How hard has the coronavirus been on transactional activity from week to week? We decided to check the figures from March through July against the same time period during the two previous years. Here’s what we found.
Stephen Olson Vaults to Gibson Dunn
The UT Law School grad with a New York background and a strong PE client base, previously led the Houston office and Texas transactional practice at Jones Day.
Akin Gump Helps 7-Eleven Take Speedway for $21B
So much for low-cost M&A pickups at the bankruptcy court. Japanese-owned 7-Eleven bought 3,900 Speedway locations from Marathon Petroleum on Sunday for $21 billion. The Lawbook has the lawyers who made the deal happen.
CDT Roundup: 9 Deals, 6 Firms, 67 Lawyers, $18.75B
It wasn’t the biggest week of the year, but Chevron’s $13 billion blockbuster buy of Noble Energy assured big value. But in the grand scheme of global energy values, the deal may suggest that better times are coming. Allen Pusey explains in this week’s Corporate Deal Tracker Roundup.
Baker Botts, Latham Advise in NRG’s $3.6B Acquisition of Direct Energy
North American power company NRG announced Friday it is acquiring Houston-based Direct Energy. The deal extends the reach of NRGs retail power business well beyond Texas.
Jared Sine’s So Far, So Good, Very Remarkable Year
While the rest of us have been dodging disaster, Jared Sine has been having a very, very good year. After settling with Bumble, the chief legal officer for Match helped guide the company through a reverse-split from Barry Diller’s IAC. Even in the best of times, it’s a complicated transaction that requires intense attention, a firm sense of direction and lots of luck. But add to that an economic collapse and a global pandemic and you … well, Sine explains what it took to The Texas Lawbook.
CDT Roundup: Six Deals, 5 Firms, 50 Lawyers, $1.98B
During a horrible stretch for traditional oil and gas transactions, there is one category of energy transactions that has been holding its own: renewables. And even under the mudslide of bankruptcies and recap transactions, it’s hard not to notice that Texas lawyers are beginning to cash in.
V&E Leads Noble Energy’s Sale to Chevron
Houston-based Noble Energy GC Rachel Clingman chose Vinson & Elkins to lead the oil and gas company’s sale to Chevron for $5 billion or $13 billion in enterprise value, which includes debt. Chevron hired lawyers at Paul Weiss and Shearman & Sterling as its legal advisors. This is the largest M&A deal in the Texas oil patch this year.
CDT Roundup: 11 Deals, 12 Firms, 75 Lawyers, $565.1M
With the transactional markets a mess, you might expect venture capital to be lagging. A new report by PitchBook suggests that your instincts are correct. This week’s CDT Roundup has the details.
CDT Roundup: 10 Deals, 8 Firms, 98 Lawyers, $8.9B
This week’s numbers may hold a glimpse of a foreseeable future: one full of DIP lending, consolidation, reshuffled credit, renewable energy and re-securitized debt.