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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: 11 Deals, 10 Firms, 192 Lawyers, $9.6B

September 24, 2024 Allen Pusey

When we peruse and parse the deals reported to us each week, we usually look for the unusual.

We don’t apologize for that. News is supposed to be new. It’s a practice that sometimes distorts reality. The outlier can be an enemy of truth. But it can also be a harbinger of things to come.

The unusual note this week comes with news of two IPOs: one is a $300 million offering by E&P BKV. The other is a tiny $8 million offering by cloud services provider Global Engine Group Holding Limited. Neither is a blockbuster deal, but the market they represent presents a closer look.

As of the end of last week, there have been 145 IPOs logged this year with the SEC, including SPACs. Those include 11 Texas-headquartered companies, which ranks the Lone Star State fourth in IPO origination. California ranks first with 24 IPOs.

But just behind California comes Hong Kong with 20 IPOs and China with 18. In fact, foreign-based or foreign-backed companies account for more than four in every ten IPOs so far this year (60 of 145).

Factoring out the blank check offerings, Texas drops to a tie for fifth place with Florida at 6 non-SPAC offerings — behind California (20), Hong Kong (17), China (15) and Singapore (8). And the share of foreign-based non-SPAC offerings increases to 44.3 percent (51 of 115).

Which brings us to the above-mentioned IPOs. Neither can be considered a Texas IPO. BKV, though headquartered in Denver, is owned by Banpu Plc, a major energy exploration company in Thailand. Global Engine Group, which is among the 145, is based in Hong Kong.

The BKV offering is not among the 145. It was first registered with the SEC in 2022, but delayed because of interest rates, debt problems and a natural gas market that kept defying expectations of a significant upward tick.

So, what’s the Texas connection?

Baker Botts Houston partners Samantha Crispin and Preston Bernhisel advised BKV; Underwriters were represented by Latham & Watkins Austin partner Michael Chambers and Houston partner Monica White.

Likewise, the underwriters for Global Engine Group were counseled by a Winston & Strawn team led from Houston by Michael Blankenship and from New York by David Sakowitz.

If we’re looking for IPO outliers in capital markets, 2021 (1,035) is the paradigm. But ever since that post-pandemic-SPAC-driven year, IPOs have been on the decline, with 184 in 2022 and 154 last year. But with 145 already on the books in this, the last week of 3Q 2024, IPOs are on a pace to be the best in those most recent years.

Sure, two Texas-related IPOs in one week may be a simple coincidence, an outlier. But don’t forget that harbinger thing.

The week ending Sept. 21 saw 11 deals for $9.6 billion. The week prior, however, saw 24 deals for nearly $11 billion. For comparison, let’s note that the same week last year saw 23 deals for $6.4 billion.

We’d note that the disparity in deal count is actually worse than it looks. Of the 11 deals reported, only five were M&A or fundings. That’s the lowest we’ve seen during an individual week since June.

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
16-Aug-2513$26,405121497$3,1806$23,225
09-Aug-2519$16,0661624515$11,3074$4,759
02-Aug-2517$19,4801110413$18,0024$1,478
26-Jul-2515$3,164129612$3,00233$162
19-Jul-2514$6,08014979$4,1655$1,915
12-Jul-2515$13,0121420812$10,9023$2,110
05-Jul-259$15,7788914$7,2805$8,498
28-Jun-2513$7,77781547$2,0316$5,746
21-Jun-2516$5,9841011311$3,0875$2,897
14-Jun-259$4788133603$478
07-Jun-2516$26,2101119611$24,7445$1,466
31-May-2519$23,3811116612$18,6657$4,717
24-May-2515$24,0331112113$23,6242$409
17-May-2516$21,7601214511$18,6155$3,145
10-May-2524$33,1751620619$30,7655$2,410
03-May-2511$4,249139011$2,226.52$2,022.5
26-Apr-2512$8,78791689$6,0113$2,776
19-Apr-2511$8,09771389$7,9852$112
12-Apr-2513$2,392815210$2,0653$327
05-Apr-2519$27,7621518816$25,4733$2,289
29-Mar-2521$8,1881025816$4,1255$4,064
22-Mar-2519$6,4851423115$4,1284$2,857
15-Mar-2513$13,7371315110$9,9324$3,805
8-Mar-257$2,2345665$2242$2,100
1-Mar-2511$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

