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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: 10 Deals, 7 Firms, 85 Lawyers, $4.99B

June 29, 2021 Anna Butler

Three key metrics are on the rise with energy companies in Texas, Northern Louisiana and southern New Mexico: Oil and gas production, capital expenditures and costs.

In the Federal Reserve Bank of Dallas’ latest energy survey, which collected responses from 152 energy companies in the Eleventh District between June 9 and June 17, business activity remained elevated, much like the first quarter, signaling a continued improved outlook.

Oil production saw its second-highest reading since the survey’s inception in 2016, with gas production increasing at a similar clip as reported by the energy firms.

Capital spending is also up among E&P firms with survey takers indicating a continued increase in spending through through the rest of the year.

However, costs are also up with no firm reporting a decrease for the past quarter and a significant rise in the expenditures for the quarter, indicating growing cost pressures.

The increased activity combined with spending was further reflected in the six-months outlook: Optimism hit an all-time high in the survey’s five-year history as uncertainty continues to decline.

The Dallas Fed asked the companies whether they believed there will be a global crude oil supply gap in the next two to four years. The responses? Seventy-six percent of the executives polled indicated they believe there will be such a gap.

It was a slower week for the Corporate Deal Tracker with eight reported M&A and funding deals of about $3.84 billion and two capital markets transactions of more than $1.14 billion. Eighty-three lawyers based in Texas from seven firms took part in the deals.

