The target said it had settled an insurance claim for its Buchanan, New York, plant, which experienced an equipment malfunction, and continues to be encouraged by strengthening demand in the new home construction market.
Corporate executives and advisors are less bullish about the outlook for U.S. M&A citing economic, trade and political uncertainties, according to a recent survey. Claire Poole also reports on a blockbuster week for the Corporate Deal Tracker.
Capital markets continue to be challenging for oil and gas explorers, leading credit facilities to become an important liquidity source. Claire Poole reports on that as well as a down week for deal activity involving Texas lawyers.
Despite a global dealmaking slowdown in Q3, one data firm expects North American M&A to still surpass $2 trillion this year. Claire Poole reports on that plus the deals for the week that was.
Other bulge-bracket banks also ranked highly, showing that those with heft and a record of leadership are winning deal business despite the slowdown in activity in Texas.
Private equity activity has slowed down this year while M&A involving Texas lawyers did the same this past week. Consolidation continued in the Permian Basin, private equity-backed midstream developers found exits and a big oil company divested a big asset while another expanded in a new growth area.
Kirkland and McGuireWoods advised on Brookfield’s $2 billion purchase of a quarter stake in Dominion’s LNG facility Cove Point while Baker Botts represented Innophos on its sale to One Rock for $932 million in cash and assumed debt.
The purchase comes at a busy time for midstream deals, including Golden Gate’s $600 million Hillstone sale to NGL, Energy Transfer’s $5.1 billion purchase of SemGroup and Plains’ and Magellan’s $1.438 billion sale of a BridgeTex Pipeline stake to pension fund manager Omers.
Lawyers talked trends at UT Law School’s M&A Institute last week, from reps and warranties insurance to deal flow, while transaction activity kept humming along. Claire Poole reports.
Analysts say that the deal is accretive on financial metrics that matter, their acreage positions in the Delaware Basin fit like a glove and the transaction’s synergies are significant.