Free Speech, Due Process and Trial by Jury
Along with the explosion of investment in AI comes a parallel eruption of potential threats. As a result, consultants at McKinsey suggest that the current, addressable market for cybersecurity is $2 trillion — about 10 times what is actually being spent. This week's CDT Roundup looks at a noticeable uptick in cybersecurity deals as well as the usual roll call of the Texas lawyers involved in last week's reported deals.
With questions looming over the fate of the IRA, the likelihood of tariffs and more than a few geopolitical tensions muddying the view forward, many lawyers in the deal space are wary of describing what awaits them in the M&A market of 2025. However, one market area that almost all law firms and lawyers agree on, despite those serious variables, is that private equity will continue to help shape the world of Texas M&A.
Gemma Descoteaux and Kurt Lyn have joined Greenberg Traurig from Sheppard Mullin and Kirkland & Ellis, respectively.
Last year, there were 135 Texas-related deals (one that involves a party headquartered in Texas or advised by Texas-based lawyers) submitted to The Texas Lawbook's exclusive Corporate Deal Tracker that reached or broke the $1 billion barrier — some of them by a lot. The deals had an aggregate value of $627.2 billion, slightly below 2023 but much higher than in 2021, the record year of rebounding from the pandemic, against which many firms have measured the market in recent years.
There have been a number of utility/power deals in recent weeks, but none that seemed more significant than Constellation Energy's $26.6 billion acquisition of Houston's Calpine Energy. The deal is significant, not only for its size, but for what it says about our understanding of energy transition. Coupled, of course, with the usual CDT Roundup survey of last week's Texas-related energy transactions.
This is our list, a roster of transactions that caught our attention this year among the more than 2,000 Texas-related transactions submitted to the Corporate Deal Tracker in 2024. These "Texas-related" deals are transactions that involve either Texas-headquartered parties, Texas-based lawyers or, better yet, both.
In one of the largest ever green energy generation transactions, Constellation Energy has agreed to acquire Calpine Corporation, a Houston-based natural gas and geothermal energy provider taken private by Energy Capital Partners in 2018. Lawyers from Kirkland, Gibson Dunn, Latham and White & Case are advising on the deal.
The deal, which includes two fractionalization facilities and more than 1,300 miles of pipeline, expands P66 capacity to move NGL from production points across the Permian Basin to Gulf Coast refineries.
© Copyright 2025 The Texas Lawbook
The content on this website is protected under federal Copyright laws. Any use without the consent of The Texas Lawbook is prohibited.