Weekly Corporate Deal Tracker Roundup Stats

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

Week EndingDeal CountAmountFirmsLawyersM&A CountM&A Value $MCapM CountCapM Value $M
March 25, 202315$8,779.5101415$2,36210$6,416.5
March 18, 20237$14,048.86695$13,3452$703.8
March 11, 202321$11,5761616516$8,1315$3,445
March 4, 202320$9,6681122816$8,2094$1,459
February 25, 202313$5,3351313012$4,2351$1,200
February 18, 202314$5,743.7131588$898.76$4,845
February 11, 202316$12,0881213712$9,9654$2,123
February 4, 202317$8,0661514013$5,6144$2,452
January 28, 20237$2,1807755$1,692.752$488
January 21, 202317$5,7681617412$1,9185$3,850
January 14, 202311$2, 800101028$4213$2,400
January 7, 202318$8,2961116714$6,4613$1,835
December 31, 202214$2,732119912$2,0922$640
December 1714$7,9191311512$7,4191$500
December 10, 202214$10,093128811$7,0933$3,000
December 3, 202226$12,800.91117220$4,1416$8,659.9
November 26, 20228$2,266.7853$765$2,190.7
November 19, 202221$2,8861521219$2,5502$336
November 12, 202213$15,093.79819$14,2004$893.7
November 5, 20222519,337.21650922$8,267.23$11,070
October 29, 202215$7,805.3911614$7,180.31$625
October 22, 202220$8,193.51325313$5,4427$2,751.5
October 15, 20229$3,046.191397$2,588.32$457.8
October 8, 202219$2,011.81211416$833.83$1,178
October 1, 202223$5,532.91615618$4,952.35$580.6
September 24, 202218$5,1941421615$4,0503$1,144
September 17, 202221$8,352.31232015$4,759.66$3,592.7
September 10, 202215$19,853.51012613$19,403.62$450
September 3, 20229$2,3129629$2,31200
August 27, 202216$30,891.71013515$30,666.41227.7
August 20, 202212$1,977815299253$1,052
August 13, 202218$8,004.71124211$2,844.77$5,160
August 6, 202224$7,948.91224017$3,5777$4,371.9
July 30, 20228$6,9419787$6,8391$102
July 23, 202211$801119210$80110
July 16, 202214$3,6501012214$3,65000
July 9, 202210$3,557.77689$3,557.710
July 2, 202218$8,609.41315215$2,754.43$5,855
June 25, 202215$6,142131469$2,0176$4,125
June 18, 202217$11,890.11422815$11,4102479.7
June 11, 202217$7,6001212310$2,3007$5,300
June 4, 202212$2,937101279$6923$2,245
May 28, 20229$3,197.611869$3,197.600
May 21, 202214$7,284.51218511$6,6093$675.5
May 14, 202211$306.698010$306.61$225
May 7, 202216$10,451.751210812$1,8274$8,624.75
April 30, 202216$2,296.51615712$895.54$1,401
April 23, 202210$2,24111588$16412$600
April 16, 202211$6,64371568$2,3593$4,284
April 9, 202217$4,4291418411$1,6906$2,739
April 2, 202213$1,75588410$1,1453$610
March 26, 202211$3,2058656$2005$3,005
March 19, 202213$2,239.17910613$2,239.1700
March 12, 202218$12,0161123915$11,9652$51.35
March 5, 202217$6,7861313713$5,1614$1,625
February 26, 202212$5,09581499$4,437.53$658
February 19, 202217$22,2291717414$21,3543$875
February 12, 202212$2,344.710738$641.74$1,703
February 5, 202211$2,50389911$2,50300
January 29, 202211$3,8721210112$3,87200
January 22, 202213$5,143.5109912$4,842.51$301
January 15, 202212$7,60591559$6,4803$1,025
January 8, 202213$8,256.21110213$8,256.200
January 1, 20229$1,273.86509$1,273.800
December 25, 202121$4,734.751117616$3,4105$1,324.75
December 18, 202126$7,325.21519318$3,640.28$3,685.2
December 11, 202116$5,0171010913$1,4173$3,600
December 4, 202114$2,3108868$2,3106$1,882.05
November 27, 20219$3.460.1101016$1,7583$1,702.6
November 20, 202120$22,7921515712$18,864.58$3,928
November 13, 202121$26,7291217813$11,8228$14,907
November 6, 202112$8,3031315710$6,6823$1,621
October 30, 202121$10,3681521815$9,24.46$1,103.
October 23, 202121$18.783.11522211$12,31410$6,468.6
October 16, 202115$3,8681111815$2,2932$1,575
October 9, 202120$8,6101617516$7,7954$815
October 2, 202114$6,2501113710$5,2004$1,050
September 25, 202111$11,4609937$10,2004$1,250
September 18, 202111$16,6038998$15,0843$1,519
September 11, 202117$10,6531110313$8,5034$2,150
September 4, 202113$7,222108911$6,7152$507
August 28, 202112$76396311$6631$100
August 21, 202112$29,65977911$29,5791$80
August 14, 202122$17,8451119912$12,80510$5,04
August 7, 202117$13,6701213915$11,7662$1,904
July 31, 202121$8,1601113410$3,57410$4,586
July 24,202121$6,3671113915$3,7126$2,655
July 17, 202114$4,0091112412$2,0152$1,994
July 10, 202116$3,9971314311$1,5974$2,4
July 3, 202124$7,492139416$3,7698$3,722
