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Corporate Deal Tracker
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CDT SNAPSHOT
37.8%
In 2025, deal count for billion-dollar-plus deals increased by 37.8 percent versus 2024, and the aggregate valuations as a result soared between 2024 and 2025 by 41.7 percent.
CDT DATABASE YEAR-TO-DATE TRANSACTION TOTALS
JAN. 18, 2026
DEAL COUNT
27
DEAL VALUE
$21.3B
JAN. 18, 2025
DEAL COUNT
33
DEAL VALUE
$34.8B

Vistra Buys Cogentrix Energy in Deal Valued at About $4B

Vistra Corp. said Monday that it acquired Cogentrix Energy for about $2.3 billion cash, about $925 million in common shares and the assumption of $1.5 billion of debt. Vistra used Latham & Watkins, Sidley Austin and Cleary Gottlieb Steen & Hamilton as outside legal counsel. King & Spalding advised Cogentrix.

Jason Philyaw

The Key Deals of 2025: Business-As-Usual, With a Mona Lisa Smile

The undisputed dealmaker of the year 2025 was artificial intelligence.

Its needs, whether for infrastructure, software, data, cooling, tubing for cooling, electrical parts, real estate or any other basic or specialized situation, seemed to play a role, directly or indirectly, in nearly every deal reported to The Texas Lawbook this year.

Allen Pusey and Jason Philyaw sifted through the more than 1,200 M&A transactions that have passed across our desks over the last 12 months to pick the most significant deals from last year.

Allen Pusey & Jason Philyaw

In AI Gold Rush, Capital Markets Learn to Live Off Data

In the shengxiao, the year 2025 was represented by the snake. As the sixth of the 12 animals in the Chinese zodiac, the snake represents both mystery and transformation.

For capital markets lawyers that is exactly what 2025 was supposed to be, a year of pipeline deals, AI-driven demand and a new presidential administration primed to relieve public companies from the inordinate burdens associated with their public-ness.

Well, it was. And it wasn't.

It's been a busier year than those passed. But capital markets have changed and are changing. The yearly stats say so. And so do the lawyers who make their living assembling them.

Allen Pusey

Harbour Energy Buys LLOG Exploration for $3.2B

Harbour Energy said Monday that it agreed to acquire Louisiana-based LLOG Exploration Co. for $3.2 billion, including $2.7 billion cash and $500 million of common stock, giving the U.K. oil company its first deepwater presence in the U.S. Bracewell advised Harbour with a team led by partners in London, Houston and Washington, D.C.

Jason Philyaw

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JAPEX Acquires DJ Basin Assets for $1.3B

Willkie Farr & Gallagher advised JAPEX and Kirkland & Ellis advised Verdad Resources Intermediate Holdings on the deal, which includes more than 100,000 acres of tight oil assets in Colorado and Wyoming.

Allen Pusey

Energy Lenders Fall Back in Credit Survey

Energy-lending banks are projecting 2026 average oil prices of $55.44 per barrel, a $1.50/BBL decline from projections six months ago, according to the latest Energy Bank Price Deck Survey from Haynes Boone released Dec. 17.

Allen Pusey

ACC-DFW 2025 M&A Transaction of the Year Finalists Announced

The Association of Corporate Counsel’s DFW Chapter and The Texas Lawbook have announced that the corporate legal departments at Celanese and Comerica are the two finalists for the 2025 DFW Corporate Counsel Awards for M&A Transaction of the Year. 

The DFW Corporate Counsel Awards honor in-house lawyers for their extraordinary legal and business successes during the past year.

Mark Curriden

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