Vistra Acquires Remaining Stake in Nuclear, Solar Facilities for $3.25B

Deal Description: Utility provider Vistra Corp. announced Thursday a $3.248 billion acquisition that will make alternative energy provider Vistra Vision a fully owned subsidiary of the Irving-based company. Under the agreement, Vistra will acquire the 15 percent interest in Vistra Vision, jointly owned by Nuveen Asset Management and Avenue Capital Management. The transaction is an all-cash deal to be paid in five installments.

Assets owned by Vistra Vision include four nuclear generation facilities with a total capacity of 6.4 gigawatts — Beaver Valley, Comanche Peak, Davis-Besse, and Perry; the Vistra Zero renewables and energy storage business, and Vistra’s retail business.

Citi is serving as financial advisor, and Latham & Watkins and Sidley Austin are legal advisors to Vistra. For more details on the transaction, see our daily coverage here.

HF Capital commits $725M to Ara Energy Decarbonization

Deal Description: The family office of the Haslam family, founders of the Pilot chain of travel centers, announced Sept. 16 its $725 million launch of Ara Energy Decarbonization in collaboration with Boston-based Ares Partners. Ara Energy Decarbonization, backed with funds committed by HF Capital, aims to acquire and decarbonize conventional energy including: power generation, merchant biofuels, and supply and distribution businesses. Citing the rising tide of energy-driven AI and data storage centers Charles Cherington, co-founder and managing partner of Ara, said efforts to curb emissions from traditional energy-based businesses need to accelerate. “It is an uncomfortable truth that highly pollutive energy sources are going to play an essential role in delivering an energy transition over the next several decades. We can ignore these staggering carbon emissions, or we can apply our proven methods and financing expertise to decarbonize the conventional energy value chain.” HF Capital is headquartered in Knoxville, Tenn. Ara Partners, though headquartered in Boston, has a major office in Houston.

HF Capital Outside Legal Counsel: Kirkland & Ellis led by corporate partners Shubi Arora in Houston and Dov Kogen in Los Angeles, along with partners Ahmed Sidik and Ryan Harris and associates Neil Datar and Allison Azarloza; and investment funds partners Michael Reeves, Matt Nadworny and Samara Shepherd.

Note: Ara Energy Decarbonization will be headed by Shameek Konar, who succeeded Jimmy Haslam as CEO of Pilot Company, the largest supplier of transportation fuels in North America.

Newpark Resources sells fluids business to SCF Partners for $127.5M

Deal Description: Newpark Resources announced the completion of the sale of its pure-play oilfield fluids business, Newpark Fluids Systems, to SCF Partners for $127.5 million. The sales price reflected an adjustment by $43 million to reflect tax, debt and working capital obligations. SCF Partners is based in Houston. Newpark Resources is headquartered in The Woodlands.

Financial Advisor to Newpark: Lazard

Newpark Outside Legal Counsel: Baker McKenzie led by partners Tanner Bodine (Dallas), Roger Bivans(Dallas), Justin Whittenburg (Houston), Ross Staine (Houston) and Jonathan Martin (Houston).

