Phillips 66 Acquires Full Ownership of WRB Refining for $1.4B
The deal, advised by Sidley Austin and Bracewell, gives Phillips 66 full control of refineries in Illinois and Texas.
Free Speech, Due Process and Trial by Jury
Prominent legal and investigative journalist Allen Pusey is a senior editor and writer at The Texas Lawbook.
Prior to joining The Lawbook, Pusey was the editor and publisher of the ABA Journal, which is the nation’s largest circulation legal publication. Before his decade with the Journal, Pusey spent 26 years as a reporter and editor at The Dallas Morning News, where he was a special projects editor and covered the Supreme Court of the United States.
A former director at the Center for Public Integrity, Pusey brings extraordinary experience and knowledge of the legal industry to The Texas Lawbook. Our readers are now the beneficiaries of his amazing talent as a writer and editor.
You can reach Allen at allen.pusey@texaslawbook.net or 202.669.4398.
The deal, advised by Sidley Austin and Bracewell, gives Phillips 66 full control of refineries in Illinois and Texas.
White & Case and Gibson Dunn advised on the megadeal which will enhance the ability of SpaceX to expand its Starlink "Direct to Cell" service.
Latham, V&E and Akin advised on the deal which will see Diamondback and Kinetik Energy exit their ownership stake in the strategic 800-mile crude oil pipeline.
The week ending Aug. 30 saw 10 deals with a reported value of $6.6 billion. That's a significant drop from the prior week's 23 deals for $15.2 billion. We could write that off as a holiday week problem, but last year at this time, we saw 13 deals for $20.6 billion. The week began strong enough with the announcement of a $3.1 billion acquisition in the Permian and AT&T's $23 billion licensing agreement with EchoStar, but M&A simply dwindled over the rest of the week. That and more in this week's CDT Roundup.
The deal helps resolve regulatory pressures on EchoStar to use or lose federal licensing in the mid-band and low-band spectrum. The deal was handled in-house for AT&T with help from Sullivan & Cromwell and Arnold & Porter.
V&E, Kirkland and Gibson Dunn were among the advisors on the deal which secures a spot for Crescent among the top ten independent oil and gas producers in the region.
The week ending Aug. 23 saw 23 deals for just over $15.2 billion. The deals included three transactions — in media, oil and gas and electrical services — which together accounted for $13.6 billion, amounting to 90 percent of the total. But the week saw a slurry of PE transactions, most of them in the electrical, HVAC or data services sectors and they involved a broad variety of interesting businesses. That and more in this week's CDT Roundup.
The deal for Shermco, advised by Vinson & Elkins and Kirkland & Ellis, is the latest in a slew of electric power, HVAC and water services acquisitions aimed at data center infrastructure support.
Publicly traded Nexstar Media Group, the nation's largest owner of local television broadcast stations in the U.S., announced Tuesday that it is acquiring TEGNA Inc. and its 65 local stations in 51 markets, including 15 stations in 12 markets in Texas. Kirkland & Ellis, Wiley Rein, Morrison Foerster, Wachtell and Covington & Burling advised on the deal. (Photo by Kristoffer Tripplaar/Sipa USA via AP Images)
The week ending August 16 saw 13 deals for $26 billion. At first blush that meshes nicely with the week prior, which saw 19 deals valued at $16 billion. But don't be deceived. Of those 19 deals in the prior week, 15 of the volume (and $11 million of their value) were for M&A or fundings. Last week saw only seven M&A/Fundings valued in total at just over $3 billion. And the big deal of the week was a capital markets filing: a $20 billion upgrade in a previously announced At-The-Market issue for a crypto miner. That's a questionable week masking as a blockbuster. That and more in this edition of CDT Roundup.
© Copyright 2025 The Texas Lawbook
The content on this website is protected under federal Copyright laws. Any use without the consent of The Texas Lawbook is prohibited.