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Canadian energy infrastructure pipeline company Enbridge said on Sept. 9 that it has acquired the crude oil business of Tallgrass Energy for $2.55 billion cash. Sidley, Sullivan & Cromwell and V&E advised on the deal.
Freshfields and Vinson & Elkins advised on the transaction that Flex says will allow its data center development unit to capitalize on the next generation of power architectures required for artificial intelligence. An IPO is likely to follow in Q1 2027, following the deal's close.
Alabama-based Diversified Energy announced Sept. 2 that is has acquired Birch Permian Holdings from Elliott Investment Management for about $1.8 billion. Gibson Dunn and Akin advised on the deal.
Frisco-based Comstock Resources announced Sept. 1 that the State Oil Company of the Azerbaijan Republic has acquired one-fifth of its Legacy Haynesville upstream assets, about 15 percent of its Western Haynesville upstream assets and 15 percent of its stake in Pinnacle Gas Services for $1.65 billion cash. Baker Botts and O'Melveny advised on the deal.
ONEOK announced that it received a minority investment of $9 billion from private equity firm Apollo. The Tulsa midstream company also said it has acquired the Permian Basin natural gas assets of private Fort Worth-based Brazos Midstream for $4.4 billion cash. Latham and Akin advised on the deal.
Houston-based global giant SLB has acquired Kelvion, a German thermal management and heat exchange technology company, from Apollo for $3.4 billion cash and about $700 million of debt. Sidley Austin and Gibson Dunn led the deal. Paul Weiss was regulatory counsel to the PE firm.
Jackson Walker advised Maverick Power in its $1.75 billion acquisition by British power products manufacturer nVent. The deal positions nVent to provide key power products for data center power and backup needs. Foley & Lardner advised nVent.
While the summer heat continues to scorch the state, the Texas M&A market has certainly cooled. There wasn’t much activity for the week ended Aug. 29, with nary a capital markets transaction. That left the CDT Roundup with seven M&A and funding transactions with a combined disclosed value just over $3 billion.
The audit, which ERCOT anticipates will take several months to complete, must occur prior to any additional data center being approved to move forward in the interconnection process.
Another day, another handful of comings and goings in the energy infrastructure practices of major law firms in Houston. Baker Botts loses one partner to Gibson Dunn but gains another from White & Case. Mayer Brown and Sidley Austin also added partners. All four have corporate transactional practices.
Steve Tyndall has joined A&O Shearman as a partner in the M&A and private equity practice in Austin. Tyndall, who spent the last four years at Morrison Foerster, said that the firm’s international footprint and expanding Texas offices were meaningful in his decision to join A&O Shearman.
The CDT Roundup saw nine deals announced during the week ended Aug. 22, with a combined reported value of about $2.8 billion — the lightest dollar figure since late January. The week prior had 15 deals with a value of nearly $7 billion, and a year ago at this time, the Roundup was reporting 23 deals worth more than $15.2 billion.
The rare week ended without an M&A megadeal.
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