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Texas-related M&A data for 2023 compiled from The Texas Lawbook's exclusive Corporate Deal Tracker reveals a strangely successful year — even a record year in some quarters. A record number of Texas-related deals were reported: 1,225 mergers, acquisitions, and joint ventures with an aggregate value of $739.7 billion. That's a 13.2 percent climb in deal volume over 2022 (1,082) and more than double year-over-year values ($367.1 billion).
If M&A markets seemed slow, capital markets appeared dead. According to a study by PwC, a record year in 2021 has been followed by near silence. The CDT Roundup this week looks at the stats behind a precipitous drop in IPOs and some recent, long-overdue attention to SPACs by the SEC. All that and the usual roster of Texas-related transactions reported last week.
Professional sports, once the domain of rich guys who made their money in steel or automobile dealerships, has become its own source of cross-industry partnerships, once-verboten relationships and even M&A. The CDT Roundup looks at how a couple of Texas billionaires and a South Texas bankruptcy are accelerating those changes — along with the lineup of last week's deals.
The veteran energy tax attorney was involved with several billion-dollar deals in the last few months. He cites STB's "preeminent tax practice and collegial culture" as the reasons behind his move.
As Sir Mix-A-Lot might note if he was writing about M&A instead hip-hop fundament, "We like big numbers and we cannot lie." As a result, we decided to continue our look at 2023's remarkable run of billion-dollar deals, and whether inflation inflated our numbers. That and the usual roster of transactions reported last week.
Holland & Knight and Akin advised on the deal between the two Houston-based companies that extends the on-going upstream consolidations offshore, into the Gulf of Mexico.
Advised by Kirkland, Skadden and others, the deal has deep ties to a number of critical Texas energy and infrastructure projects. The Lawbook has the details, as well as the names of lawyers involved.
Advised by lawyers from Kirkland & Ellis and Latham & Watkins, the deal brings to NG and LNG the same kind of billion-dollar consolidations taking place among major holders in the Permian Basin.
Lawyers from Vinson & Elkins and Kirkland & Ellis advised on the transaction which further consolidates gas production feeding the LNG terminals along the Gulf Coast of Texas and Louisiana.
Oxy's acquisition of the Midland-based independent, which includes the assumption of $1.2 billion in CrownRock debt, further consolidates Oxy's prime perch in the productive Permian Basin. The Lawbook has the names of all 72 lawyers involved in the deal.
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