M&A activity needs to pick up significantly, or Texas – and everywhere else – could be looking at a significant decline this year. The experts differ on the specific reasons, but their caution is unmistakable. Claire Poole has the details, as well as last week’s dealmaking by Texas lawyers.
Texas IPO Activity in 2018 and 2019 Preview
Although the first half of 2018 saw a flurry of energy IPOs, the decrease in oil and gas prices created a difficult IPO environment for the remainder of the year, and no energy IPOs by Texas-headquartered companies were completed during that time. As it turned out, all 13 of the Texas IPOs registered during 2018 were emerging growth companies. But there were some high points and a few emerging trends, and E. Ramey Layne and his colleagues at V&E discuss them at length.
CERAWeek: M&A=Meh&A
With major M&A activity reduced to a few blockbuster simplification transactions and IPOs all but dead, the consensus of those on the floor at CERAWeek is that management is leery of deals when major investors have no interest. “We’re going through a major period of adjustment,” says Credit Suisse banker Osmar Abib. The Lawbook’s Claire Poole reports.
Someone’s Missing at CERAWeek: Lawyers
Giant energy conference CERAWeek by IHS Markit is in full swing in Houston. About 5,000 are expected to attend. What there isn’t a lot of at the conference, however, is lawyers. Senior M&A writer Claire Poole is there and has the details.
Kirkland, V&E Advise on TPG’s $930M Purchase of Tailwater-backed Goodnight Midstream
The sale preempts Goodnight’s plans to go public, although Bloomberg reported in November that Tailwater was also looking at a possible sale of the company that would value it at $2 billion.
CDT Roundup: 9 Deals, 6 Law firms, 49 Texas Lawyers, $1.8B
On the eve of SXSW, it seems like a good time to explore the venture capital business in Texas, especially since some major firms are using the festival’s venues in Austin to court some of the emerging VC stars. The Lawbook’s Claire Poole takes a look at some of the names to look for, along with her weekly chronicle of Texas-inflected transactions.
CDT Roundup: 20 Deals, 16 Law firms, 105 Texas Lawyers, $3.03B
Year-to-date, there have been 136 deals valued at $42.58 billion – about the same number of transactions at this time last year but 46 percent less in terms of value ($78.8 billion). Capital markets activity continued to build this past week, with six transactions valued at $1.262 billion versus 14 M&A/private equity/venture capital deals worth $1.771 billion. Texas Lawbook Senior M&A Writer Claire Poole has the inside details.
CDT 2018: More Work, More Money, More PE Influence
Lawyers in Texas reported work on 18 percent more transactions last year than in 2017 with $1 billion-plus deals dominating the activity. Claire Poole takes a deep dive into data collected exclusively by The Texas Lawbook’s Corporate Deal Tracker.
CDT Roundup: 12 Deals, 7 Law firms, 63 Texas Lawyers, $2.04B
With the increased influence of private equity, dealmaking in a marketplace crowded by money is skewing toward larger and larger deals. But a survey shows that a large number of private equity firms say they are ready to unload their portfolios if there is a market correction in the next 12 months. In her CDT Weekly Roundup Claire Poole explores that further, as well as last week’s Texas deals.
CDT Roundup: 16 Deals, 18 Law firms, 77 Lawyers, $9.97B
At the North American Prospect Expo there were back rubs and parties, an artist painting colorful vistas and a replica of a 1936 Auburn Speedster. But there were also deals. And talk of deals. So Claire Poole begins her weekly Roundup of Texas deal activity from the NAPE exhibit floor.
