Carrier Global says the sale to Dallas-based PE Lone Star is part of its continuing divestiture of non-core businesses to refocus as a pure play provider of heating, cooling and solar energy climate-control products.
Winston Snags Two McDermott Energy Partners
Kevin Brophy and Ming Lei have worked together on a variety of upstream and midstream deals involving EIV Capital and Houston’s Westlawn Group.
CDT Roundup: 20 Deals, 15 Firms, 312 Lawyers, $12.2B
If anything defines the last few years in Texas M&A, it’s energy consolidation. Big bucks are being dropped to own bigger chunks of the Permian, Gulf Coast LNG production and all the pipeline in between. But the emergence of AI is driving a powerful new influence in the form of digital infrastructure, a sector heavy on the need for energy and real estate — both found in abundance in Texas. The CDT Roundup chatted with Simpson partners Breen Haire and Matt Einbinder on ways in which AI is changing their M&A practice, and it’s not what you might think. That, and the usual Roundup breakdown of last week’s Texas-related transactions.
Mayer Brown Energy M&A Partner Jumps to Baker Botts
Baker Botts announced Tuesday that Rebecca Seidl had joined from Mayer Brown, where she was a partner in the corporate and securities practice group for six years.
Seidl, in a news release, cited the firm’s reputation in the energy industry and its global platform as reasons why she made the move.
CDT Roundup: 26 Deals, 16 Firms, 334 Lawyers, $16.5B
Over the past few months, The Roundup has repeatedly noted a wave of consolidation rolling through the energy space, particularly in the Permian. This week, Enverus M&A Analytics provided comprehensive numbers to back that up. As if to punctuate the point, a few new energy deals queued up for this week’s edition of The Roundup, alongside some significant transactions in other, non-energy sectors. Our Claire Poole has them, as always, as part of her weekly accounting of Texas-related deals and the folks who made them happen.
Quantum Capital to Acquire Cogentrix for $3B; King & Spalding, V&E, Latham Advise
Based in Charlotte, N.C., Cogentrix operates natural gas power plants throughout the Eastern Seaboard, New England and Texas. The acquisition, says Quantum’s CEO, is driven by the power needs for data centers and AI.
Emera Sells New Mexico Gas to Bernhard Capital for $1.2B
Davis Polk & Wardwell represented the Canadian seller and Kirkland counseled the Louisiana private equity firm, having advised it on several investments and purchases over the last year.
OCI Sells Texas Ammonia Project to Woodside for $2.35B
Latham advised Woodside while Vinson & Elkins counseled OCI, having advised it on the Beaumont project since inception. It’s being billed as the world’s first large-scale, low-carbon intensity hydrogen-based greenfield ammonia facility.
Arcosa Expands into NY-NJ with $1.2B Acquisition
Kirkland advised Arcosa on their purchase of the aggregates and building materials businesses of Stavola Holding Corp. The transaction, largest in the company’s history, was paired with the divestiture of a steel components business.
CDT Roundup: 19 Deals, 21 Firms, 271 Lawyers, $16.4B
The rise of the U.S. global LNG export sector is a remarkable one: from essentially zero in 2015 to a position of global leadership in less than a decade. The Texas-Louisiana-Mississippi Gulf Coast has transformed into an epicenter for super-chilled natural gas bound for Europe and Asia. The CDT Roundup this week takes a closer look at a couple of news items that suggest the short-term future could be a bit bumpier than expected. And, as always, there were deals reported last week. We have the firms and the lawyers behind them.
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