June 26, 202110$4,9957858$3,8472$1,148
June 19, 202128$16,83082289$1,86119$14,968
June 12, 202126$27,2381520919$25,6027$1,636
June 5, 202115$15,5391310013$14,7092$600
May 29, 202135$20,2791114528$18,647$1,639
May 22, 202124$53,2081417417$51,0477$2,161
May 15, 202118$10,6201322011$5,8707$4,809
May 8, 202117$10,4001115615$8,3862$2,500
May 1, 202121$7,2001611512$3,8089$3,392
April 24, 20218$20,2009318$20,20000
April 17, 202114$6,270810211$4,01803$2,260
April 10, 202115$8,9401312914$7,9901$950
April 3, 202118$19,5131015112$16,9236$2,590
March 27, 202127$13,9421524414$4,30013$9,633.5
March 20, 202111$2,04641023$2708$1,776
March 13, 202115$3,27091096$5389$2,732
March 6, 202124$13,6171019613$10,39511$3,222
February 27, 202119$8,1051213915$4,9704$3,135
February 20, 20219$8,82091538$8,5201$300
February 13, 202112$4,852.678172,7665$2,086.6
February 6, 202118$9,7521315314$5,2224$4,530
January 30, 202118$9,449918215$8753.83$695.3
January 23, 202114$8,15081186$4,0008$4,150
January 16, 202117$6,7831313811$2,4006$4,382.9
January 9, 202122$6,8291413518$3,139.34$3,690
January 2, 20217$1,4667607$1,46600
December 26, 202018$15,9001216316$5,3001$600
December 19, 202018$9,7691411014$8,4264$1,343
December 12, 202010$7,20091009$3,3251$3,830
December 5, 202015$4,26191229$2,7806$1,481
November 28, 202019$7,7581011013$4,0036$3,755
November 14, 202014$864.11415712$289.12$575
November 7, 202013$6,33291299$2,483.54$3,849
October 31, 202010$3,995.881036$3,231.14$754.7
October 24, 20206$18,1006585$17,7091$350
October 17, 20208$351.95558$351.900
October 10, 20207$5,2293504$7353$4,494
October 3, 202014$21,42891739$17,5355$3,893
September 26, 202010$12,7708935$10,3005$2,470
September 19, 202014$8,36591016$1,0208$7,345
September 12, 20206$4,4068593$1,2703$3,136
September 5, 202011$5,19181179$4,0612$1,130
August 29, 202011$2,5319945$1,1306$1,401
August 22, 202018$6,574121407$1,93011$4,644
August 15, 202013$4,99110977$1,2166$3,775
August 8, 202012$32,092111129$30,4573$1,635
August 1, 20207$5,2878765$3,6872$1,600
July 25, 20209$18,7516677$18,4032$348
July 18, 20206$1,982.55504$1,407.52$575
July 11, 202011$565.1127510$65.11$500
July 4, 202010$8,8898989$8,7881$100.3
June 27, 20208$6,87410505$4,972.53$2,081.5
June 20, 202012$4,44491157$2,8295$1,615
June 13, 20206$3,5824372$3504$3,232
June 6, 202011$3,213.78657$4704$2,743.7
May 30, 20208$7,3357486$4,6392$2,697
May 23, 20204$432.44343$432.410
May 16, 20206$3106345$31010
May 9, 202018$5,6301612414$3,1804$2,450
May 2, 20201510,40010908$1,9007$,8,500
April 25, 20208$3,4009365$1,0003$2,450
April 18, 202019$9,50014928$185.711$9,360
April 11, 202012$6,0009405$1907$5,800
April 4, 202014$8,200116810$2,2004$6,000
March 28, 202016$6,500139610$3,7006$2,800
March 21, 202011$11,9107337$2,2504$9,960
March 14, 20207809.86346684.81125
March 7, 202016$2,500157013$6693$1,400
February 29, 202013$15,2601312811$11,7602$3,500
February 22, 202012$3,700109210$2,5602$1,130
February 15, 202016$1,250108412$354$1,222
February 8, 202018$6,0801412314$2,5954$3,485
February 1, 202021$20,9001210114$17,8607$3,060
January 25, 202013$7,430136212$6,4301$1,000
January 18, 202023$9,5801512019$6,5804$3,000
January 11, 202021$14,2001819916$1,0205$13,200
January 4, 202022$6,4001111916$3,2046$3,245
December 28, 201922$7,1501917518$6,8004$327.4
December 14, 201924$36,3002316719$9,5005$26,800
December 7, 201911$10,40011557$1,0824$9,370
November 30. 201914$2,4501212612$1,7602$692.5
November 23, 201916$1,995104111$6155$1,380
November 16, 201915$3,8201313511$2,5004$1,271
November 9, 201925$12,9001718223$12,2002$575
November 2, 201910$2,470126192,4503$22
October 26, 201912$5,560147011$3,8601$1,700
October 19, 20198$6,60081388$6,60000
October 12, 201919$4,300145516$3,8003$500
October 5, 201918$14,5001916615$11,1003$3,400
September 28, 201919$8,1001813218$7,5601$550
September 21, 201914$6,300166611$2,1603$4,170
September 14, 201915$23,800125611$21,2504$2,570
September 7, 201917$3,500159814$1,9003$1,600
August 31, 20195$8,7006505$8,70000
August 24, 201916$10,000148215$4,2501$5,750
August 16, 201910$1,6805527$6503$950
August 9, 201917$17,700156814$3,9003$13,800
