Free Speech, Due Process and Trial by Jury
Bankruptcies in the oil and gas industry increased last year, especially in the fourth quarter, according to one report, and commodity prices may remain challenged despite recent geopolitical events. Claire Poole reports on that plus last week’s dealmaking slide.
Prosperity was used to doing acquisitions, having completed 42 since its founding in 1983. But the LegacyTexas transaction was the largest in terms of sheer size and relative size to Prosperity – and came with challenges.
The former capital markets co-chairs said in an interview they needed the Chicago firm’s platform to better serve their clients and “truly be on top.”
The total value of deals among companies in the Lone Star State dropped to the lowest level since 2013 and deal count slid as well, a phenomenon many blame on the sinking fortunes of the oil and gas industry.
The general counsel remained cool under pressure during Aimbridge's sale to Advent International (with outside counsel keeping the deal moving along), which helped the company go on to become the global leader in hotel management with its acquisition of Interstate.
Kirkland, Jackson Walker, Baker Botts, Bracewell, Weil and Porter Hedges all have a hand in the reorganization, which the oil and gas engineering and construction company hopes will erase more than $4.6 billion in debt.
The money continued to roll into private equity firms last year while Austin companies raised the most venture capital since 2000. Claire Poole delves into the data and discusses dealmaking last week among Texas attorneys.
The average value of M&A deals globally last year reached $389 million, the highest since 2015, and take-privates amounted to $158.3 billion, the highest value since 2007. Claire Poole discusses those and other Mergermarket statistics plus the dealmaking week that was among Texas lawyers.
The year was dominated by creatively crafted oil and gas deals, given the negative climate around the industry, but also populated with bank combinations and sell-offs of much-loved state brands.
Rob Fowler will rejoin forces with Kirkland partner Sean Wheeler, who previously worked with him on deals at Baker Botts.
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