San Antonio Utility Buys Four Natural Gas Plants for $1.4B
CPS Energy agreed to acquire four natural gas powered electricity generation facilities in Texas for nearly $1.4 billion from PROENERGY. Dykema and Latham & Watkins are advising on the deal.
CDT Roundup: From Corrugated to Crypto, Deals Keep Venturing Outside the Box
The week that ended Sept. 13 saw 21 transactions valued at $21 billion. That doesn't count the late arrivals and deals outside our usual space (See "Late Arrivals and other matters..." at the bottom of this column). It's a pretty good week when you average $1 billion per deal. For comparison, the week prior, we saw 19 deals for $8.5 billion and 24 deals for nearly $11 billion at this time last year. But each week seems a bit stranger than the last. That and more in this edition of CDT Roundup.
Phillips 66 Acquires Full Ownership of WRB Refining for $1.4B
The deal, advised by Sidley Austin and Bracewell, gives Phillips 66 full control of refineries in Illinois and Texas.
EchoStar Sells Spectrum Licenses to SpaceX for $17B
White & Case and Gibson Dunn advised on the megadeal which will enhance the ability of SpaceX to expand its Starlink "Direct to Cell" service.
Daria Russell Has Helped Mattress Firm Navigate a Decade of Highs and Lows
Daria Russell has experienced a lot since she joined the legal team at Houston-based Mattress Firm in 2015 — more than a dozen M&A transactions, including a 2016 $3.8 billion merger, a crippling accounting scandal involving the company’s former corporate parent, a subsequent 2018 multibillion-dollar corporate bankruptcy and then a $5 billion merger with Tempur Sealy that closed earlier this year. In May, Mattress Firm rewarded Russell for her decade of extraordinary legal work by promoting her to general counsel, overseeing five in-house lawyers, two health and safety professionals and seven loss-prevention contractors. Russell, like most corporate chief legal officers, is dealing with issues ranging from artificial intelligence and intellectual property rights and data privacy issues to ESG compliance and everything digital.
CDT Roundup: Capital Markets Deals Drive $8.6B Week
The week that ended Sept. 6 saw 20 deals with a reported value of $8.6 billion. That seems, at first glance, far better than last week's 10 total deals for $3.5 billion. And it is. But not better than the 12 deals for $20 billion we saw this time last year.
But a closer look shows that the numbers were thin on money actually changing hands. First off, most of the money reported was on the capital markets side, $5.7 billion of the $8.6 billion reported. And on the M&A side, we saw $2.9 billion reported, but $1.57 of that was in a single midstream deal.
That and more in this edition of CDT Roundup.
Former Energy GC Brock Degeyter Joins Troutman Pepper Locke in Dallas
Degeyter was most recently the general counsel, chief compliance officer, and secretary of Medallion Midstream until its $2.6 billion acquisition by ONEOK, which closed last October. His in-house resume also includes helping lead Summit Midstream's IPO and working on the historic leveraged buyout of TXU Corp.
Plains All American to Acquire 55% of EPIC Pipeline for $1.57B
Latham, V&E and Akin advised on the deal which will see Diamondback and Kinetik Energy exit their ownership stake in the strategic 800-mile crude oil pipeline.