August 2, 201913$5,7601210813$5,760NANA
July 27, 201911$7,30013768$6,5703$730
July 20, 201913$11,8001312511$5,3002$6,500
July 13, 201910$7757468$542.52$233
July 6, 20197$2,5009857$2,50000
June 29, 201923$8,2901515417$2,3006$5,970
June 22, 201917$10,7001013914$7,7003$3,000
June 15, 201911$13,5001416011$13,500NANA
June 8, 201913$2,870175511$1,5702$1,300
June 1, 201910$4,46011608$4,1402$315
May 25, 201917$4,360147914$3,7003$612
May 18, 201922$9,0001715016$3,4006$5,600
May 11, 201918$19,8001717715$18,3003$1,500
May 4, 201910$7,0756328$6,9002$175
April 27, 201915$3,2001411714$3,1601$40
April 20, 201913$13,50010909$12,2004$1,300
April 13, 201916$38,900149114$37,8002$1,100
April 6, 201912$6,870119410$6,7302$50
March 30, 201915$6,470128410$7,91.55$5,677
March 23, 201918$6,450149114$5,0424$1,408
March 16, 201914$10,1801211511$8,8003$1,300
March 9, 20199$1,8006498$1,3001$500
March 2, 201920$3,0331610714$1,8176$1,262
February 23, 201912$2,0408699$614.63$1,430
February 16, 201916$9,970187716$9,97000
February 9, 201914$6,4001011014$6,40000
February 2, 201918$6,740159916$5,7202$950
January 26, 201913$2,770116711$918.952$1,850
January 19, 201915$3,819167612$2,5943$1,225
January 12, 201918$7,283149215$1,6833$5,600
January 5, 201910$529125010$52900
December 22, 201817$2,570138714$9413$1,629
December 15, 201810$2,8608268$2642$2,600
December 8, 201815$1,819166512$5523$1,267
December 1, 201812$7,50010909$1,2003$6,200
November 28, 201815$4,5001110714$4,0001$500
November 19, 201818$6,137139813$2,1425$3,995
November 14, 201818$9,2001315215$8,5003$694
November 6, 201816$17,3001618314$16,3612$950
October 29, 201814$14,4001812717$13,8001$600
October 24, 201813$6,1401312611$5,1222$1,018
October 17, 201818$18,3901512514$12,2924$6,098
October 10, 201829$3,1491810420$1,6479$819
October 2, 201818$9,300116714$7,3004$2,000
September 25, 201813$7,000117510$6,0003$995
September 18, 20189$3,5707449$3,57000
September 11, 201813$5,9001013213$5,90000
September 7, 201814$5,000158611$4,0003$1,000
August 29, 201815$20,700147913$4,7002$16,000
August 20, 201810$12,40011538$11,3803$1,057
August 14, 201812$19,900121329$18,8893$1,011
August 7, 201816$68,6001110613$67,2593$1,340
July 31, 201815$15,100159511$13,0604$2,060
July 23, 201813$2,130156010$1,8043$1,100
July 17, 201814$5,37017989$4,3105$1,100
July 9, 201816$11,200157410$11,0806$862
July 3, 201813$7,00078112$6,3301$750
June 25, 201815$8,80013979$4,9706$3,930
June 18, 201813$14,20014807$2216$14,290
June 11, 201812$6,3008968$5,9104$803
June 6, 201813$14,50010888$14,1545$579
May 31, 201811$4,89010638$3,2403$1,790
May 22, 201815$20,40011639$19,8086$885
May 15, 201815$4,7001510610$3,9005$643
May 9, 201811$1,40013889$1,3002$560
May 1, 20188$14,2507887$13,4001$450
April 24, 201812$5,30066111$4,4701$800
April 17, 20189$1,80010447$2,3302$1,434
April 11, 201811$2,5008326$1,6905$809
April 3, 201815$13,400111219$12,0206$1,090
March 28, 201810$4,00010927$3,8703$215
March 19, 201817$5,800135110$5907$5,165
March 12, 201815$3,130114311$2,3604$788
March 6, 201819$5,4001311610$1,5309$4,860
February 27, 201820$6,600136914$5,5306$1,030
February 19, 201815$5,5001411110$3,9906$1,980
February 12, 201823$10,9001715712$7,11011$3,840
February 5, 201816$8,600131007$1,3309$7,800
January 30, 201811$12,60011685$7,3006$4,982
January 24, 201819$9,400151295$2,01014$7,337
January 18, 201810$6,2808492$2,1008$4,188
January 9, 201812$16,50012929$15,8903$475
January 3, 201810$2,5009478$2,3502$150
December 27, 201715$9,000151139$7,5686$1,784
December 18, 201715$13,800161649$13,0107$1,118
December 11, 201714$9,7001012612$2,9404$8,500
December 4, 20176$1,8006315$1,5101$300
November 28, 20177$3,8508764$3,2603$285
November 16, 201710$2,70010486$1,8404$856
November 8, 201715$2,380179110$1,8605$516
November 1, 201712$4,70017949$3,4004$1,300
October 23, 201715$10,500106710$9,7804$1,530
October 18, 20176$2,000373$2253$1,820
October 10, 201712$6,5701009$3,8803$3,360
October 2, 20178$3,10011193$1,6305$1,750
September 25, 20178$4,8808795$2,6605$2,070
September 18, 20179$4,7703$3006$4,470
September 12, 201711$4,4308$2,0303$2,400
September 1, 20174$1,3103$3171$1,000
August 23, 201711$13,64098$11,8403$1,800

