Last year, 2018, was a good one for M&A. The deal count, a 12-year high, may have been the highest for Texas companies ever. The value of those deals was the second-best since 2007. But a sluggish fourth quarter gives pause for the new year, one that a Mergermarket expert describes as big dealmaking “in search of a catalyst.” Claire Poole explains.
Sidley Advises Luby’s on Proxy Fight Win Over Activist Investor
The management of Luby’s Inc. chalked up a big win on Friday – and so did several Sidley lawyers in Texas. The Houston-based restaurant chain beat back a proxy fight by Bandera, a New York-based investment firm run by Jeff Gramm, son of former U.S. Sen. Phil Gramm. Claire Poole has the details.
CDT Roundup: 15 Deals, 16 Law Firms, 76 Lawyers, $3.82B
M&A in the U.S. oil and gas exploration and production industry was hot in 2018, hitting its highest total in four years at $84.3 billion, according to Drillinginfo. Eight of the year’s top 10 deals were in the second half. But thanks to sliding oil prices, fourth-quarter deal value came in at $20.9 billion, a bit off from its third quarter 2018 high.
Latham Grabs V&E Finance Partner
Trevor Wommack has left Vinson & Elkins to join Latham & Watkins as a partner in its finance group in Houston. The move, Latham’s first significant lateral hiring since 2012, signifies the firm is in growth mode.
CDT Roundup: 18 Deals, 14 Law Firms, 92 Lawyers, $7.28B
With the beginning of every new year comes a new round of data showing how dealmaking fared in the previous year – and projections of what’s to come. Last year was the most active year ever recorded for private equity-backed buyout deals, according to data from Preqin. Claire Poole has more insights from 2018 and highlights the deals of the past week.
Kirkland Counsels Discovery II on $1B Commitment from Stonepeak
The law firm said Monday it counseled Dallas-based Discovery Midstream Partners II and Discovery Midstream Holdings II management on a $1 billion initial equity commitment from Stonepeak Infrastructure Partners. Claire Poole has the details and the lawyers involved.
CDT Roundup: 10 Deals, 12 Law Firms, 50 Lawyers, $529.08M
The midstream energy markets have been difficult, if not volatile, for some time now. In addition to the final deals of 2018, Claire Poole’s latest CDT Weekly Roundup discusses a new analysis by Morgan Stanley’s Tom Abrams, who suggests 10 things to watch for among midstreams in the coming year.
DBJ: Another Dallas Investment Firm Raising More than $1B for New Fund
Dallas private equity financier Newstone Capital Partners is aiming to raise $1.25 billion for a fourth fund, according to a recent regulatory filing.
2018 In Review: The Top 10 Texas M&A Deals
There are lots of reasons for mergers and acquisitions: to simplify corporate structure; to diversify product mix; to extend geographic reach. There is also the need for cash: to pay down debt, to boost shareholder return or to invest in lucrative prospects. In her Top 10 Texas M&A Deals, Claire Poole found an array of those motives on display in 2018.
Mid-Market YTD 2018: Financial Advisor Deal Value Rankings
Middle market M&A has been eroding across the nation, and even in the otherwise thriving Texas market Texas-headquartered firms will likely finish 2018 with less than 200 mid-range transactions for