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Corporate Deal Tracker
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CDT SNAPSHOT
M&A: Q3 2026 versus Q2 2026
According to the Corporate Deal Tracker, which includes Texas related deals reported confidentially as well as those publicly announced, M&A deal count and deal value dropped from Q2. It marks the first time a quarter-to-quarter decline since January 2025.
CDT DATABASE YEAR-TO-DATE TRANSACTION TOTALS
OCT. 25, 2026
DEAL COUNT
1,170
DEAL VALUE
$1,248.5
OCT. 25, 2025
DEAL COUNT
1,428
DEAL VALUE
$1,003.7

Kirkland Advises Blackstone in $3.1B Canadian LNG Deal

Blackstone has partnered with Canadian institutional investors to acquire a 49.9% non-controlling interest in Mitsubishi’s LNG Canada liquefaction business for $3.1 billion. Kirkland & Ellis and Stikeman Elliott provided outside legal counsel to Blackstone.

Jason Philyaw

Weil’s Collapse Ran Through Texas

Weil, Gotshal & Manges was still profitable when its leaders moved to wind down the 95-year-old firm. Current and former partners say a long-running fight over growth, including how hard to invest in Texas, cost the firm talent it couldn’t replace. Now its roughly 70 Texas lawyers, who brought in roughly $118.2 million last year, are weighing offers.

Allen Pusey

CDT Roundup: Energy Deals Claim the Week

While energy deals provided bulk and value, it was Anthropic that provided the headlines for Texas lawyers with a special purpose vehicle designed to help fund $63 billion in compute from Anthropic's major vendor.

Jason Philyaw

Power Pause: Abbott’s Data Center Freeze Slows Texas Dealmaking

Texas M&A volume and value fell together in the third quarter, the first such drop since 2025, and dealmakers point to Gov. Greg Abbott’s pause on data center grid connections and permits. Some investors, even those with behind-the-meter power, are using the pause to make sure their billions in power infrastructure investments will pay off.

Allen Pusey

KKR’s Arctos Acquires 7.5% of Atlanta Falcons

Kirkland & Ellis advised Dallas-based Arctos in the addition of the Falcons to its portfolio of NFL-approved minority investments. In addition to Atlanta, the KKR-backed sports investor now has ownership positions in Cleveland, Los Angeles and Buffalo. League rules limit private equity ownership to 10 percent or less.

Jason Philyaw

CDT Roundup: Beyond Bumble, the Blahs

The week that ended Oct. 17, dipped back below the yearly average with just seven deals valued at $3.6 billion. One of the deals included dozens of lawyers from across the country: but just one from Texas.

Jason Philyaw

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