfield redevelopment. based in Deer Park, Texas, USA Environment employs 200 environmental remediation professionals.

Entact/JFLCO’s Outside Counsel: Jones Day led by Andy Levine in New York

USA Environment’s financial advisor: D.A. Davidson

USA Environment’s Outside Counsel: Haynes Boone including, on M&A: Tom Harris, Kellie Bobo, Zach Burnett, Rachael Williams and Taylor Calvert; on employment: Raquel Alvarenga; on ERISA/Benefits: Scott Thompson; and on environmental: Mary Mendoza

Brand Velocity buys Score Sports

Deal Description: Brand Velocity Group announced Sept. 29 it bought SCORE Sports, a designer, manufacturer and seller of youth team sports uniforms and equipment. Terms weren’t disclosed. SCORE has become a top multi-sport outfitter serving athletes of all ages and abilities across a range of sports including soccer, basketball, baseball/softball, flag football and volleyball in the $8 billion U.S. youth sports market. To support SCORE, BVG has mobilized a group of investors, such as abrdn and Ocean Avenue Capital Partners, as well as like-minded individuals at each of the league, team owner and athlete levels, including Carmelo Anthony, Nolan Arenado, Andre Drummond, Steve Hutchinson, Carli Lloyd, the Manning family (Peyton, Eli and Cooper), Weston McKennie, DK Metcalf, Kelly Olynyk, Marcus Smart, Tim Tebow, Isaiah Thomas and Klay Thompson. Eli Manning is a BVG partner.

Brand’s Outside Counsel: Sidley co-led by global finance partner Kelly Dybala and including, from Texas, global finance associate Hana Muwaqet and tax partner Tara Lancaster

Placement Agent: Sixpoint Partners

Score’s Financial Advisor: Kurt Salmon Capital Advisors

Score’s Outside Counsel: Norton Rose Fulbright led by Mark Greenfield in Los Angeles and also included Will Troutman, Tiffany Li and Joseph Bini (Los Angeles), Mike Stimson (Austin), Erica Cook (Chicago), Todd Schroeder, Alex Clark and Will Betts (Dallas), Bob Greenslade (Denver), Hersh Verma (Houston), Hernan Gonzalez, Dante Trevedan and Mariajose Chavez Zamora (Mexico City), Celia Cohen and Anna Rudawski (New York), Josh Henderson (San Francisco) and Andy Eklund (Washington, D.C).

Matrix Renewables buys 4.6 gigawatt U.S. development portfolio from SolarStone 

Deal Description: Matrix Renewables, the TPG Rise-backed global renewable energy platform, announced Sept. 19 that it has secured a 4.6 gigawatt portfolio of utility-scale solar energy projects across the central U.S. and has signed a broader development joint venture with the projects’ original developer SolarStone Partners. Terms weren’t disclosed. The transaction provides Matrix with a sizable addition to its U.S. renewable project backlog as well as a further opportunity to develop additional projects through a new partnership with SolarStone Partners. Matrix and SolarStone will jointly develop the portfolio while exploring and originating additional opportunities across different markets in the U.S.

Matrix’s Financial Advisor: Cohn Reznick Capital

Matrix’s Outside Counsel: Norton Rose Fulbright including a M&A/finance team made up of Becky Diffen, Raquel Bierzwinsky, Megan Savage, Lindsey Swiger and Shaileen Berlas; Hilary Lefko on tax; Caileen Gamache on regulatory; and Josh Morton, John Young and Nura Yanaki on real estate

EnergyRe launches Radial Power with Starwood

Deal Description: Locke Lord said Sept. 29 that it advised EnergyRe, an independent clean energy company focused on providing clean energy solutions, in the joint venture launch of Radial Power with Starwood Energy Group Global. Terms weren’t disclosed the the JV. which was announced Sept. 21. Radial Power will seek to deliver distributed clean energy solutions to large real estate and commercial and industrial asset owners.

From Locke Lord: Mitch Tiras in Houston led with assistance from Jeff Wallace, Eric Larson and Lauren Richter in Houston and Gene Schlack in Boston

CAPITAL MARKETS/FINANCINGS

Shelf Drilling issues $250M in secured notes

Deal description: Shelf Drilling Ltd. announced that its indirect wholly owned subsidiary Shelf Drilling (North Sea) Holdings Ltd., an indirect wholly owned subsidiary of Shelf Drilling (North Sea) Ltd., has on Sept. 26 issued $250 million of 10.25 percent senior secured notes due 2025. The issuer intends to use the net proceeds to pay part of the purchase price for SDNS’s previously announced acquisition of five jack-up rigs from various subsidiaries of Noble Corp. The proceeds will be deposited into escrow and will be released at completion of the rig acquisition. The placement agents are Credit Suisse Securities and DNB Markets Inc.

