M&A in 2024: A Big Bite for Small Deals
The roster of M&A deals in 2024 suggests that we should be thankful for small things. Or, at least, small deals, according to the Corporate Deal Tracker.
From Energy to Technology: The Evolving Landscape of Texas-Related Billion-Dollar Deals
Last year, there were 135 Texas-related deals (one that involves a party headquartered in Texas or advised by Texas-based lawyers) submitted to The Texas Lawbook's exclusive Corporate Deal Tracker that reached or broke the $1 billion barrier — some of them by a lot. The deals had an aggregate value of $627.2 billion, slightly below 2023 but much higher than in 2021, the record year of rebounding from the pandemic, against which many firms have measured the market in recent years.
Top Deals of 2024: When AI Met M&A (and Everything Else)
This is our list, a roster of transactions that caught our attention this year among the more than 2,000 Texas-related transactions submitted to the Corporate Deal Tracker in 2024. These "Texas-related" deals are transactions that involve either Texas-headquartered parties, Texas-based lawyers or, better yet, both.
P66 Buys EPIC NGL Assets for $2.2B
The deal, which includes two fractionalization facilities and more than 1,300 miles of pipeline, expands P66 capacity to move NGL from production points across the Permian Basin to Gulf Coast refineries.
CDT Roundup: 15 Deals, 12 Firms, 186 Lawyers, $5.3B
The biggest deal reported last week was the $2.4 billion sale of "non-core" assets along the Texas-Louisiana Gulf Coast by Dow, the chemical giant. The sale involved a 40 percent stake in Dow InfraCo sold to alternative asset manage Macquarie. The deal is only the latest in a series of "non-core" sell-offs, a phrase that is becoming as common as "consolidation" in the current market. The CDT takes a look at the "non-core" transaction trend and an observer of the Dow deal who less than impressed. And, of course, the usual report on last week's deals and dealmakers.
Macquarie to Pay $2.4B for 40% Stake in Dow Gulf Coast Assets; Sidley, Linklaters Advise
Assets to be included in a newly-created partnership, Diamond Infrastructure Solutions, involve power and steam production, pipelines and general industrial site infrastructure in Freeport and Seadrift, in Texas and Plaquemine and St. Charles in Louisiana, along with pipeline and storage assets adjacent to NGL and olefin hubs.
CDT Roundup: 16 Deals, 10 Firms, 231 Lawyers, $4.8B
In the year that will soon be past, the sheer volume of energy-related, or energy-adjacent transactions are worth noting. Whether in O&G per se, data center energy demands or the more mundane multitude of PE acquisitions in HVAC manufacturing and service companies, the sides seem okay with the value. So, we weren’t that surprised by the November findings of the semi-annual Haynes Boone Borrowing Base Redeterminations Survey. The CDT Roundup takes a look at the details, along with the usual run-down of the week's M&A deals and the lawyers behind them.
CDT Roundup: 10 Deals, 9 Firms, 103 Lawyers, $10.3B
As we approach the end of 2024, it's crucial to ensure that your submissions to the Corporate Deal Tracker are fully credited. The Texas Lawbook’s M&A team is committed to identifying all relevant submissions for deals involving Texas-based lawyers, and we want to make sure that no qualified deal from your firm goes unaccounted for. That and more, including last week's deals, in this edition of the CDT Roundup.
CDT Roundup: 15 Deals, 15 Firms, 153 Lawyers, $4.6B
For some, it may be too soon to talk about it, but business leaders are already weighing in on how their industries might be impacted by the election results. In one of the first survey’s we’ve seen, Endeavor Business Intelligence deployed a short questionnaire to U.S. business leaders on their perceptions of the upcoming change in administrations. There were 160 respondents, not bad for a one-week project; and the answers proved more complex than one might expect. That and the usual review of last week's reported transactions.
ONEOK to Complete Its Takeover of EnLink Midstream with $4.3B All-Stock Deal
Kirkland & Ellis advised ONEOK and Baker Botts advised EnLink on the transaction in which ONEOK acquires the 56 percent of EnLink it doesn't already own. The deal finishes off an $11.6 billion flurry of transactions by the Tulsa-based midstream.