Last week, Chevron dropped out of a $33 billion deal to purchase Anadarko Petroleum Corp. when it declined to match or counter a $38 billion offer by Occidental Petroleum. In her weekly roundup of deal activity, Claire Poole looks at why that happened and what it means along with other deal news.
Kirkland M&A Partner Samuel Peca Jumps to Weil’s Houston Office
After a 23-month stint at Kirkland & Ellis, Samuel Peca is back at Weil, Gotshal & Manges, where he spent more than five years as an associate before joining Kirkland in July 2017. Peca worked on some big deals for Kirkland, including TPG’s purchase of a majority stake in Tailwater Capital-backed Goodnight Midstream in March for $930 million.
Josh Bammel of Kratos: Busy, Busy, Busy
Dallas investment banker Josh Bammel left Generational Equity in 2007 to form Kratos Capital. He hasn’t looked back. Specializing in transactions between $20 million and $75 million, Bammel just closed his 121st deal. He shares his perspectives on the business with Claire Poole.
CDT Roundup: 10 Deals, 6 Law Firms, 32 Texas Lawyers, $7B
Venture capital is on a tear. Valuations remain at record levels, outlier IPOs seem likely to boost exit values and fundraising should accelerate. So why are PE investments in energy nothing to cheer about? Claire Poole explains in her weekly roundup of Texas deals.
Jackson Walker Advises KCI on $6.725B Sale to 3M with Simpson
Jackson Walker bagged a piece of a pretty big deal, the sale of Apax Partners-backed Acelity Inc. and its KCI units to 3M for $6.725 billion, a move that preempts KCI’s planned initial public offering. Claire Poole has the details.
Data Shows Dramatic Drop in Q1 M&A
Deal counts in Texas dropped precipitously in the first quarter of 2019. Although the count was over the much-valued 200 mark, deal values were even worse. The Lawbook’s Claire Poole has the exclusive Mergermarket figures.
CDT Roundup: 15 Deals, 14 Law Firms, 117 Texas Lawyers, $3.2B
Private equity funds are charging higher performance fees, exiting their investments sooner and raising funds faster. The Lawbook’s Claire Poole has those figures and the key players in Texas dealmaking last week.
Occidental Picks Savvy Cravath Lawyer for Anadarko Counter Offer (alas, no Texans)
Occidental Petroleum didn’t go with a Texas lawyer for its $38 billion counter-bid for Anadarko Petroleum Corp., whose board already agreed to a $33 billion purchase by Chevron. The company chose Faiza Saeed, presiding partner at Cravath, whose media and entertainment clients have included Time Warner, Disney and DreamWorks. Still, Saeed is no stranger to the energy industry, as Claire Poole reveals.
Three Texas M&A Attorneys Make Lateral Moves
White & Case and Shearman & Sterling announced new hires early this week.
CDT Roundup: 13 Deals, 10 Law Firms, 90 Texas Lawyers, $13.5B
As The Texas Lawbook has noted, capital markets activity – especially in the energy industry – has been moribund so far this year. Last week, the Austin analytics provider Drillinginfo confirmed that unsettling view. While the $22 billion worth of debt and equity raised in the first quarter was up 9% over the fourth, it was down a concerning 45% year-over-year. Drillinginfo says Wall Street is enforcing discipline in the energy sector, and in her weekly Roundup, Claire Poole describes exactly what that means.