Placement Agents’ Outside Counsel: Baker Botts including James Marshall (partner, Houston), Clint Culpepper (partner, Austin), Caitlin Lawrence (special counsel, Houston), Garrett Hughey (senior associate, Houston) and Jenna Kabrich (associate, Austin)

Issuer’s Counsel: Skadden from outside of Texas

Faraday Future announces governance resolution with shareholders, $100M in new financing

Deal Description: Sidley said Sept. 26 the firm is representing Faraday Future Intelligent Electric Inc. , a California-based global shared intelligent electric mobility ecosystem company, in a comprehensive resolution to its governance dispute with its largest shareholder, FF Top Holding, and the execution of definitive agreements for new financing. FF Top will dismiss its lawsuit against the company and its board and Faraday Future announced the execution of two definitive agreements for new financing commitment of up to $100 million. Under the first financing agreement, Faraday Future will receive up to $40 million in near-term funding in the form of convertible secured notes and warrant exercise payments. Under the second, the company will receive up to an additional $60 million in near-term funding from Senyun International Ltd., a Daguan International Ltd. wholly owned investment entity, in the form of convertible secured notes. The company said it is in ongoing discussions with potential financing sources for additional capital required to fund operations through the end of 2022 and beyond and has had layoffs and other expense reduction and payment delay measures. 

From Sidley: The leads were Vijay Sekhon in San Francisco, Karen Goldstein in Dallas, Mike Heinz in Chicago, Banks Bruce in Dallas, Kendra Smith in Dallas and Feifei Bian in Century City. Others on the team were Reid McKinney and Hana Muwaqet in Dallas

Agent’s Outside Counsel on Convertible Notes Facility: Blank Rome and Kelley Drye & Warren

Senyun’s Outside Counsel: Olshan Frome Wolosky

Board’s Outside Counsel: Davis Polk & Wardwell

FF Top’s Outside Counsel: Cadwalader, Wickersham & Taft

Season Smart’s Outside Counsel: Baker McKenzie

Simpson Thacher represents Credit Suisse in FTC Solar’s $100M equity program

Deal Description: Simpson Thacher represented Credit Suisse Securities as sales agent in an SEC-registered at-the-market equity program in which shares of FTC Solar Inc.’s common stock, having sales price of up to $100 million, may be sold from time to time by Credit Suisse. The deal closed Sept. 14. Austin-based FTC Solar is a global provider of solar tracker systems, software and engineering services. FTC Solar keeps a sales and support presence in the Middle East, Asia, Europe, Australia, India and Africa.

From Simpson: Led by partner Roxane Reardon in New York

FTC Solar’s In-House Counsel: Jacob Wolf is general counsel

Simpson Thacher aids underwriters in $81.1M secondary for Crescent Energy

Deal Description: Simpson Thacher said Sept. 26 it represented the underwriters including Credit Suisse in connection with the offering by Independence Energy Aggregator of 5.75 million shares of Class A common stock of Crescent Energy Co., which includes the full exercise of the underwriters’ option to purchase more shares. The selling stockholder received $81.1 million in gross proceeds. The deal closed Sept. 13. Crescent Energy is a publicly traded U.S. independent energy company with assets in basins across the lower 48 states.

From Simpson: Led by partners David Azarkh in New York and Brian Rosenzweig in Houston and included Richie Ragusa, Dermot Bree and Miatta Echetebu in Houston

Atlis Motor Vehicles announces $49.5M initiation of trading on Nasdaq

Deal Description: Atlis Motor Vehicles, a company developing an electric work truck and the batteries to power it, announced Sept. 26 that Nasdaq approved its application to list on the Nasdaq Exchange and began trading on Sept. 27, offering 1.85 million shares at $27.50 under the symbol “AMV.” Based in Mesa, Arizona, Atlis announced in February that Australian vehicle distributor AUSMV had become the company’s first institutional investor, according to Dow Jones. The shares skyrocketed 199 percent in their debut but were down 31 percent to $56.66 in their second day on Nasdaq, only to settle at around $16 per share. Mark Hanchett is the company’s CEO.

Atlis’ Outside Counsel: Winston & Strawn led by Mike Blankenship and James Brown in Houston and including Kevin Smith in New York, Luisa Patoni in Houston, Ashley Dumoff in New York, Hannah Gallagher in Chicago, Anna Gryska in Houston, Justin Linder in Washington, D.C., Alexandra Santana in Houston and Marissa Sims in Chicago