Activity dropped from last week’s 28 reported deals across both M&A and capital markets, totaling more than $16.8 billion, with 215 Texas lawyers representing eight firms. Deal flow didn’t stray too far from last year’s numbers, which saw 50 Texas lawyers from 10 firms take part in eight deals, amounting to more than $6.87 billion.

Note: Texas Lawbook corporate transactions editor Claire Poole contributed to this article.

M&A/FUNDING

Houston’s Westlake Bets on Continued Residential Boom

Houston-based Westlake Chemical Corp. announced last week plans to purchase the North American building products businesses of Boral Industries for $2.15 billion.

The business spans roofing, siding, trim and shutters, decorative stone and windows. For more details on the transaction, click here.

Baker Botts is advising Westlake in the transaction with a Houston-based corporate team led by Houston partners Tim Taylor and Carina Antweil with senior associate Lakshmi Ramanathan and associates Rob Cowan, Will Cozzens and Bryson Manning.

Other Texas-based lawyers on the deal team include by Dallas associate Taylor Courtade on finance matters; Houston partner Jon Lobb and Dallas associate Snow Rui on tax matters; Houston partner Gail Stewart and associate Gabriela Alvarez on employee benefits; and Dallas partner Jennifer Trulock and staff attorney Leanne Thoreson on labor and employment.

Additional attorneys weighing in were Houston partner Liz Flannery, special counsel Michelle Eber and associate Fred Carbone on intellectual property; Houston partner Connie Simmons Taylor and associate Austin Jennings on real estate; Houston partner Scott Janoe and associate Cole Killion on environmental matters; and Houston partner Kevin Jacobs and associate Kristina Vu on litigation.

L. Benjamin Ederington serves as senior vice president, general counsel, chief administrative officer and corporate secretary. Prior to joining Westlake, Ederington worked with chemical giant LyondellBasell Industries and its predecessor companies in addition to practicing at Steptoe & Johnson.

Deutsche Bank Securities is counseling Westlake on financial matters with managing directors of mergers and acquisitions John Anos and Leandro Comparini leading the effort.

Alston & Bird is providing Boral with legal advice while BofA Securities is acting as financial advisor.

Darren Hauck, partner in charge of the Alston & Bird’s Dallas and Fort Worth offices and a member of the corporate practice, led the transaction for the firm.

Oaktree, Sixth Street Affiliates Pick up Energy Loan Portfolio

Funds managed by Oaktree Capital Management and affiliates of Sixth Street Partners plan to purchase a portfolio of energy loans from ABN AMRO.

