Blackstone Infrastructure Partners is acquiring a controlling interest in Tallgrass Energy for $3.3 billion. The purchase shows that private investors continue to have strong interest in the oil and gas industry despite lower commodity prices, particularly in the infrastructure part of the sector. Claire Poole reveals the names of lawyers and firms involved.
CDT Roundup: 13 Deals, 11 Law Firms, 67 Lawyers, $2.77B
Mid-sized private equity deals were at record levels last year: up in volume by 15.1 percent and in value by 14.8 percent. But capital raised slipped a bit and the number of funds dropped more than 20 percent. Does that mean a mid-market slow-down is coming? Maybe not. Visible optimism still rules the markets, as Claire Poole explains.
2018: The Most Deals Ever? Probably – But There Are Still Worries
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.