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Oil and gas M&A transactions in the U.S. dropped in the second quarter, well below quarterly averages experienced since 2009, even as global activity blossomed. The reasons may, in part, be structural; but they also may be temporary, according to Drillinginfo. Claire Poole explains in The Texas Lawbook.
There are lots of reasons, but IPO’s are starting to pop up again in Texas dealmaking. A California oil and gas explorer and producer recently filed for an IPO in which Texas lawyers are involved. And last week a big Texas computer maker announced a deal that will take it public again – and make its billionaire CEO even richer. Claire Poole has all details on those deals and more in The Texas Lawbook.
For the first half of the year, more than $2.35 trillion in M&A transactions have been reported globally – a record pace – thanks to economic growth, low interest rates, technology shifts and the Trump-driven tax cuts, according to analysts. And Texas attorneys benefitted last week to the tune of 13 deals worth $7 billion. Claire Poole has the particulars in her weekly Corporate Deal Tracker Roundup.
Private equity-related M&A activity in the middle market – transactions valued at $10 million to $250 million – remains strong, with debt available to support deals and valuations climbing for
As summer began, deal-making activity among Texas lawyers began to slack, at least in terms of total values, with $8.8 billion worth of transactions last week versus $14.2 billion the previous week. However, there were 15 deals — two more than the prior week – and 97 lawyers involved, versus 80 the previous week. Thirteen firms were represented versus 14 in the prior period.
(June 18) – Merger and acquisition, capital market and venture capital activity picked up this past week, reaching 13 transactions worth $14.2 billion versus eight deals valued at $6.3 billion the previous week. Fourteen law firms and 80 lawyers were involved in the deals, versus eight firms and 96 Texas lawyers the prior week. Claire Poole parses who did what in her weekly roundup in The Texas Lawbook.
A lot of private equity capital has been raised to invest in the oil and gas sector – $70 billion last year, eight-fold over 2012 – but the challenge is finding where the value is, says Sam Oh, founder of Houston-based Mountain Capital. He explained his view to a gathering of the Independent Petroleum Association of America Wednesday in Houston. Claire Poole and The Texas Lawbook were there.
With only eight deals worth a reported $6.3 billion announced last week, Texas lawyers seemed to lose some of the momentum that was building when 13 deals worth $14.5 billion were announced the week previous.
(June 7) – There was a surprise sale this week. Devon Energy sold all of its interests in publicly-traded EnLink Midstream Partners LP and EnLink Midstream LLC to Global Infrastructure Partners for $3.12 billion. Perhaps not surprising, Texas attorneys from three different firms were involved. Claire Poole has the names.
Right in step with the Texas weather, dealmaking heated up last week. There were 13 transactions announced worth $14.5 billion, still 29 percent below the year’s high of $20.4 billion. The activity involved 88 Texas lawyers and 10 different firms.
Deal activity leading up to the Memorial Day weekend was 76 percent off the previous week's 2018 high. Active industries included oilfield services, solar power and banking, along with oil and gas exploration, energy infrastructure, fertilizer and steel. The Texas Lawbook has the specific names and numbers.
After reports earlier this year that it was looking at launching an initial public offering, Bain Capital-backed BMC Software said May 29 that it has agreed to be sold to KKR. Deal terms weren’t disclosed, but media reports put the price tag at $10 billion.
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