Chesapeake and Southwestern to Merge in $7.4B Deal
Advised by lawyers from Kirkland & Ellis and Latham & Watkins, the deal brings to NG and LNG the same kind of billion-dollar consolidations taking place among major holders in the Permian Basin.
CDT Roundup: 8 Deals, 8 Firms, 84 Lawyers, $7.9B
Worldwide M&A values in 2023 reached $2.9 trillion, down 17 percent from 2022. U.S. M&A values were $1.4 trillion in 2023, down about 5 percent compared to the prior year — the slowest (and lowest) annual number in six years. According to a study by LSEG, a data and information firm, private equity-backed M&A fared even worse: a decline of 30 percent in value from 2022. Mega deals ($10 billion+) were down in value and volume. So, what went right? Maybe more than it seems. A closer look at the numbers reveal something far less grim; maybe even optimistic. Perhaps needless to say, CDT Roundup takes that closer look — along with the usual "roundup" of lawyers and firms who reported their deals last week.
The Top 15 M&A Deals of 2023 (Because We Couldn’t Stop at 10)
The M&A market for 2023 was characterized by some familiar bedfellows: uncertainty and energy. Dealmakers had to run a gauntlet that included, at various moments, war, inflation, Federal Reserve intervention, price uncertainties and even scandal in tech-heavy business sectors like banking and blockchain. But despite all that, the year 2023 has ended in decent shape.
Kirkland Counsels Callon on $4.5B APA Purchase
Analysts say the deal helps boost both inventory and oil mix in APA’s unconventional portfolio but are less favorable on Callon's asset quality.
Prominent PE Dealmaker Sarah McLean Leaves Shearman for Willkie
The attorney has more than 20 years of experience advising private equity funds and management teams on high profile deals across the energy sector. EnCap Flatrock Midstream is one of her regular clients.
CDT Roundup: 17 Deals, 12 Firms, 99 Lawyers, $14.6B
Energy transition is proving itself more complicated than expected, and legacy energy more durable. Whether upstream or midstream, energy M&A in 2023 managed to endure the diverse pressures of war, politics, inflation and price volatility to emerge, as TPH&Co., the energy business of boutique bankers Perella Weinberg, describes it: "more important and dynamic than ever." This week's CDT Roundup looks at their interesting year-end reflections, along with 17 deals reported during the final week of the year, as well as the firms and lawyers who worked on them.
Latham, Jackson Walker Lead Mark Cuban’s $3.5B Sale of Mavs; Deal to Close This Week
On Wednesday, the NBA Board of Governors approved the majority stake sale from Mark Cuban to the families of Miriam Adelson, widow of casino magnate Sheldon Adelson, and Sivan and Patrick Dumont, who serves as president and COO of the casino company and is Adelson’s son-in-law. A Houston partner from Latham and Dallas lawyers from Jackson Walker played key roles in the deal.
CDT Roundup: 23 Deals, 13 Firms, 219 Lawyers, $4.2B
Want to know what 2024 will look like? Just take a hard look at 2023, according to many of the respondents to the Dallas Fed's quarterly energy survey. Buoyed by a belief that oil prices will remain more than $70 per barrel, even with depressed natural gas prices, energy producers in the Fed's Region 11 expect consolidations to continue in East and West Texas including a few blockbuster deals. That's what 2023 looked like. The CDT Roundup looks at the details of the Dallas Fed survey along with the usual list of lawyers and firms behind the 23 transactions reported during the next-to-last week of the year.
