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Venture capital is on a tear. Valuations remain at record levels, outlier IPOs seem likely to boost exit values and fundraising should accelerate. So why are PE investments in energy nothing to cheer about? Claire Poole explains in her weekly roundup of Texas deals.
Jackson Walker bagged a piece of a pretty big deal, the sale of Apax Partners-backed Acelity Inc. and its KCI units to 3M for $6.725 billion, a move that preempts KCI's planned initial public offering. Claire Poole has the details.
Deal counts in Texas dropped precipitously in the first quarter of 2019. Although the count was over the much-valued 200 mark, deal values were even worse. The Lawbook's Claire Poole has the exclusive Mergermarket figures.
Private equity funds are charging higher performance fees, exiting their investments sooner and raising funds faster. The Lawbook's Claire Poole has those figures and the key players in Texas dealmaking last week.
Monica Karuturi, an associate GC at CenterPoint Energy was visiting relatives in India when she first got word that CenterPoint was interested in acquiring Vectren, an Indiana-based utility. Within days she was on a flight to New York City to begin fleshing out the agreement. In the next few months Karuturi's team put together a $6 billion deal that has been named M&A Transaction of the Year in the 2019 Houston Corporate Counsel Awards. Mark Curriden has the background on the remarkable, award-winning transaction.
Occidental Petroleum didn’t go with a Texas lawyer for its $38 billion counter-bid for Anadarko Petroleum Corp., whose board already agreed to a $33 billion purchase by Chevron. The company chose Faiza Saeed, presiding partner at Cravath, whose media and entertainment clients have included Time Warner, Disney and DreamWorks. Still, Saeed is no stranger to the energy industry, as Claire Poole reveals.
White & Case and Shearman & Sterling announced new hires early this week.
As The Texas Lawbook has noted, capital markets activity – especially in the energy industry – has been moribund so far this year. Last week, the Austin analytics provider Drillinginfo confirmed that unsettling view. While the $22 billion worth of debt and equity raised in the first quarter was up 9% over the fourth, it was down a concerning 45% year-over-year. Drillinginfo says Wall Street is enforcing discipline in the energy sector, and in her weekly Roundup, Claire Poole describes exactly what that means.
One of the most discussed parts of the Tax Cuts and Jobs Act of 2017 is IRC section 199A, which includes the complex rules for determining when a taxpayer can deduct up to 20% of certain “pass-through” income. Jason Freeman of Freeman Law provides an analysis of the Treasury's final regulations governing this provision.
Early last week, M&A activity for the year was lagging. Then came the $33 billion sale of Anadarko to Chevron. With that deal, everything changed – at least statistically. The equity and debt markets continue to be stingy, so what do companies do for new capital? Claire Poole has the answer, along with her weekly roundup of deals involving Texas lawyers.
Chevron Corp. of San Ramon, California, announced Friday that it agreed to buy Anadarko Petroleum Corp. of The Woodlands for $33 billion in cash and shares. Claire Poole has details and analyst reactions.
Latham & Watkins partner Ryan Maierson has been very, very busy, leading three billion-dollar deals in the last month. The Lawbook's Claire Poole had a chance to talk to him about those deals and what they say about dealmaking right now.
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