Vinson & Elkins, Sidley Austin and Shearman & Sterling advised on the cash and stock acquisition, which includes about 3,000 miles of pipeline through major areas of the Permian. After closing, Dallas-based Energy Transfer plans a new 30-mile connection with the Cushing hub in Oklahoma. Claire Poole details the deal and the names of the lawyers involved.
CDT Roundup: 21 Deals, 17 Firms, 165 Lawyers, $11.6B
CERAWeek, the prestigious Houston energy confab, wrapped up last week. One of the more significant observations emerged from former Goldman Sachs analyst Arjun Murti, now a partner at Veritan. He thinks, for instance, it’s time for the term “energy transition” to transition from a political Rorschach test to something more universal, understandable and verifiable. Claire Poole reflects on a few of his other observations in this week’s CDT Roundup, along with the usual rollcall of deals and dealmakers who reported for duty during last week.
Shearman Advises SAP SE in $12.5B Qualtrics Take-Private Deal
Several Texas-based lawyers were involved in the take-private deal, which comes barely two years after the business software company went public in a January 2021 IPO. An earlier headline has been changed to reflect the overall deal value.
Texas Startups Hope to Continue Raising Capital Despite Tech Downturn
While last year was challenging for the tech industry, Texas startups still raised billions of dollars, though often with lower valuations and more stringent deal terms. Now venture capital funds are flush with dry powder from record-high fundraising in 2022. So what does it take for startups to increase their chances of raising capital in a turbulent market?
Foreign Investment Still Welcome in the U.S. Despite Buy American Rules
The good news for foreign investors and manufacturers is that Buy American regulations typically do not apply to investment in privately owned facilities. Opportunities, tax credits and other incentives abound.
CDT Roundup: 20 Deals, 11 Firms, 228 Lawyers, $9.7B
The $2.5 billion acquisition of Ranger Oil by Calgary-based Baytex Energy marked the first merger of public upstream companies in almost a year. If there’s a renewed public-public phase of consolidation among small-to-mid-cap producers in the offing, there may be evidence of such in the Ranger-Baytex deal. The CDT Roundup explores the merger, along with the usual weekly listing of the deals reported by Texas lawyers.
The Corporate Deal Tracker’s 2022 Law Firm M&A Rankings
No two law firms in Texas sat across the table from each other negotiating large mergers, acquisitions and joint ventures in 2022 more often than the Texas lawyers at Kirkland and V&E. Latham and Sidley were there several times, too. The Texas Lawbook’s Corporate Deal Tracker has its final 2022 law firm rankings for M&A activity by Texas lawyers have been tabulated. Some firms such as Haynes and Boone, McGuireWoods, White & Case, Katten and Munsch Hardt, scored big increases. Others saw large drops in deal count. The Texas Lawbook has the in-depth report with all the data.
Baytex Energy Expands Eagle Ford Presence with $2.5B Deal; Kirkland, V&E, Latham Advise
Baytex says the transaction nearly doubles both its EBITDA and free cash flow, allowing an immediate step-up in direct shareholder returns, including the introduction of a dividend and increased share buybacks. The Lawbook has the names of the lawyers involved.