As financing costs continue to endure at higher levels, no region seems to have been spared a drop in deal value — even when deals continue at an active pace. A recent Mergermarket report notes that even in the southern U.S., often a statistical outlier, the value of mergers and acquisitions are depressed as smaller deals in sectors like technology and communications gain in number. The CDT Roundup has more on the Mergermarket report, naming a few of the big deals that led the quarter — along with a cavalcade of Texas lawyers who reported their involvement in 21 transactions last week.
GOP Missive to ESG Practitioners: Real Threat or Political Theater?
Whatever its purpose or intent, a letter from five GOP senators to 51 lawyers involved in ESG transactions at their firms was mystifying to those who would talk about it. Sent five days in advance of the recent mid-term elections, the threatening tone of the letters was in keeping with a series of attempts to curb, through their lawyers, corporate support for environmental mandates, energy transition investments and changes in corporate governance — despite increasingly vocal and influential investor demand.
Diamondback Grabs Midland Basin Properties from Lario Oil for $1.4B
Kirkland advised the buyer and V&E the seller in what is proving to be a dramatic pickup in second-half oil and gas deals.
CDT Roundup: 13 Deals, 9 Firms, 81 Lawyers, $14.8B
So much attention has been given to energy and energy transition that it would be easy to overlook other business sectors that make up the Texas M&A market. Take the healthcare sector, for instance. Healthcare has become a new favorite among PE investors, according to PitchBook. This week’s Roundup looks at a few of the reasons for that, as well as healthcare stats for Texas. All that, and the usual roster of lawyers involved in last week’s Texas-related transactions.
Eversheds Sutherland Energy M&A Attorneys Headed to Holland & Knight
Three Houston attorneys who advised on a $1.8 billion forestry ESG deal last week are on the move to Holland & Knight.
Winston Counsels Chart Industries on $4.4B Acquisition of Howden
The two major producers of industrial equipment say the merger will allow both the scale and profitability to support their strategic orientation toward decarbonization and other clean alternative energy processes. Claire Poole reports.
CDT Roundup: 25 Deals, 16 Firms, 509 Lawyers, $19B
Is the M&A market becoming a competition between “haves” and “have nots?” Maybe so, according to a recently released survey of nationwide dealmakers conducted by Dykema. Nearly two-thirds of respondents expect the U.S. M&A market to improve in the coming year. But for whom? Where companies with record amounts of cash on hand see opportunity, those who operate as borrowers see obstacles. The Roundup has more on the Dykema report, along with more than 500 names of mostly-Texas lawyers who worked on 25 deals reported last week to the Corporate Deal Tracker. It was, in that way, a record-breaking week.
Sidley, White & Case Counsel on Ensign Natural Resources’ $3B Sale to Marathon Oil
With the acquisition Marathon will double its presence in the Eagle Ford Shale to become one of the top producers in the basin. The company anticipates a post-close dividend raise of 11 percent. Claire Poole reports.
Kirkland, Eversheds, Paul Hastings, Latham Advise on $1.8B ESG Acquisition of 1.7M acres of Sustainable Forestlands
The deal would make Blue Source Sustainable Forests Company — a joint venture with Oak Hill Advisors — the seventh largest private owner of forestlands in the nation. The Lawbook has the names of the Texas lawyers involved in the ground-breaking ESG deal.
$10.9B Atlas Corp to be Acquired in Take-Private Transaction
Hong Kong-based Atlas Corp. is being taken private by a consortium of investors that includes the company’s major stockholders and management. The deal was advised by some Texas-based lawyers. The Lawbook has the details.
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