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Most alternative investors are sticking to their long-term plans despite the coronavirus, although they differ on when business will return to normal, while deal flow involving Texas lawyers continues to trend upward.
The capital markets continued to provide more solid companies with the cash they need to keep going through the coronavirus pandemic.
Three large capital markets transactions – plus last week’s $3.2 billion in funding from the federal government – bring the Dallas airline’s total cash haul to more than $9 billion.
Twelve of the top 15 corporate M&A law firms operating in Texas did fewer deals during Q1 2020 than they did a year ago, according to new Mergermarket data. But the Corporate Deal Tracker shows the decline in deal activity for Texas lawyers started dropping a year ago. The Texas Lawbook has an in-depth look at the M&A deal work being done by lawyers in Texas.
The impact of the coronavirus on pending transactions may be overstated, according to one law firm, while new deals involving Texas lawyers slumped last week. Claire Poole reports.
Blame the oil and gas industry, which even before the market collapse had difficulty attracting funding given its out-of-favor status on Wall Street.
Houlihan Lokey ranked-one in deal count, handling 11 transactions in the state. Claire Poole reports on the latest exclusive Mergermarket numbers.
Two dozen corporate lawyers at V&E and Latham worked feverishly for a few weeks with their respective clients at Southwest Airlines and American Airlines to secure billions of dollars in payroll relief funding from federal government. A senior in-house lawyer says the agreements are the most complex and important transactions for both airlines since 2014. The Lawbook has details.
Last week was a big one for capital markets transactions, in spite of...well, everything. M&A? Not so much. In her weekly CDT Roundup, Claire Poole has names and numbers for the deals that kept Texas lawyers busy while they WFH.
Deals are being terminated or renegotiated all over the place due to the coronavirus and fallen oil prices, with one seller in Texas taking a 30% haircut. Meanwhile, deal activity among Texas lawyers is beginning to slide with no letup in sight.
For 51 consecutive quarters, energy was the dominant sector for M&A in Texas. That streak ended during the first three months of 2020, as M&A activity plunged in deal value to levels not witnessed since the Great Recession. Not one of the seven biggest-dollar Texas deals had anything to do with oil and gas, according to Mergermarket. The Texas Lawbook has the details.
First quarter global M&A activity fell back to levels not seen since 2013 with U.S. results eerily similar to 2008. Meanwhile, dealmaking involving Texas lawyers keeps chugging along thanks to transactions already in the works and some companies’ moves to shore up liquidity.
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