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Occidental announced the $9.7 billion sale of its chemical unit OxyChem to Berkshire Hathaway, potentially Warren Buffett’s final major deal. The move follows Occidental’s $12 billion CrownRock acquisition and is aimed at cutting debt. Cravath advised Occidental, while Berkshire Hathaway was advised by Kirkland & Ellis.
The Texas-based company is building one of the largest AI data centers on the planet. Meet the Haynes Boone lawyers who advised on the offering, which values the company at more than $13 billion.
A Texas-heavy Sidley Austin team advised Ares in the purchase, which secures a 40 percent stake in the Central Penn Line, a major connection between Pennsylvania natural gas fields and major East Coast markets.
Sullivan & Cromwell, Baker Botts, Simpson Thacher and Kirkland & Ellis advised on the deals, designed to simplify and refocus Sempra on its development as a global exporter of LNG.
Kirkland and DLA Piper are advising on the deal, which would delist the SaaS-pricing analytics firm from the NYSE where it debuted in a $75 million 2007 IPO.
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.
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