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Texas lawyers from Latham & Watkins and Sidley Austin advised Vistra on the acquisition of the last 15 percent of Vistra Vision not already owned by Vistra. Vistra Vision owns and operates alternative energy facilities, including four nuclear plants.
Private equity is back; particularly in middle market deals. Pitchbook says so in a report released last week. In their study of H1 data Pitchbook forecasts that middle market deal counts will reach 3,400 by the end of the year, with values of as much as $345 billion. That would make it the third-best year for middle market PE deals, ever. If you want particulars, look no further than this week's CDT Roundup, in which 13 of last week's 16 M&A/Funding deals involved some form of PE participation. The Roundup even has the names of the lawyers behind them.
Norton Rose Fulbright announced Tuesday that it has hired a new partner — Gabriella Orengo Lyons — for its corporate, M&A and securities practice in Dallas.
Deals are all about numbers: enterprise value, debt, return on investment, EBITDA, yield, etc. The CDT this week looks at a few of the deals from last week whose terms were undisclosed but suggest values that could make a week look far better than it does on paper. That, along with the usual summaries of Texas-related deals reported last week — whether they had values attached or not.
Debevoise & Plimpton advised Verizon. Cravath, Swain & Moore advised Frontier. Paul, Weiss, Rifkind, Wharton & Garrison counseled Frontier's strategic review committee.
Jonathan Farrokhnia said in a LinkedIn post that “the new role represents a significant milestone in my career.”
Others are beginning to notice what The Texas Lawbook has been following for some time: that despite the carping of state lawmakers and fossil fuel grumps, renewables are being woven into the fabric of Texas energy — both in its dealmaking and its grid. The analysts at Preqin are the latest to say so out loud. This week's CDT Roundup has their observations along with the usual roster of last week's deals.
An Oklahoma midstream has embarked on another deal spree that will expand its pipeline network and deepen its presence in Texas and Louisiana.
Tulsa-based ONEOK Inc. will purchase Global Infrastructure Partners’ 43 percent stake in Dallas-based EnLink Midstream for $3.3 billion.
Separately, ONEOK is also buying Irving-based Medallion Midstream, the largest privately held crude gathering and transportation system in the Permian Basin, from New York-based GIP for $2.6 billion.
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