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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 13 Deals, 11 Firms, 102 Lawyers, $8.3B

January 11, 2022 Claire Poole & Allen Pusey

Forgive our Texas obsession with energy M&A. Yes, its influence is waning in the face of lower demand for oil and gas and an increased demand for a transition to cleaner uses. But the oil & gas sector is still close to the heart and history of the Texas economy, and certainly close to its wallet and soul.

That relationship still bears an arc of optimism, even allowing for change.

Analysts at Rystad Energy are projecting global oil and gas investments of $628 billion in 2022, a $26 billion expansion over 2021. That’s nowhere near the pre-pandemic level of 2019 when global O&G, LNG and midstream investments reached nearly $800 billion. And although those investments are expected to increase through 2024, the trajectory is expected to remain modest.

Beneath that cautious pessimism, however, lies some light for the coming year. While Rystad expects a distinct decline in midstream and downstream investment in 2021, they are projecting a 14% increase in upstream gas and LNG investments, from $131 billion to $149 billion this year.

To a lesser extent, upstream oil investments are also expected to rise — from $287 billion in 2021 to $307 billion in the coming year.

Of particular interest in Texas is an expected surge (that’s the word Rystad uses) in global shale investments, from $86 billion in 2021 to $102 billion in 2022; that’s a better than 18% gain.

The point here is that there’s a lot of implied Texas M&A and CapM in those numbers. Even the decline in midstream and downstream has expressed itself in transactions, whether consolidation, expansion or simplification.

The increase in LNG bodes well for the global-scale LNG industry developing across the Gulf Coast. And even Rystad’s projections of a $20 billion increase in offshore wind projects spells work for the contractors who find themselves in transition.

Even with the advance of Omicron, experts seem to think that 2022 is likely to be a pretty good year.

Last week, the first full week of 2022, saw 13 deals valued at just below $8.3 billion. That represented work by 102 mostly Texas lawyers at 11 unique firms.

It was far better than last week’s nine deals for $1.3 billion and in the same neighborhood as the first week of 2021, which saw 22 deals valued at $6.8 billion.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
31-May-202519$23,3811116612$18,6657$4,717
24-May-202515$24,0331112113$23,6242$409
17-May-202516$21,7601214511$18,6155$3,145
10-May-202524$33,1751620619$30,7655$2,410
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDING

Digital Realty acquires control of Teraco for $3.5B

Deal Description: Digital Realty, the world’s largest global provider of cloud- and carrier-neutral data infrastructures, announced Jan. 3 it is acquiring for $3.5 billion a majority stake in Teraco, its Africa-based counterpart. The sellers include Berkshire Partners and Premira, part of a consortium. Teraco has seven state-of-the-art facilities strategically located throughout South Africa and is the largest digital infrastructure provider on the continent, with 600 customers that include 275 internet providers over 25 cloud platforms and currently provides access to seven subsea cables and anticipates access to three more currently under construction by consortiums of leading cloud and content providers.After closing Digital Realty will hold 55% of Teraco with the remainder retained by existing investors.

Financial Advisors: Solomon Partners

Digital Realty Outside Counsel: Bowmans and Latham & Watkins advised Digital Realty.

Teraco Financial Advisors: Goldman Sachs

Teraco Outside Counsel: ENSAafica and Weil, Gotshal & Magnes advised Teraco. No Texas lawyers were involved.

Notes: Last January, Digital Realty announced that it was moving its headquarters from San Francisco to Austin. In 2002 Digital Realty acquired 2323 Bryan Street, a major regional connectivity hub in downtown Dallas, still one of the major connectivity centers in North America. Digital Realty now owns more than 30 data centers across Texas, as well as major hubs in Houston and Austin.

In November, KKR announced the $15 billion privatization of Dallas-based CyrusOne, a major digital infrastructure provider. Like Digital Realty, CyrusOne operated as a real estate investment trust (REIT).

Blackstone invests $3B into Invenergy

Deal Description: Blackstone Infrastructure Partners agreed Jan. 7 to invest $3 billion in Chicago-based Invenergy Renewables Holdings, the largest private renewable energy company in North America. You can read more about the deal HERE.

