Free Speech, Due Process and Trial by Jury
A crowded field of investors, sticky oil prices and the return of investor activism have set the stage for a glut of consolidation in the oil and gas sector, predicts a major investment adviser. Lawyers and bankers need to sharpen their pencils. Claire Poole has the details in The Texas Lawbook.
Evercore continues its reign as the financial adviser handling the most M&A involving Texas-based businesses. Piper Jaffray, JPMorgan, Barclays, Citi and Moelis saw the number of deals in which they are advising jump significantly. The Texas Lawbook has these exclusive numbers from Mergermarket.
M&A and capital markets activity surged last week. From Locke Lord advising Medallion Gathering on its $1.8 billion sale to V&E counseling Omega on a $500 million acquisition, 100 Texas lawyers worked on a dozen transactions worth around $6.57 billion. The Texas Lawbook has all the details.
M&A and capital markets activity involving Texas lawyers were sparse in number and modest in size last week. In all, eight transactions were announced in M&A, private equity and securities offerings during the final week of September. The Corporate Deal Tracker shows that 19 lawyers from 11 different firms worked on the transactions that had a cumulative value of $3.1 billion. The Texas Lawbook has the details.
Eight M&A and private equity transactions with a total combined deal value of more than $4 billion. The three securities offerings – one IPO and two debt offerings – raised about $770 million. Last week showed that the energy sector remains a vibrant deal market.
Fresh off the $2.2 billion acquisition of the Houston Rockets, Texas billionaire Tilman Fertitta has done another deal and a $1.4 billion securities offering. The Landry's/Golden Nugget transaction was one of several deals that kept Texas corporate lawyers busy last week. AKK, Baker Botts, DLA Piper, HayBoo, Jones Day, Latham, Locke Lord and V&E were among the firms leading the transactions.
The week after Labor Day signified the return to work for a lot of Texas deal lawyers, despite the residual damage in Houston from Hurricane Harvey. Herewith are some highlights of recent deals that portend a busy fall, at least in the energy sector.
Non-Texas lawyers at DLA Piper and White & Case did the paperwork, but the Houston-based general counsel for Fertitta’s restaurant, entertainment and hotel company Landry’s and the longtime general counsel for the Rockets and its home court the Toyota Center negotiated the deal. “That is how we kept it quiet and it was done fast,” Scheinthal told The Texas Lawbook.
JW partner Alfie Meyerson cannot identify the buyer or the exact amount of the deal, but the Cielo Vista Ranch in Colorado was listed at $105 million, making it almost certainly the biggest ranch sale in the U.S. so far this year. The property covers 83,000 acres and features the 14,053-foot Culebra Peak, the highest privately-owned summit in the world. “It’s like buying your own national park,” Meyerson told The Texas Lawbook in an exclusive interview.
The end of August found oil and gas lawyers busy cranking out deals before the Labor Day weekend — and the unexpected wrath of Hurricane Harvey. This week's dealmaking includes: Baker Botts, V&E Counsel on Forum-Global Tubing Hookup; and V&E Counseling NCS Multistage on Spectrum Tracer Acquisition.
Lots of M&A dealmakers boast about deals being turbulent, but the lawyers at Kirkland, Sidley and Baker Botts in Houston can now talk about negotiating, papering and announcing a deal in the midst of a category 4 hurricane and record flooding. The Texas Lawbook has the details.
The middle of August is usually a dry period for deals, but several transactions across the energy spectrum kept Texas lawyers occupied the past week. Eight M&A transactions valued at a combined $11.4 billion and three securities offering at $1.8 billion. The Texas Lawbook has complete details.
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