The portfolio marks a halt in AMRO’s financing of North America’s oil and gas sector, a further acceleration of winding down the Dutch bank’s exposure in its non-core loan book.

Vinson & Elkins represented Oaktree and the Sixth Street affiliates in the transaction with a Dallas-based team with partners Chris Dawe and Cris Dewar advising on finance matters; John Grand and Mike Saslaw on corporate matters; and David Peck and Wendy Salinas on tax matters.

With the acquisition of the loans to 75 companies, Oaktree and the Sixth Street affiliates will pick up about $3 billion in current commitments. The total portfolio is valued at about $1.5 billion.

Blackstone Credit Backs More Microgrid Development

Blackstone Credit entered into an $150 million financing agreement that will see its portfolio company, ClearGen, and clean energy development leader Verdant Microgrid deliver in-demand offerings for on-site, distributed generation. 

The investment in Verdant is expected to accelerate the company’s growth across the country, bringing microgrid solutions tied to clean energy and renewable sources to new markets. 

Verdant has more than $500 million in projects with $50 million in planned construction for the next nine months.

Vinson & Elkins advised Blackstone Credit on the transaction with a team led by Houston partners Matt Falcone and Alan Alexander, along with additional Texas-based assistance from Houston senior associate Yong Eoh, Houston associates Caroline McDonald and Richard McNulty, Dallas and Houston partner Todd Way and Austin partner Sean Moran. 

Vinson & Elkins also advised Blackstone in the formation of a strategic partnership between ClearGen and GreenStruxure with plans to commit up to $500 million in financing to back Green Struxure’s expansion into commercial and industrial markets.

Luby’s Finds Buyers for Cafeterias, Fuddruckers

After announcing plans in November to liquidate and dissolve Luby’s Inc., the Houston-based company announced the sale of two of its segments: Luby’s Cafeteria restaurant business and Fuddruckers franchise business. 

Calvin Gin and affiliates plan to acquire the Luby’s Cafeteria restaurant business for $28.7 million while Black Titan Franchise Systems, a newly formed affiliate of Nicholas Perkins, intends to pick up the Fuddruckers franchise business for $18.5 million.

Sidley Austin represented Luby’s in the sale of the cafeteria operations to the Gin affiliates with a Houston-based team led by partners George Vlahakos and Jon Daly and associates Jeff Kinney and Ashley Moulder.

Sidley also advised Luby’s in the Fuddruckers transaction with the Perkins affiliate. Vlahakos also led that piece of the transaction with assistance from Houston associates John Stribling and Haley Cambra.

Gibson, Dunn & Crutcher advised the special committee of Luby’s board of directors on both sales while Brookwood Associates (managing director Amy V. Forrestal) provided financial advice to the group on the Fuddruckers transaction.

Winston & Strawn represented Calvin Gin and his affiliates with a team led by Houston partner Michael Blankenship with assistance from associate Anna Gryska.

Additional Texas lawyers involved in the transaction include Houston partners Douglas Lionberger and Doug Yeager and associates John Niedzwiecki, Luisa Patoni and David Thaxton.

Gebhardt & Smith advised Black Titan on legal matters and Intyllus Advisors (principal Jeffrey Wiley) counseled the entity on financial matters.

Luby’s still plans to find a buyer for its culinary contract services business segment and the related real estate.

Luby’s reached out to 235 entities as it searched for a buyer for the Luby’s Cafeteria assets, accepting the best offer from Gin’s group. Similarly, Luby’s reached out to 150 entities as it sought a buyer for the Fuddruckers entity before settling on the Perkins affiliate as the top option.

Houston Dynamo Announces New Owner

The Houston Dynamo Football Club has a new majority investor: Ted Segal. 

Segal, founder and president of New York real estate development and financing company EJS Group, joins existing investors that hold the club’s Houston Dynamo FC of Major League Soccer, the Houston Dash of the National Women’s Soccer League and the leasing rights to BBVA Stadium.

Minority stakes will be retained by limited partner investors Gabriel Brener, the club’s former controlling owner; former professional boxer Oscar De La Hoya; White Deer Energy managing partner Ben Guill; and Brooklyn Nets guard James Harden.