SCF Outside Legal Counsel: Vinson & Elkins with a team led by partner Mike Marek and associate Matt Fiorillo, with assistance from associates Kelli Westmoreland and Hope Kaady. Special assistance was provided by senior associates Jimmy Chalk and Peter Faour (MACM). Other key team members included counsel Zachary Rider and associates David Albano and John Brown (finance); partner Lina Dimachkieh, senior associate Curt Wimberly and associate Katie Dillard (tax); partner Sarah Mitchell, senior associate Victoria Bahrami-Negad and associate Leah Powers (RWI); partner Shane Tucker and associates Matt Green and Morgan Whittlesey (ECB); partner Becky Baker and associates Ashley Plunk and Jordan Peck (ELO); counsel Rajesh Patel and senior associate Alexa Chally (IP); counsel Ken Adler and associate Molly Ellisor (RE); partner Matt Dobbins and associates Kelly Rondinelli and Alyssa Sieja (ENR); partner Zach Terwilliger, counsels Brian Howard and Elizabeth McIntyre, senior associate Pete Thomas and associates Ami Egerstrom and Alexander Sprenger (anticorruption/sanctions/exports); and partners Hill Wellford and Kara Kuritz and associate Adam Thomas (antitrust).

Note: SCF Partners was founded in 1989 by L.F. Simmons. Its portfolio companies include DeltaValve, T.D. Williamson, Pipeline Plastics and Nine Energy Service.

MidOcean Energy raises stake in PeruLNG

Deal Description: MidOcean Energy announced Sept. 16 that it has agreed to acquire from Dallas-based Hunt Oil Company an additional 15 percent in Peru LNG. South America. PLNG — a liquefication, terminal and transport facility operated by Hunt 100 miles south of Lima — is one of only two South American LNG plants and the continent’s sole LNG export facility. Terms of the agreement were not disclosed, but the acquisition increases MidOcean’s share of PLNG from 20 percent to 35 percent and reduces Hunt’s stake from 50 percent to 35 percent. The MidOcean acquisition is to be funded by Saudi Arabia’s Aramco, which holds a 49 percent stake in MidOcean and a 17.2 percent indirect stake in PLNG.

Financial Advisor to MidOcean: Morgan Stanley

MidOcean Outside Legal Counsel: Latham & Watkins with an M&A team led by partners Charlie Carpenter and Justin T. Stolte, with associates Greg Sorensen, Melanie von Staa Toledo, and Caroline Silverstein. Advice was also provided on tax matters by partners Tim Fenn and Jared Grimley and on project development matters by counsel Brian Hintze.

Hunt Outside Legal Counsel: Bracewell with London-based partner Ben James assisted by New York-based partner Parker Lee and London-based senior associate Adam Waszkiewicz.

Note: MidOcean was launched in 2022 as a pure play LNG investment platform by Washington, D.C. headquartered EIG. In September 2023 Aramco invested $500 million for a stake in MidOcean.

HIF Global adds e-fuels investment from Mitsui O.S.K. Lines

Deal Description: HIF Global, a Houston-based developer of renewable fleet fuels announced Sept. 19 an investment by the Japanese shipping firm Mitsui O.S.K. Lines. The investment is focused on the expansion of its e-fuels development projects in the U.S., Chile, Australia and Uruguay. Though the amount of the Mitsui investment was undisclosed, the company says it has received $220 million in project commitments YTD 2024, including three from Japan-based companies. HIF specializes in the production of hydrogen for e-Methanol from electrolyzation processes fueled by other renewables. It counts among its investors EIG, AME, Porsche, Baker Hughes, Gemstone Investments and Idemitsu Kosan.

HIF Global Outside Legal Counsel: Latham & Watkins with a corporate deal team led by New York partner Tony Del Pino and Houston partner Lauren Anderson, with associates Ashley Nguyen and Justin Reinking. Advice was also provided on employment and benefits matters by Washington, D.C. counsel Laura Szarmach; on tax matters by Houston partner Jim Cole; on environmental matters by Los Angeles/Houston partner Joshua Marnitz; on CFIUS matters by Washington, D.C. partner Jim Barker; and on antitrust matters by Washington, D.C. partners Jason Cruise and Peter Todaro.

