Fifth Third Buying Dallas-based Comerica in $10.9B Deal
Wachtell and Sullivan & Cromwell advised on the deal, which positions Fifth Third as a major presence in 17 of the fastest-growing banking markets in the country.
CDT Roundup: From Solar to Chemicals to LNG, Energy Powers $20.8B Week
The week that ended Oct. 4 saw 21 deals reported with a total value of $20.8 billion with a few billion-dollar transactions, including one that may be the final deal for the Oracle of Omaha. Elsewhere, Texas bank consolidations continue as Prosperity Bank acquires Texas Partners to expand further into San Antonio, Austin and The Hill Country.
That and more in this edition of CDT Roundup.
Norton Rose Hires Veteran Finance Partner from Winston & Strawn
Norton Rose Fulbright announced on Thursday that it has expanded its business practice group by hiring veteran Dallas corporate finance partner Chip Gage. With more than 30 years of experience representing private equity sponsors and their portfolio companies, he joins Norton Rose after spending nearly nine years at Winston & Strawn.
Berkshire Hathaway to Buy OxyChem from Occidental for $9.7B in All-cash Deal
Occidental announced the $9.7 billion sale of its chemical unit OxyChem to Berkshire Hathaway, potentially Warren Buffett’s final major deal. The move follows Occidental’s $12 billion CrownRock acquisition and is aimed at cutting debt. Cravath advised Occidental, while Berkshire Hathaway was advised by Kirkland & Ellis.
Fermi America’s $683M IPO Debuts in U.S. and London (Almost) Simultaneously
The Texas-based company is building one of the largest AI data centers on the planet. Meet the Haynes Boone lawyers who advised on the offering, which values the company at more than $13 billion.
Ares Acquires Meade Pipeline for $1.1B
A Texas-heavy Sidley Austin team advised Ares in the purchase, which secures a 40 percent stake in the Central Penn Line, a major connection between Pennsylvania natural gas fields and major East Coast markets.
CDT Roundup: Sempra Deals Lead Another $22.8B Week
The week ending Sept. 27 had 16 deals reported with an overall value of nearly $22.8 billion led by $17 billion in in just two transactions by one of the largest utility builders in North America.
Sempra Sells Controlling Interest to KKR, CPP for $10B; Gives Nod to $12B FID for Port Arthur LNG Phase 2
Sullivan & Cromwell, Baker Botts, Simpson Thacher and Kirkland & Ellis advised on the deals, designed to simplify and refocus Sempra on its development as a global exporter of LNG.
Thoma Bravo to Acquire Houston-based PROS in $1.4B Take-Private Deal
Kirkland and DLA Piper are advising on the deal, which would delist the SaaS-pricing analytics firm from the NYSE where it debuted in a $75 million 2007 IPO.
CDT Roundup: A Week of Power Plants, Energy Infrastructure and Another Crypto CapM Deal
The week that ended Sept. 20 saw 24 deals with a reported value of $11.3 billion. There were a lot of deals this week related to energy, infrastructure or AI, or some combination of the three. The largest deals of the week included, perhaps unsurprisingly, a few of the largest players: with San Antonio’s electric utility buying four natural gas plants for $1.4 billion and Blackstone buying a huge natural gas plant in southwest Pennsylvania for $1 billion, give or take a few million or so. That and more in this edition of CDT Roundup.
San Antonio Utility Buys Four Natural Gas Plants for $1.4B
CPS Energy agreed to acquire four natural gas powered electricity generation facilities in Texas for nearly $1.4 billion from PROENERGY. Dykema and Latham & Watkins are advising on the deal.
CDT Roundup: From Corrugated to Crypto, Deals Keep Venturing Outside the Box
The week that ended Sept. 13 saw 21 transactions valued at $21 billion. That doesn't count the late arrivals and deals outside our usual space (See "Late Arrivals and other matters..." at the bottom of this column). It's a pretty good week when you average $1 billion per deal. For comparison, the week prior, we saw 19 deals for $8.5 billion and 24 deals for nearly $11 billion at this time last year. But each week seems a bit stranger than the last. That and more in this edition of CDT Roundup.
