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Corporate Deal Tracker
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CDT SNAPSHOT
11.7%
Nationwide, middle-market revenue rose 11.7 percent year-over-year in 2025, with 85 percent of companies growing and 53 percent achieving 10 percent-plus growth, according to an Ohio State University report.
CDT DATABASE YEAR-TO-DATE TRANSACTION TOTALS
MAR. 22, 2026
DEAL COUNT
94
DEAL VALUE
$415.5B
MAR. 22, 2025
DEAL COUNT
408
DEAL VALUE
$269.4B

The Texas Reincorporation Trap — What the ExxonMobil Vote Reveals About Board Power

ExxonMobil’s shareholders are being asked to cast a vote this May that they may not fully understand. The company’s board has unanimously recommended moving its state of incorporation from New Jersey to Texas, framing the change as a step toward “maximizing shareholder value.” That framing is misleading. What the reincorporation actually does is place ExxonMobil under a body of Texas corporate law that gives the board sweeping authority to restrict shareholder rights at any time, through a simple bylaw amendment, without asking shareholders for permission. Shareholders are being invited to approve a transaction that hands the board the keys to a governance regime that those same shareholders may one day wish they had never unlocked.

Christina M. Sautter

Sysco Acquires Jetro Restaurant Depot for $29.1B

Houston food distribution giant Sysco said Monday that it agreed to acquire Jetro Restaurant Depot for $21.6 billion cash and 91.5 million common shares, representing a total enterprise value of about $29.1 billion.

Jennifer Kaplan Schott is Sysco's Chief Legal Officer and Eve McFadden is General Counsel.

Paul Weiss, Jones Day, Wachtell and Latham & Watkins advised on the deal.

Jason Philyaw

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CDT Roundup: Stable, Not Sluggish as Dealmakers Find Their March Rhythm

The week ended March 28 saw 13 deals with a total reported value of $10.7 billion. The week prior boasted 11 deals valued at $7.5 billion. This time a year ago, there were 21 deals valued at nearly $8.2 billion. We'll choose to reckon stability in those numbers.

Last week's deals had Texas companies in transactions for increased investment in healthcare-related AI platforms, more data centers, and geothermal power development. While Texas lawyers advised on deals for a gas-fired power plant in the West Texas town of Pecos, a mining outfit in Greenland, and a Canadian provider of liquid cooling technologies for AI development.

Jason Philyaw

KKR sells CoolIT Systems to Ecolab for $4.75B

Minnesota-based Ecolab has agreed to acquire CoolIT Systems, a Calgary-based provider of liquid cooling technologies for AI and high-performance computing, from investment firm KKR for about $4.75 billion cash.

Kirkland & Ellis advised KKR and CoolIT, while Covington & Burling advised Ecolab.

Jason Philyaw

CDT Roundup: LNG Assets, SPAC IPOs and Plans to Build the World’s Largest AI Factory

For the week ended March 21, the CDT Roundup saw 11 deals with a total reported value of about $7.5 billion, mostly attributable to Constellation Energy shedding some PJM assets to LS Power for $5 billion. A Houston energy services company leaped up in the supply chain, acquiring an Irving energy company and 30 turbine delivery slots; a U.K. hyperscaler bought a power company in order to build one of the world's largest AI factories in West Virginia; two blank check companies issued IPOs in search of "disruptive technology companies" and "robotics, electric vehicles, drones, unmanned aerial systems and fintech" firms. That and more in this edition of CDT Roundup.

Jason Philyaw

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