Free Speech, Due Process and Trial by Jury
It's S-L-O-W out there in the global M&A market. Deal value reached $842 billion in the second quarter. But that's down 27% from last year. Deal count is the lowest since 2008. Dealmakers have the jitters. And yet...The first half was the third strongest on record. And U.S. dealmaking hit its first $1 trillion half. Claire Poole deciphers these seeming contradictions in her weekly Roundup, and balances out the week that was.
Baker Botts and Vinson & Elkins are the law firms of record for Sunnova Energy International’s initial public offering, which is providing a glimmer of hope in an otherwise barren environment for energy issues.
Two law firms with deep Texas roots were involved in Genesis Park’s sale of award-winning magazine Texas Monthly to billionaire Houston heiress Randa Duncan Williams. Claire Poole has the names of the lawyers involved and details on a sale that kept a Texas icon Texan.
IPOs are hot, especially among venture capital-backed firms. How hot? In the first two months of Q2 there have been 21 offerings that generated more value than 10 of the last 11 years. And with some big names reportedly in the wings, things could get hotter. Claire Poole takes the market's pulse in Texas, along with her weekly report on the week in deal-making in the Lone Star State.
Short-term bridge loans, in the form of the SCF (subscription credit facility), are becoming an increasingly useful tool for private capital funds that don't want to keep tapping their investors on capital calls for deals. Claire Poole has the SCF growth numbers, along with her weekly insights on deal-making by Texas lawyers.
Houston-based Prosperity Bancshares is acquiring Dallas-based LegacyTexas Financial Group, a $2.1 billion deal that will help expand Prosperity's presence in the North Texas market. Bracewell assisted in the transaction and Claire Poole has the specifics.
The Keane Group and C&J Energy announced a merger this week, creating a new pressure pumping giant worth an estimated $1.8 billion in enterprise value. Two national law firms leaned heavily on their Texas-based lawyers to pull off the deal and Claire Poole has the names.
Have we entered a time of the dying deal? Claire Poole examines this question in her weekly Corporate Deal Tracker roundup.
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