CAPITAL MARKETS/CREDIT

Diamondback Energy announced $2.2B secondary offering

Deal Description: Midland’s Diamondback Energy announced Sept. 19 a $2.2 billion public offering of 12.77 million shares of its common stock by Legacy Endeavor. The offering will close Sept. 23. The offering underwriters have a 30-day option to purchase up to an additional 1,615,500 shares of common stock. As part of an existing share repurchase program, Diamondback has agreed to purchase 2 million of the offered shares at the price paid by the underwriters to the Legacy Endeavor shareholders.

Book-running Managers: Evercore ISI, Citigroup and J.P. Morgan

Underwriters Outside Counsel: Latham & Watkins led by Austin partners Michael Chambers and David Miller and Houston partner Monica White, with associates Connor Adams, Brian Bruzzo and Jeff Serfass. Advice was also provided on tax matters by Houston partner Jim Cole, with associate Dylan White; and on environmental matters by Los Angeles/Houston partner Josh Marnitz, with associate Nolan Fargo.

Legacy Endeavor Shareholders Outside Counsel: A Gibson Dunn team led by partners Hillary Holmes and Harrison Tucker; of counsel Patrick Cowherd; and associates Alan Williams, Malakeh Hijazi and Benjamin Blefeld.

Aethon United prices $1B in senior notes

Deal Description: Haynesville Basin upstreamer Aethon United announced Sept. 19, announced the private placement of an issue of $1 billion in 7.50 percent senior notes due 2029. The Dallas-headquartered company intends to use proceeds from the notes to redeem/repurchase the company’s 8.25 percent senior notes due 2026 and repay a portion of its existing credit facility.

Aethon Outside Legal Counsel: Simpson Thacher & Bartlett with a team led from Houston by partner Brian Rosenzweig with associates Richie Ragusa, Ryan Poché, Sophie Kim and Gregory Ludeman (all Houston); tax partners Andrew Purcell in New York and Adam Arikat in Houston, counsel Michael Mann and associate Benjamin Bressler; counsel Timothy Mulvihill and associate Noreen Lavan on environmental issues from New York; associates Siak Goh and Paige Brinton IP from New York; New York compensation partner Larry Moss with associates Ryan Stott in New York and Matias Botto in Houston and New York senior counsel Jeanne Annarumma on ERISA.

Initial Purchasers Counsel: Vinson & Elkins led by Houston partners Thomas Zentner and David Stone and senior associate Ximena Kuri, with assistance from associates Nick Wetzeler, Shelby Shearer, Ashley Osborne and Nick Priebe. Also advising were partner Wendy Salinas and Lauren Neiman on tax; Matt Dobbins and Aaron Silberman on environmental issues; and Dario Mendoza and Morgan Whittlesey on executive compensation.

BKV finally prices delayed IPO at $300M

Deal Description: Denver-based BKV Energy announced Sept. 16 its much-delayed initial public offering priced of 15 million shares of common stock. The company priced the offering at $19 to $21 per share, anticipating gross proceeds between $285 million to $315 million. The stock is scheduled to begin trading on the NYSE Sept. 26 under the ticker symbol “BKV.” Owned by Thailand’s Banpu Plc, the company focuses its E&P operations primarily in the Barnett Shale in the Fort Worth Basin of Texas and, to a lesser extent, in the Marcellus Shale of the Appalachian Basin of Pennsylvania. The company originally registered its IPO in November 2022, but inflation and persistently frail natural gas prices dampened the market for an equity issue. The company is the largest producer of natural gas in the Barnett with 29 percent of Barnett market production during the month of January 2024, according to Texas Railroad Commission statistics quoted in the company’s prospectus. The company also owns the Barnett Midstream system, which consists of 778 miles of pipeline, 65 midstream compressors and an amine processing plant. The company says it will use the proceeds to repay $230 million in outstanding debt.

