The transaction, which has been rumored about since last fall, reflects the oil giant’s push to expand its low-carbon solutions business.
CDT Roundup: 16 Deals, 12 Firms, 172 Lawyers, $5.4B
A new report from Refinitiv suggests that bankers are hurting these days. Investment banking fees are down during the first six months of 2023 — off 18 percent from 2022, year-over-year, and the lowest since 2016. Advisory fees from M&A fared even worse. The culprits include U.S. involved M&A, which has been lagging in both volume and value. The Lawbook’s Claire Poole looks at the underlying stats, including a few sectors that have thrived, even during the current lag — and, of course, the usual roll call of deals reported by Texas lawyers last week.
CDT Roundup: 13 Deals, 16 Firms, 201 Lawyers, $11B
The news last week that publicly traded Civitas Resources was entering the Permian Basin with the purchase of upstream assets for $4.7 billion was interesting beyond its whopping price tag. Both targets were backed by NGP Energy Capital Management, marking another upstream private-to-public consolidation. There are those who think this is a good thing for the industry at the moment, and this week’s CDT Roundup explores the reasons. And, as always, The Lawbook’s Claire Poole has all the deals reported by Texas lawyers last week.
Vista Sells Apptio to IBM for $4.6B
Kirkland & Ellis advised Vista, which also used the firm when Apptio bought Cloudwiry and when Vista acquired Apptio itself.
CDT Roundup: 17 Deals, 15 Firms, 151 Lawyers, $5.9B
Three oil & gas deals moved last week totaling more than $4 billion. They involved Earthstone, Gibson Energy and Patterson-UTI. The apparent strategy behind each deal — not to mention their structure — suggests something different about O&G these days, as well as the current market. The Roundup this week takes a look at each of the deals, as well as the 151 lawyers behind who reported their role in transactions last week.
Blackstone Picks Up Interest in Indiana Electric Utility from NiSource for $2.15B
If FERC clears the transaction, NIPSCO will remain a part of NiSource, which will keep an 80.1 percent stake and continue operating the company. The terms of the deal implies a NIPSCO equity value of $10.8 billion. Latham advised Blackstone and McGuireWoods advised NiSource on the deal. Claire Poole has the details.
Civitas Enters Permian by Acquiring Assets from NGP-backed Hibernia, Tap Rock for $4.7B
Kirkland advised the publicly traded buyer, whose management has spoken about wanting to diversify its assets, and Baker Botts and V&E assisted the sellers, which were said to have wanted to shed their assets.
Patterson-UTI Buys NexTier for Almost $2B
Gibson Dunn advised the buyer while Kirkland assisted the seller in what’s being billed as a merger of equals worth $5.4 billion.
CDT Roundup: 19 Deals, 13 Firms, 118 Lawyers, $8.5B
Deals are down across the globe, according to Refinitiv. In the U.S. the view is a little more complicated. In Texas, it’s a lot more complicated — but in a good way. The CDT Roundup has the numbers for you to consider, along with the usual rundown of last week’s deals.
UPDATED: Dealmakers Leave Jones Day, Kirkland for Clifford Chance
The London-headquartered firm’s Houston office launch team of “at least 10 partners” is taking shape. Partners from Kirkland & Ellis and Jones Day are joining a roster that also includes dealmakers from Vinson & Elkins and Latham & Watkins.