The $59.5 billion acquisition of Pioneer Natural Resources by ExxonMobil last week produced the largest week by value ever recorded by the Corporate Deal Tracker Roundup. The deal caused upward movement in the stocks of other significant stakeholders in the Permian Basin, perhaps with other consolidation targets in mind. The Roundup wondered which Permian players might be next, and we have that list, along with the usual tally of lawyers and firms that helped produce last week’s record showing.
Searchlight, BCI Take Consolidated Private in $3.1B Deal
Illinois-based Consolidated Communications was advised by Latham & Watkins on the deal. Searchlight Capital Partners already held 34 percent of Consolidated’s common stock and all of its Series A perpetual preferred. Claire Poole has details.
ExxonMobil Finally Captures Pioneer for $64.5B
In a deal three times larger than any previous Texas M&A transaction this year, ExxonMobil is purchasing Pioneer Natural Resources in an all-stock acquisition. Pioneer GC Mark Kleinman turned to Gibson Dunn partners Jeff Chapman and Tull Florey and Goldman Sachs’ Suhail Sikhtian as his lead outside legal and financial advisors. ExxonMobil turned to Davis Polk partner Louis Goldberg and Citi as its advisors. Texas Lawbook deal writer Claire Poole has the details.
CDT Roundup: 16 Deals, 13 Firms, 228 Lawyers, $6.6B
Refinitiv’s numbers are out, and they tell us what we already know: M&A is down worldwide, marking the slowest nine months since 2013. But there’s good news, and the Roundup has it — along with the weekly list of deals and the lawyers who advised them.
Prosperity Life Buys Moody Family’s National Western for $1.9B
Sidley counseled National Western, the second time in the last three years that the firm has assisted with sale of a publicly traded insurance company associated with the Moody family.
Metropolis Technologies Buys SP Plus for $1.5B
Skadden’s Eric Otness co-led the team advising the Chicago-based target, which manages 2 million parking spaces, and Sidley’s Bill Howell counseled the buyer’s investor Eldridge.
CDT Roundup: 17 Deals, 13 Firms, 189 Lawyers, $1.9B
Non-SPAC IPOs are on the uptick in Texas typified by one filed last month by Mach Resources, a company created by natural gas icon Tom Ward, former jefe at Chesapeake Energy and a few other familiar energy stops. Claire Poole looks at that deal along with the firms and lawyers behind last week’s 17 Texas-related transactions.
CapM Lawyers Lionberger, Brown Leave Winston for H&K
The pair worked on various public and private offerings of equity and debt securities as well as IPO’s, often involving SPACs.
CDT Roundup: 27 Deals, 23 Firms, 353 Lawyers, $24B
By now it should be obvious that deal volume was down in the second quarter. The reasons aren’t mysterious: Persisting inflation and a short spurt of bank failures beginning with Silicon Valley Bank signaled the drop in deals. But middle market deals, while down, have fared better than most, according to Boston-based Capstone Partners. This week’s CDT Roundup explores their prediction that deal volume in the $100 million to $500 million range is set for a rebound — along with our summaries of a week that saw a whopping 27 transactions involving lots and lots of Texas-based lawyers.
Vital Buys Oil & Gas Assets for $1.16B
In simultaneous acquisitions from three different sellers, Vital promises to add scale in the Permian Basin, increase cash flow and reduce leverage. Texas lawyers from six different firms were involved: Akin, Baker Botts, Jackson Walker, Kirkland & Ellis, Latham & Watkins and Vinson & Elkins.