Savannah buys African assets from ExxonMobil, Petronas for $676M

Deal Description: On Dec. 13 London AIM-listed Savannah Energy plc agreed to acquire ExxonMobil’s and Petronas’ entire interests in the Doba oil field in Chad and their shareholding in the Chad-Cameroon pipeline and floating, storage and offloading vessel for $676 million. On Dec. 30 Savannah raised $65 million through a share placement with institutional and other investors, including five of the company’s six directors led by chief executive Andrew Knott, to pay for the deal alongside debt and other financing.

Savannah’s Outside Counsel: Bracewell with a team led out of London by partner Ben James but including partners Jeffrey B. Andrews and Jeffery B. Vaden, both of Houston 

Blackbaud Acquires EverFi for $750M

Deal Description: Blackbaud, a technology company that specializes in a wide array of technical services and platforms, announced Jan. 3 that it has agreed to acquire the tech-driven social education company EverFi for $750 million. Terms of the agreement include a $450 million cash payment and 3,844,423 shares of Blackbaud common stock. Blackbaud said the cash was provided through a combination of cash on hand and Blackbaud’s existing credit facilities.

EverFi Financial Advisor: Goldman Sachs

EverFi Outside Legal Counsel: DLA Piper

Blackbaud Outside Legal Counsel: Sidley Austin advised Blackbaud with a team that included partners Martin Wellington of Palo Alto and Sara Garcia Duran of Dallas. Also advising were senior managing associate Jocelyne Kelly, managing associate Eryn Berquist and associate Ashley Rogers, all of Dallas.

Notes: Blackbaud has been advised by Sidley’s Wellington on a variety of transactions including its acquisitions of MicroEdge, SmartTuition and JustGiving.

Austin streamer lands $100M in funding

Deal Description: Atmosphere — an Austin-based ad-supported streaming service designed for such public business spaces as bars, gyms, restaurants and doctors’ offices — announced Jan. 4 that it has secured $80 million in Series C PE funding led by Sageview Capital. The funding for Atmosphere, which claims more than 20 million unique visitors per month, also includes existing investors Valor Equity Partners and S3 Ventures. Atmosphere says it has doubled the customer footprint in the past two years for its 64 channels of short-form programming, including Meineke Car Care, Burger King and Texas Roadhouse. Sageview Capital is a Greenwich, Connecticut PE firm founded in 2005 by Ned Gihuly and Scott Stuart, two KKR alums.

Financing: An addition $20 million debt facility was provided by Bridge Bank.

Outside Counsel: Latham & Watkins LLP represents Atmosphere in its financing with a deal team led by Austin partner Scott Craig, with Austin associate Chen Zhang and Century City associate Kathryn Neubauer. Bay Area partner Dan Van Fleet, with Bay Area associate Trevor Church and Houston associate Whitley Johnson advised on the debt facility.

Notes: Atmosphere was co-founded by Leo and John Resig, who founded the ubiquitous Chive Channel. Chive is one of the owner-operated channels streamed by Atmosphere, which was spun out from Chive in 2019. In addition to its various entertainment streams, Atmosphere offers promotional slots for its subscriber businesses.

PosiGen announces $100M equity financing from Magnetar, others

Deal Description: New Orleans-based PosiGen, a provider of renewable energy and efficiency solutions for low-to-moderate income households, announced Jan. 5 the close of a $100 million preferred equity financing. Magnetar Capital’s Energy & Infrastructure group was the lead investor and will nominate two new directors to join PosiGen’s board. Existing PosiGen investors, including Emerson Collective, Irradiant Partners, Activate Capital, the Builders Fund, SJF Ventures and The Kresge Foundation, also participated. PosiGen has served over 19,000 customers, 50% in communities of color. PosiGen said the capital will provide momentum to the company’s expansion efforts, fuel development across new states and support investments in its technology infrastructure.

Magnetar Outside Counsel: Kirkland & Ellis led by corporate partner Bill Benitez and associates Mark Kunzman and Soheil Ebadat; tax partners Mark Dundon and Michael Masri; and capital markets partner Matt Pacey.

