Chevron’s $53 billion acquisition of Hess remains in limbo despite FTC approval, which barred the son of Hess’ founder from a Chevron board seat due to antitrust concerns and alleged OPEC collusion. The merger’s fate hinges on an arbitration decision that could be announced soon with ExxonMobil over Hess’ stake in Guyana’s lucrative Stabroek Block. Meanwhile, CITGO, formerly Venezuelan-owned, saw a new winning bid in a Delaware court auction to settle expropriation claims.
Willkie Adds Blake Winburne to its Houston Office
Winburne was global head of the energy and infrastructure group at Orrick where he worked for more than nine years. He has been named co-chair of Willkie’s energy and infrastructure practice.
The Home Depot to Acquire GMS Inc. for $5.5B
Weil and Alston & Bird are advising on the acquisition of the Georgia-based building supply distributor. The acquisition is being made through Home Depot’s McKinney-based subsidiary SRS Distribution, which was acquired last year for $18.25 billion.
CDT Roundup: Deals Driven by Data, Plus a Deal to Make More Deals
For the week ending June 28, there were a dozen deals valued at nearly $7.8 billion: six in M&A and funding; six in capital markets and credit. But rather than compare that with last week’s 16 deals for $6 billion or the 14 deals for $6.3 billion this time last year, let’s compare these deals with each other. All in all, it was a curiously complicated week.
DNOW Acquires MRC for $1.5B
Kirkland and Akin advised on the combination of two Houston distributors of infrastructure machinery and supplies to create a $3 billion company with 350 service and distribution centers across 20 energy-producing countries.
Thomas Verity Vaults to Norton Rose Fulbright
The energy-focused corporate securities partner leaves Latham & Watkins where he was a frequent contributor on some of Latham’s largest transactions.
V&E Adds Three Partners: Two from Kirkland, One from Baker Botts
Vinson & Elkins said Monday they’ve added two Kirkland & Ellis partners to their New York and Austin offices in Samuel Francis and Reed Schuster, both of whom specialize in organization, governance and regulatory compliance issues. V&E also announced a return to the firm by finance partner Caitlin Lawrence after a nine-year sojourn at Baker Botts.
CDT Roundup: No Fuel for Thought as M&A Skips Oil & Gas for Tech and Food
For the week ending June 21 — and for this, our 25th weekly report of 2025 — there were 16 deals submitted for a total reported value at just under $6 billion (or $5.984 billion for the more exacting). On the year that’s slightly above average in volume (14.9 deals per week for the first 24 weeks), and well below the average for reported value ($13.2 billion per week for those same 24). We take nothing from that except to note that this most recent week was far better than the week prior, which recorded nine deals for $478 million, and stands remarkably similar to the 12 deals for $5.6 billion recorded at the summer solstice last year. But if you’re looking for something unusual — which is kinda our job here — the CDT Roundup has you covered.
Plains All American Sells NGL Assets to Keyera for $3.75B
Advised by Vinson & Elkins, Plains AA described the deal as a “win-win” transaction for both sides — an attractive cash-out for Plains and the acquisition of strategic Canadian assets by a Canadian company.
CDT Roundup: The Streak Ends, But It’s Not All Quiet as Key Deals Still Stirring
After five weeks in a row logging transactions valued at $20 billion or more, deal values finally hit the wall. Of course, part of the reason is that all of the M&A and funding deals involved private equity firms, deals whose terms are often undisclosed. Still, there were only six transactions reported. But the deals that were reported were not without importance.