Private equity-related M&A activity in the middle market – transactions valued at $10 million to $250 million – remains strong, with debt available to support deals and valuations climbing for
As summer began, deal-making activity among Texas lawyers began to slack, at least in terms of total values, with $8.8 billion worth of transactions last week versus $14.2 billion the previous week. However, there were 15 deals — two more than the prior week – and 97 lawyers involved, versus 80 the previous week. Thirteen firms were represented versus 14 in the prior period.
(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.