PosiGen Outside Counsel: Wilson, Sonsini, Goodrich & Rosati (partner Bob O’Connor and associate Piper Miles-Coccaro in California)

Deal Facilitator: Marathon Capital

Magnetar’s Due Diligence Support: Plexus Solutions

Abraxas sells its Williston Basin assets to Lime Rock for $87.2M

Deal Description: San Antonio-based Abraxas Petroleum Corp. announced Jan. 3 the cash sale of its Williston Basin assets to Lime Rock Resources for $87.2 million. It also repaid all of its revolving credit facility and exchanged its entire second lien term loan held by Angelo Gordon Energy Funding into newly authorized Series A preferred stock. The transactions were part of the company’s previously announced strategic alternatives review, transforming it into a pure-play Delaware Basin operator. Abraxas CEO Bob Watson said it can now access available capital sources to restart a drilling program in the Permian Basin. 

Angelo Gordon’s Outside Counsel: Simpson Thacher team includes partner Robert Rabalais (Houston—banking and credit), partner Shamus Crosby (Houston—M&A); and restructuring lawyers in New York: partners Michael Torkin and Nicholas Baker and associate Dov Gottleib; and Brownstein Hyatt Farber Schreck (Albert Kovacs in Las Vegas)

Abraxas Financial Advisor: Petrie Partners Securities (Jon Hughes in Denver and Richard Moss in New Orleans)

Abraxas Outside Counsel: Dykema Gossett (Jamie Smith, Jeffrey Gifford and Brandon Durrett in San Antonio) and Holland & Hart (David Garcia in Reno)

Patterson-UTI sheds well service/wireline unit to Clearwell for $43M

Deal Description: Patterson-UTI Energy Inc. announced Jan. 3 that it sold the well service rig and wireline business that it picked up as part of its purchase of Pioneer Energy Services Corp. to ClearWell Dynamics for $43 million. The sale was completed on Dec. 31. Andy Hendricks, Patterson-UTI’s CEO, said in a statement that the Pioneer acquisition included a production services business that he believes will be better served as a focused stand-alone business. He noted that the proceeds from the sale exceeded the cash portion of the company’s purchase price for Pioneer. Piper Sandler analyst Ian Macpherson said the sum exceeded his expectations of $30 million in disposal proceeds.

Patterson-UTI’s Outside Counsel: Gibson Dunn & Crutcher including Tull Florey and Jonathan Sapp (M&A), Michael Cannon (tax) and Krista Hanvey and Gina Hancock (benefits)

Patterson-UTI’s In-House Counsel: Seth Wexler, general counsel and a former partner at Norton Rose Fulbright, and Robert Wilson, senior counsel – securities and transactions and a former associate at Vinson & Elkins

Buyer counsel: Mitchell Moses with Underwood in Fort Worth

Notes: GDC’s Florey also counseled Patterson-UTI on its $295 million acquisition of Pioneer in July 2021.

E Source acquires AAC Utility Partners

Deal Description: Align Capital Partners, a PE firm headquartered in Ohio with a strong presence in Dallas, announced Jan. 4 the acquisition of South Carolina-based AAC Utility Partners, a consulting firm specializing in consulting on digital services for municipalities and utility companies. Terms weren’t disclosed. Formed in 2005, AAC has developed advanced metering structures, as well as analytics, for electric, gas, water, wastewater and multi-service utility projects. AAC will become part of E Source, Align’s utility market intelligence, data science and consulting platform.

Counsel to E Source: Dallas partner Jon Finger of McGuireWoods advised E Source and Align Capital on the transaction with the aid of associate Allison Rosenzweig.

Nature Nate’s gets Sweet deal

Deal Description: Nature Nate’s a McKinney-based provider of local honey products has been acquired by Sweet Harvest Foods, a distributor of sweeteners and sweetened products based in Minnesota. Founder Nathan Sheets, a former ad executive, bought his first hive in 1997 as a personal hobby and began filling raw and unfiltered honey in his garage. Sheets made honey his fulltime business in 2010 and has since established his honey as the top brand in the U.S. in 2019. Terms of the transaction were undisclosed.

