According to S&P Global, U.S. M&A deal value has declined between election day and year-end in four of the previous seven election cycles. That also means, of course, that in three of those seven cycles, deal value didn’t decline. This week the CDT Roundup leans on a recent Morgan Stanley report that suggests that deal-making fundamentals this year are strong enough that the outcome of the upcoming election may not make much difference. Things can change, but with 25 deals reported last week valued at nearly $50 billion, a prediction of robust post-election M&A markets doesn’t seem that far off the mark. As always, we have the deals and the names of those who worked on them.
Quantum Picks Up Caerus’ Oil, Gas Operations for $1.8B
V&E advised Quantum and its portfolio companies QB Energy and Koda Resources while Davis Graham & Stubbs and Latham & Watkins assisted Caerus, which is backed by Oaktree, Anschutz and Old Ironsides.
CDT Roundup: 26 Deals, 16 Firms, 334 Lawyers, $16.5B
Over the past few months, The Roundup has repeatedly noted a wave of consolidation rolling through the energy space, particularly in the Permian. This week, Enverus M&A Analytics provided comprehensive numbers to back that up. As if to punctuate the point, a few new energy deals queued up for this week’s edition of The Roundup, alongside some significant transactions in other, non-energy sectors. Our Claire Poole has them, as always, as part of her weekly accounting of Texas-related deals and the folks who made them happen.
Emera Sells New Mexico Gas to Bernhard Capital for $1.2B
Davis Polk & Wardwell represented the Canadian seller and Kirkland counseled the Louisiana private equity firm, having advised it on several investments and purchases over the last year.
OCI Sells Texas Ammonia Project to Woodside for $2.35B
Latham advised Woodside while Vinson & Elkins counseled OCI, having advised it on the Beaumont project since inception. It’s being billed as the world’s first large-scale, low-carbon intensity hydrogen-based greenfield ammonia facility.
Vital, NOG buy assets owned by Vortus-backed Point for $1.1B
Gibson Dunn advised Vital on the deal while Akin assisted Point and Vortus. Kirkland counseled NOG, its second joint acquisition with Vital in the Delaware Basin.
Recidivist Acquiror IDEX Buys Mott for $1B
Sidley, led out of Dallas, advised the publicly traded IDEX. Cooley assisted the employee-owned Mott, which fits the buyer’s “sweet spot” of highly engineered, configurable mission-critical components.
CDT Roundup: 15 Deals, 14 Firms, 184 Lawyers, $16B
The CDT Roundup occasionally spotlights a lawyer whose pops up in connection with one of our larger deals. Mitch Tiras has popped up lots of times over the years, this last week in connection with the $1.54 billion Quanta Services acquisition of Cupertino Electric. We take a quick look at his recent work, along with the usual list of deals reported last week and the lawyers behind them.
Woodside Purchases Tellurian for $1.2B
A mostly Texas team from Akin Gump advised Tellurian while Norton Rose Fulbright advised Woodside, which the Australian company claims positions it to be a global LNG powerhouse.
Darden Buys Chuy’s in $605M Deal
Out-of-state lawyers led the Hunton Andrews Kurth team that counseled the buyer and a Dallas group from Winston assisted the seller on the transaction, which comes with a 30-day “go-shop” period.