Morgan Lewis & Bockius advised Harden and his investment firm 13 Endeavors on the transaction led by partners Sameer Mohan of Houston and Baird Fogel of San Francisco and Houston associate Tara McElhiney.

Financial terms of the transaction were not disclosed, although reports put the value of the controlling stake, formerly held by Brener, at about $400 million.

Locke Lord’s Joe Perillo and Eric Larson (both of Houston) represented Guill.

Harden initially paid a reported $15 million for his stake back in 2019, when the franchise was valued at around $475 million. 

California Credit Unions to Combine

Two California credit unions are set to merge, pending member and regulatory approval.

The combination of Valley Strong Credit Union and Financial Center Credit Union would create the largest credit union in the state with $3.2 billion in assets under management, serving close to 200,0000 members.

Hunton Andrews Kurth represented the seller, Financial Center, in the transaction with a team led by Washington, D.C., counsel Richard S. Garabedian with Texas-based assistance from Dallas partners Alan J. Marcuis, Brian R. Marek and Peter Weinstock, Austin partner Anthony Eppert and Dallas counsel Margaret S. Alford.

Styskal Wiese & Melchione represented the buyer, Bakersfield-based Valley Strong.

Dichotomy Power Makes Hydroelectric Play

Dichotomy Power, an owner and operator of hydroelectric power generation facilities, announced plans to purchase certain assets from Sappi North America.

Should the deal close pending approvals, the retail power broker, which is backed by Greenbacker Capital, will use Sappi’s hydroelectric assets along the Presumpscot River in Maine to bolster renewable energy production.

Transaction terms were not disclosed. The deal is expected to close in 2021.

Locke Lord represented Dichotomy Power in the transaction with a team led by New York and Austin partner Mike Malfettone with additional Houston-based assistance from partners Ben Cowan, Eric Larson and Mark Miller and associate Rachael Beavers.

Through Dichotomy Capital, the company has made several investments, including a longer-term position in Dallas-based Vistra, due to previous ownership in Dynergy, and a series of shorts in Bloom Energy, headquartered in San Jose, California.

CAPITAL MARKETS

ConEd Offers 10.1M Common Shares

Energy holding company Consolidated Edison Inc. entered into an underwriting agreement with Barclays Capital for the sale of 10.1 million common shares at a purchase price of $76.78 per share.

Shearman & Sterling counseled ConEd in the offering while Hunton Andrew Kurth advised Barclays Capital.

New York partners Michael F. Fitzpatrick and S. Christina Kwon led the HuntonAK team with New York associates Brendan P. Harney and Matthew A. Hayes with additional assistance from Houston partner Robert McNamara and associate Tim Strother. 

Proceeds from the offering will be used to fund construction spending tied to ConEd’s Consolidated Edison Company of New York in addition to other general corporate purposes. The subsidiary recently issued an offering of green bond debentures in which HuntonAK also represented the underwriters.

KKR Sells Position in Focus Financial

Focus Financial Partners Inc., a New York-based investor in wealth management firms, announced on June 21 that it entered into an underwriting agreement with certain selling stockholders affiliated with KKR and Goldman Sachs & Co. 

The secondary offering, which closed on June 23, included 7.4 million shares of Class A common stock, of which KKR held 7.1 million shares. 

With the offering, which priced shares at $50.30 per unit, KKR fully divested from Focus.

While Focus did not receive any proceeds from the sale of KKR’s Class A shares, proceeds from the remaining shares will be contributed to existing unitholders of Focus LLC, its operating subsidiary, in exchange for Focus units.

Vinson & Elkins advised Focus Financial Partners with a team led by New York partner Brenda Lenahan with additional Texas-based assistance from Houston partner Lina Dimachkieh, Dallas senior associate Lucy Liu and Houston associate Sarah Coe.

J. Russell McGranahan, general counsel and corporate secretary, led the in-house team for Focus Financial.

Simpson Thacher & Bartlett advised the selling shareholders on legal matters.

Goldman Sachs & Co. acted as the sole book-running manager in the offering. Davis Polk & Wardwell acted as counsel to the underwriter.

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