CDT Roundup: 16 Deals, 13 Firms, 165 Lawyers, $6.8B

This week's transactions include two take-private deals. According to studies by Bloomberg and White & Case, turmoil across the equity capital markets is making such deals attractive, with more companies being taken private so far this year than traditional public offerings. In the 18 months from January 2022 through June 2023, there were 47 P2P transactions in the U.S. versus 39 IPOs. And the P2P pace for 2023 may be even quicker. Claire Poole has the specifics, along with the usual roundup of deals and dealmakers for the week.

October 24, 2023 Claire Poole

Texas Attorneys for Chevron Co-Lead on $60B Acquisition of Hess

A pair of in-house attorneys for Chevron in Texas is co-leading on the company’s purchase of New York-based Hess Corp. for $60 billion, including debt. Paul Weiss is serving as outside counsel to Chevron, while Wachtell Lipton advised Hess.

October 23, 2023 Claire Poole

Canadian Marine Logistics Provider Logistec to Go Private in Deal with Blue Wolf, Stonepeak

Blue Wolf Capital and Stonepeak announced Monday that they are acquiring the Canada-based shipping specialists Logistec in an all-cash deal that values the company at $1.2 billion. Sidley advised Stonepeak on the transaction.

October 17, 2023 Allen Pusey

CDT Roundup: 14 Deals, 13 Firms, 125 Lawyers, $67.8B

The $59.5 billion acquisition of Pioneer Natural Resources by ExxonMobil last week produced the largest week by value ever recorded by the Corporate Deal Tracker Roundup. The deal caused upward movement in the stocks of other significant stakeholders in the Permian Basin, perhaps with other consolidation targets in mind. The Roundup wondered which Permian players might be next, and we have that list, along with the usual tally of lawyers and firms that helped produce last week's record showing.

October 17, 2023 Claire Poole

Searchlight, BCI Take Consolidated Private in $3.1B Deal

Illinois-based Consolidated Communications was advised by Latham & Watkins on the deal. Searchlight Capital Partners already held 34 percent of Consolidated's common stock and all of its Series A perpetual preferred. Claire Poole has details.

October 16, 2023 Claire Poole

The Real Energy Transition

Energy is still king in Texas M&A, despite the diversification of the Texas economy and the rise of technology and manufacturing and infrastructure. ExxonMobil's decision to buy Pioneer Natural Resources for $59.5 billion is exhibit A. Still, energy deals have been fading in recent years as a share of the overall M&A market: from a 42 percent share of the overall Texas deal count in 2020 to only 32 percent this year, according to The Lawbook's exclusive Corporate Deal Tracker. But while capital markets have retreated from investment in hydrocarbon development, energy transition is gaining traction in a way that is transforming Texas energy M&A. And even traditional oil and gas is beginning to reap the benefit.

October 13, 2023 Allen Pusey

Mapping the Regulatory Landscape for CCUS in Texas

Carbon capture, utilization and sequestration activity is a key tool in combatting climate change, with significant growth in CCUS being required to reach net zero emissions, and Texas is a potential CCUS hotspot. However, regulatory action in Texas will be required for CCUS to meet its full potential.

October 11, 2023 Omar Samji, Chris Bennett & Sarah George

ExxonMobil Finally Captures Pioneer for $64.5B

In a deal three times larger than any previous Texas M&A transaction this year, ExxonMobil is purchasing Pioneer Natural Resources in an all-stock acquisition. Pioneer GC Mark Kleinman turned to Gibson Dunn partners Jeff Chapman and Tull Florey and Goldman Sachs’ Suhail Sikhtian as his lead outside legal and financial advisors. ExxonMobil turned to Davis Polk partner Louis Goldberg and Citi as its advisors. Texas Lawbook deal writer Claire Poole has the details.

October 11, 2023 Claire Poole

CDT Roundup: 16 Deals, 13 Firms, 228 Lawyers, $6.6B

Refinitiv's numbers are out, and they tell us what we already know: M&A is down worldwide, marking the slowest nine months since 2013. But there's good news, and the Roundup has it — along with the weekly list of deals and the lawyers who advised them.

October 10, 2023 Claire Poole

Prosperity Life Buys Moody Family’s National Western for $1.9B

Sidley counseled National Western, the second time in the last three years that the firm has assisted with sale of a publicly traded insurance company associated with the Moody family.

October 9, 2023 Claire Poole

Metropolis Technologies Buys SP Plus for $1.5B

Skadden's Eric Otness co-led the team advising the Chicago-based target, which manages 2 million parking spaces, and Sidley's Bill Howell counseled the buyer's investor Eldridge.

October 5, 2023 Claire Poole

The Evolving Role of ESG in M&A: Balancing Risks and Opportunities

Environmental, social and governance considerations play an increasingly important role in M&A transactions. In any given deal, however, it can be challenging to qualitatively and quantitatively assess relevant ESG factors, perform appropriate levels of ESG due diligence and plan for appropriate remedial steps or capture ESG opportunities post-closing. M&A acquirers should seek experienced guidance on these considerations to enhance value, mitigate risks and better incorporate financial and non-financial measures into their deal evaluations.

October 5, 2023 Lande Spottswood & Jon Solorzano