Nature Nate’s Outside Counsel: Foley & Lardner advised Nature Nate’s with a team led from Dallas by partner Chris Converse and included partners Michael Donohue, Michael Dubner, Clifton Dugas, Benjamin Dryden, of counsel Nick Peters and Cynthia Harkness, and associates Timothy Grasser and Samuel Kuzniewski.

Notes: Last year Sweet Harvest Foods itself was acquired by New York PE Blue Road Capital, which specializes in control investments in largely food and food ingredient companies.

UpCurve II snags undisclosed equity commitment from Post Oak Energy

Deal Description: UpCurve Energy Partners II on Jan. 5 announced the closing of an equity commitment from Post Oak Energy Capital. Terms were not disclosed. In addition, UpCurve II has completed an initial acquisition in the Delaware Basin. The company will use the remaining equity commitment to continue to pursue an “acquire and exploit” strategy. UpCurve II is led by executives Zach Fenton, Steve Escaler and Dave Kyte, who worked together for years in their existing partnership with Post Oak, UpCurve Energy Partners, which also holds an acreage position in the core of the Southern Delaware Basin. Before UpCurve, the majority of the management team worked at ConocoPhillips.

Post Oak’s Outside Counsel: Latham & Watkins with a Houston-based team led by partner James Garrett with associates Jordan Mack and Josh Blankenship. Advice was also provided on finance matters by Houston counsel Bryce Kaufman; on tax matters by Houston partner Jim Cole; and on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum.

UpCurve’s Outside Counsel: King & Spalding

Clearlake Capital-Backed FloWorks buys SemiTorr

Deal Description: FloWorks, a Santa Monica- and Dallas-based flow control distribution platform backed by Clearlake Capital Group, announced Jan. 6 that it acquired SemiTorr Group, a fluid handling systems and components distributor. Financial terms of the transaction were not disclosed. Founded in 1988 and based in Tualatin, Oregon, SemiTorr offers products and services to the high purity, sanitary and general industrials sectors. Its products include processing equipment, pumps, tubing, hoses, fittings, valves, filtration and instrumentation, among others. SemiTorr has completed several acquisitions over the last seven years, expanding to 11 distribution centers across the U.S. in Oregon, California, Arizona, Utah, New Mexico, Colorado, Texas, Virginia, Pennsylvania and New York. Together with SemiTorr, FloWorks will have more than 40 branches globally. Kevin Waddell will continue to manage SemiTorr.

Debt Financing Providers: RBC Capital Markets, Jefferies, UBS Investment Bank, Wells Fargo, BNP Paribas and Audax Private Debt 

FloWorks’ Outside Counsel: Vinson & Elkins led by partner Matt Strock with assistance from senior associates Mike Marek and David Bumgardner and associates Jimmy Chalk, Carli Gish and Phil Greenfield. Other team members include partner Sean Becker, counsel Christie Alcalá and associate Annie Blanc (employment/labor); partner John Lynch and senior associate Lauren Meyers (tax); partner David D’Alessandro, counsel Heather Johnson, senior associate Missy Spohn and associate Mary Daniel Morgan (executive compensation/benefits); partner Sarah Mitchell and associate Victoria Bahrami-Negad (insurance); counsel Rajesh Patel (technology transactions/IP); counsel Scot Dixon, senior associate Tyler Hokanson and associate Patrick Sullivan (real estate); partner Dave Wicklund and senior associate Caitlin Snelson (finance); partner Matt Dobbins and associate Simon Willis (environmental); and partner Hill Wellford and senior associate Ryan Will (antitrust).

Clearlake’s Outside Counsel: Kirkland & Ellis

Blue Sea Capital sells RESA Power

Deal Description: West Palm Beach-based private equity firm Blue Sea Capital announced Dec. 15 the sale of RESA Power to Investcorp. Terms were not disclosed. Based in Houston, RESA Power has more than 20 locations across the U.S. and Canada. The company claims to be a market leader in providing maintenance and testing, systems integration and related distribution services to customers across the renewables, commercial and industrial end markets in North America. It serves over 6,000 customers.

RESA’s Outside Counsel: Jones Day led by partner Lisa Lathrop out of Chicago

RESA’s Financial Advisors: William Blair and Lincoln International

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