Free Speech, Due Process and Trial by Jury
For the first time in a while, energy didn't dominate the week for value. Still, energy deals dominated the deal count among the 12 M&A transactions reported. This comes as the Haynes Boone financing survey shows increasing interest in financing new upstream E&P. Claire Poole's CDT Roundup has more, along with the names and firms of the 186 lawyers who worked on last week's transactions.
Riverstone-backed Hammerhead Energy agreed to be sold to Crescent Point Energy for $1.86 billion and Enbridge purchased landfill gas-to-renewable natural gas facilities in the U.S. from Morrow Renewables for $1.2 billion.
Weil in New York counseled Cedar Fair while Kirkland did so for Six Flags, including an M&A partner in Austin and a debt partner in Houston.
What a difference a quarter makes. Even as deal numbers for the third quarter continue to numb, some really big deals are beginning to unfold in the fourth — particularly in the energy sector — with two $60 billion whoppers in the past three weeks. But a recent analysis by Pitchbook suggests that they are only the beginning. With an estimated global total of $1.4 trillion in dry powder available, dealmakers who have been eyeing market variables may be ready to pounce. This week's CDT Roundup looks the possibility of a coming breakout, along with the usual roster of lawyers and firms who reported $68 billion over 18 different deals.
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.
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.
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.
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.
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