New York-based TPG RE Finance Trust, a REIT (real estate investment trust), said Monday evening that it priced its IPO at $220 million. The company is offering 11 million shares of common stock at $20 per share. It began trading today on the New York Stock Exchange under the ticker, “TRTX.”
Baker Botts, V&E and Gibson Dunn Advise on $1.3B Select-Rockwater Merger
Under the agreement, Select will issue 37.95 million shares of common stock in exchange for all outstanding shares of Rockwater common stock. The Texas Lawbook has the details on the deal teams, the firms’ history with the companies, and info on both GCs here.
Mergermarket Expert: TX M&A Market in ‘Real Danger of Developing Congestion or Heartburn’
The Texas market has seen 15 consecutive quarters with about 200 or more deals. “Before the third quarter of 2013, 200 deals was the high water mark. Since then, 200 deals has been the floor,” says Mergermarket M&A analyst Chad Watt. “We’ve had so many deals completed [during the past couple years] that the market may need a period to digest it all. “There’s a real danger of developing M&A congestion or heartburn.”
Experts: Texas M&A Activity Unpredictable for H2 2017
How will M&A activity shape up in the second half of the year? The Texas Lawbook interviewed nearly a dozen of the leading corporate and private equity lawyers in the state to gauge their view on the M&A market for the first half of 2017 and what they forecast for the remainder of the year. This is their analysis.
Mergermarket: Texas M&A Flat but Solid in H1 2017
Merger and acquisition activity among Texas-based businesses remained healthy during the first half of 2017, but far from the exuberant pace of dealmaking in 2014. Deal count has been flat, but deal value is up significantly over 2016, fueled by steady oil and gas M&A and Whole Foods’ sale to Amazon. The Texas Lawbook has the exclusive data from Mergermarket, along with a list of the 30 biggest deals during the first six months of 2017.
Lone Star Funds Buys Ceramic Glaze Maker for $693M
Dallas-based Lone Star Funds said Thursday that it will purchase Esmalglass, a supplier of intermediate products for the ceramic industry, to Bahrain-based Investcorp for 605 million euros ($693 million).
Houston Energy M&A Journalist Claire Poole Joins Lawbook Team
Respected energy M&A journalist Claire Poole is joining The Texas Lawbook team as a contributing correspondent in Houston covering corporate transactions and the legal profession. Claire spent 16 years at The Deal covering M&A, private equity and securities offerings in the oil patch. We are honored to have her join our team.
Bracewell Advises Apache in $713M Exit from Canada
Apache has exited Canada through the closing of three different transactions. The Houston-based energy company said it will use the $713 million in proceeds to focus on the Permian Basin, fund its capital program, and reduce debt.
Jones Day Advises on $3B Plano Real Estate Deal
South Carolina-based Greystar Real Estate Partners said it will pay $3 billion to purchase Monogram Residential Trust, a Plano-based REIT that owns, operates, and develops luxury residential and corporate apartment communities.
V&E and Latham Take Lion’s Share of 2016 Offering Work
Though the type of securities offerings that companies issued differed from 2015 to 2016, the Texas law firms and lawyers behind the offerings stayed pretty close to the same, according to new data from The Texas Lawbook’s Corporate Deal Tracker. To no one’s surprise, most lawyers ranked at the top are all Houstonites. But one Dallasite broke the mold on the issuer’s side.
This article names the individuals dominating securities work and has a breakdown of how each firm’s capital markets work in 2016 compared to the previous year. (Spoiler alert: two firms handled 65 percent of all securities offerings in the 2016 database).