(June 18) – Merger and acquisition, capital market and venture capital activity picked up this past week, reaching 13 transactions worth $14.2 billion versus eight deals valued at $6.3 billion the previous week. Fourteen law firms and 80 lawyers were involved in the deals, versus eight firms and 96 Texas lawyers the prior week. Claire Poole parses who did what in her weekly roundup in The Texas Lawbook.
With only eight deals worth a reported $6.3 billion announced last week, Texas lawyers seemed to lose some of the momentum that was building when 13 deals worth $14.5 billion were announced the week previous.
Right in step with the Texas weather, dealmaking heated up last week. There were 13 transactions announced worth $14.5 billion, still 29 percent below the year’s high of $20.4 billion. The activity involved 88 Texas lawyers and 10 different firms.
Deal activity leading up to the Memorial Day weekend was 76 percent off the previous week’s 2018 high. Active industries included oilfield services, solar power and banking, along with oil and gas exploration, energy infrastructure, fertilizer and steel. The Texas Lawbook has the specific names and numbers.
Thanks to continuing consolidation of the midstream sector, deals last week hit a high mark for the year at $20.4 billion spread over 15 transactions worked by 63 Texas lawyers.
A lot of the action happened around oil and gas pipelines given rising production and possible takeaway restraints around certain parts of the country, including acquisitions and joint ventures.
The first week of May saw asset sales, an initial public offering and joint ventures in the energy industry along with mergers in the coal and banking sectors. There also were joint ventures announced by companies big and small and the formation of a new private equity fund.
There weren’t as many deals this week as last week, but they amounted to a whole lot more and involved a lot more Texas lawyers, with mergers and big asset purchases among the highlights.
Dealmaking picked up for Texas lawyers this past week, with 12 transactions announced worth $5.3 billion, triple the previous week’s activity when there were nine deals worth $1.8 billion.
Deal activity involving Texas lawyers continued to slide this past week, with only nine transactions worth $1.8 billion announced versus 11 deals worth $2.5 billion the previous week.