Revitalized and Revamped, Energy Still Rules in Texas
Whether upstream or midstream or energy services, the energy sector seems to have adapted to realities of the marketplace to hold its place at the top of the M&A food chain.
V&E Advises on $7.3B Biogen Acquisition of Reata Pharmaceuticals
Plano-based Reata specializes in the treatment of neurological complications with cellular metabolism and inflammation associated with neurological diseases. The all-cash transaction is being treated as a combination and is expected to close in the fourth quarter of this year.
CDT Roundup: 18 Deals, 14 Firms, 130 Lawyers, $4B
Texas dealmakers don't do pessimism. There's no point. Downtimes provoke creativity. Uptimes demand energy. And even during times of lean money markets, Texas seems to maintain an ample supply of both. As we move past a mediocre first half in 2023, the CDT Roundup looks at sources of optimism for what's coming — with the assistance of a new report from Intralinks. And, course, there are the names of the Texas lawyers behind 18 deals reported last week.
Texas Lawyers at Shearman Aid J.F. Lehman on $1.2B Purchase of Heritage-Crystal Clean
The firm's Dermarkar previously advised the private equity firm on deals, including during his tenure at Jones Day.
CDT Roundup: 13 Deals, 9 Firms, 81 Lawyers, $8.3B
U.S. buyout and exit deals are seeing double-digit year-over-year declines, fundraising is shrinking and acquisition finance markets have stiffened in the face of interest rate uncertainty, according to Mergermarket. Against that backdrop comes a survey of 100 PE firm executives who are among those searching for places to place an estimated $1.1 trillion in dry-powder cash. In this week’s CDT Roundup, Claire Poole discusses what they see on the investment horizon after 12-18 months of investor caution, along with the names of lawyers involved in last week’s 13 M&A and funding deals.
H1 2023 M&A: ‘Meh’ Numbers Worth More than a Shrug
The Texas deal numbers are in for the first half of 2023, and according to The Texas Lawbook's exclusive Corporate Deal Tracker they aren't especially pretty. But beneath the surface lies a sense among Texas dealmakers that the money is still there, that investors are more disciplined and that deals with legs are simply more complicated and creative and, above all, still part of a vibrant economic pipeline.
ExxonMobil Inks Deal to Buy CO2 Pipeline Operator Denbury for $4.9B
The transaction, which has been rumored about since last fall, reflects the oil giant's push to expand its low-carbon solutions business.
CDT Roundup: 16 Deals, 12 Firms, 172 Lawyers, $5.4B
A new report from Refinitiv suggests that bankers are hurting these days. Investment banking fees are down during the first six months of 2023 — off 18 percent from 2022, year-over-year, and the lowest since 2016. Advisory fees from M&A fared even worse. The culprits include U.S. involved M&A, which has been lagging in both volume and value. The Lawbook's Claire Poole looks at the underlying stats, including a few sectors that have thrived, even during the current lag — and, of course, the usual roll call of deals reported by Texas lawyers last week.
CDT Roundup: 16 Deals, 10 Firms, 105 Lawyers, $6.9B
In addition to warmer temperatures, the end of spring brings us the end of Q2/H1, and a good time to check on the mid-year status of dealmaking. This week is our roundup of what the CDT Roundup has been reporting for the past six months. That, and a roster of lawyers involved in the 11 M&A/Funding deals and five CapM transactions reported last week.
CDT Roundup: 13 Deals, 16 Firms, 201 Lawyers, $11B
The news last week that publicly traded Civitas Resources was entering the Permian Basin with the purchase of upstream assets for $4.7 billion was interesting beyond its whopping price tag. Both targets were backed by NGP Energy Capital Management, marking another upstream private-to-public consolidation. There are those who think this is a good thing for the industry at the moment, and this week's CDT Roundup explores the reasons. And, as always, The Lawbook's Claire Poole has all the deals reported by Texas lawyers last week.
Clifford Chance Continues Houston Expansion with Akin Hire
Akin corporate oil and gas deal lawyer David Sweeney is the seventh lateral partner addition in Houston by the London-based firm this month.
Vista Sells Apptio to IBM for $4.6B
Kirkland & Ellis advised Vista, which also used the firm when Apptio bought Cloudwiry and when Vista acquired Apptio itself.
