Enagás Exits Tallgrass in $1.1B Deal with Blackstone
The deal follows Blackstone's purchase last month of Phillips 66's interest in REX, and further consolidates Blackstone control of more than 7,000 miles of midwest oil and gas pipeline.
CDT Roundup: 11 Deals, 11 Firms, 95 Lawyers, $3.9B
Deals are deals, unless they turn out not to be. The proposed $4 billion acquisition of Houston-based Mattress Firm by rival Tempur Sealy seemed like a deal. But the Federal Trade Commission last week voted 5-0 to stop the negotiations and sought to do so in a Houston federal court. The FTC complaint contains the usual language about protecting the U.S. consumer, but it also features allegations of retail bullying by Tempur Sealy along with 182-redactions to back that up. A discussion of that, and the usual fare of Texas-related deal summaries and the firms and lawyers involved, is in this week's CDT Roundup.
Devon Energy Acquires EnCap Bakken Assets for $5B
Kirkland & Ellis and Vinson & Elkins advised on the upstream/midstream deal which includes more than 300,000 acres and a 950-mile gathering system. It marks the third major upstream transaction by Houston-based EnCap Investments in the past month.
Iconic Texas Department Store Chain Neiman Marcus Sold to Saks for $2.65B
Willkie Farr advised the buyer while Sullivan & Cromwell assisted the Dallas-based seller, which Vogue once noted, "is Texas with a French accent."
CDT Roundup: 14 Deals, 16 Firms, 224 Lawyers, $8.2B
The Corporate Deal Tracker has noticed an uptick in capital transactions over the past few weeks. One firm that seems to be getting its share of CapM deals is Baker Botts. In June alone, BB reported more than $4 billion in 10 capital markets transactions. Claire Poole takes a look at the lawyers behind the action at BB, along with her usual summary of Texas-related deals and the lawyers behind them.
XCL Sheds Uinta Basin Assets to SM Energy, NOG for $2.55B
Kirkland & Ellis counseled SM Energy and NOG while Vinson & Elkins advised XCL on the deal, which marks both buyers' entry into the area.
A&O Shearman’s Dallas Team Leads AI SPAC Deal
Dallas lawyers from A&O Shearman counseled Nidar, a data center provider for artificial intelligence and high-performance computing in India.
CDT Roundup: 12 Deals, 8 Firms, 137 Lawyers, $5.7B
Thomas Laughlin is one busy dude. Trinity Hunt Partners helps keep him that way. The CDT Roundup this week takes a deeper look at what Trinity and Laughlin, a Dallas-based Kirkland PE partner, have been up to, of late. There's that, and the usual summaries of transactions reported last week along with the firms and lawyers who worked them. But brace yourself; the list will be, shall we say, a brief read.
Akin Lands CapM Partner from Kirkland
Bryan Flannery is the fourth corporate partner lateral recruit to Akin’s Houston office over the last two months. He has advised on multiple billion-dollar deals this quarter.
CDT Roundup: 13 Deals, 16 Firms, 214 Lawyers, $9.9B
There were three billion-dollar transactions last week: a shale E&P deal, an offshore drilling acquisition and a midstream divestiture. All were in energy, but they had something else in common: they are part of an on-going consolidation in nearly every phase of energy production. The CDT Roundup takes a look at what these latest deals tell us, along with the usual summation of last week's transactions and the lawyers and firms behind them.
Phillips 66 Sells Stake in Rockies Express Pipeline for $1.275B
Bracewell and Vinson & Elkins advised Phillips 66 and Tallgrass, respectively, on the deal which advances the P66's determination to divest itself of $3 billion in non-core assets. On the buyer side, Tallgrass now holds total equity ownership in one of the largest natural gas pipelines in the U.S.
Matador Inks $1.9B Bolt-On Deal with EnCap for Delaware Basin Assets
The two sides were counseled by Baker Botts and Vinson & Elkins, much as they were in a similar transaction in 2023. The bolt-on transaction includes an interest in Piñon Midstream, a pipeline and gas treatment operation that expands Matador's operational footprint in New Mexico and West Texas.