Book-running managers: Joint bookrunning managers included Citigroup, Evercore ISI, Jefferies, Barclays, Mizuho; senior co-managers: KeyBanc Capital Markets, Truist Securities, TPH&Co, Susquehanna Financial Group; co-managers: Citizens JMP, SMB Nikko

BKV Outside Legal Counsel: Baker Botts led from Houston by partners Samantha Crispin and Preston Bernhisel with New York partner Adorys Velazquez. The team also included special counsel Lakshmi Ramanathan (Houston); associates William Cozzens (Austin), Chelsea Johnson (Houston); Maddie Boezinger (Dallas); partner Robin Melman and associate Katie Birnhak in New York on compensation; partner Luke Weedon and senior associate Brittany Simington in Dallas on finance; Dallas partner Steve Marcus and senior associate Katie McEvilly in Houston on tax, and senior counsel Aileen Hooks in Austin on environmental matters.

Underwriters Outside Legal Counsel: A Latham & Watkins team was led by partners Michael Chambers in Austin and Monica White in Houston. The team also included associates Connor Adams in New York and Brian Bruzzo and David Lee in Houston on capital markets; partner Tim Fenn and associate Christine Mainguy from Houston on taxes; partner Joshua Marnitz and associate Phil Goldberg in Los Angeles on environmental matters; Washington D.C. partner Adam Kestenbaum with associate Dane Rebkowec in Houston on compensation; Washingotn D.C. partner Sarah Fortt and Houston associate Austin Pierce on ESG, and Hong Kong partner Posit Laohaphan on Thai securities issues.

Hawaiian Electric announces $250M ATM Offering

Deal Description: Hawaiian Electric announced Sept. 19 an at-the-market offering of up to $250 million of common shares. The offering, according to separate SEC filings by HE, is intended to help fund HE’s $1.91 billion settlement for failing to adequately respond to the August 2023 Maui wildfires that resulted in more than 100 deaths. The company’s stock closed the week down 13.3 percent from its peak pricing during the week of $12.97 per share on Sept. 17.

Outside Legal Counsel for HE: Paul, Weiss, Rifkind, Wharton & Garrison

Sales Agents: Wells Fargo, Barclays and Guggenheim

Outside Legal Counsel to the Sales Agents: Simpson Thacher & Bartlett with a team led from Houston by partner Brian Rosenzweig that included associate Emily Martin from Houston.

Sable Offshore in private offering of $150M in common stock

Deal Description: Independent O&G Sable Offshore Corp. announced Sept. 20 that it has entered into subscription agreements for 7.5 million shares of its common stock in a private placement it values at $150 million. The placement is expected to close Sept. 23. Sable is primarily engaged in development of the Santa Ynez Unit in federal waters of offshore California.

Sable Outside Legal Counsel: Latham & Watkins with a team led by Houston partner Ryan Maierson with associates Ben Winnett, Chelsea Carlson, Shawn Quinn and Ryan Hudson

Placement Agents: TD Cowen; Jefferies

Hong Kong’s Global Engine Group Holding Limited prices IPO at $8 million

Deal Description: Global Engine Group Holding Limited announced Sept. 20 that it will open its initial public offering of 2 million shares listed on the Nasdaq Capital Market at $4 per share under the ticker symbol “GLE.” Global Engine Group is a cloud services provider targeting a customer base of small to medium telecommunications operators and ICT services in the Hong and Southeast Asia markets.

Global Engine Outside Legal Counsel: Robinson & Cole

Underwriter: R.F. Lafferty & Co

Underwriter Outside Counsel: Winston & Strawn with a team led by partners Mike Blankenship in Houston and David Sakowitz in New York along with Houston associates Jesse Dowdle and Robbie Oakes and Chicago associates Jeremy Spankowski and Karly Jung.

OTHER MATTERS

Baker Botts advised the U.S. Department of Energy’s Loan Programs Office on a conditional loan guarantee announced Sept. 16 of up to $1.559 billion to Wabash Valley Resources to help finance a Terra Haute, Ind., commercial-scale waste-to-ammonia production facility using carbon capture and sequestration (CCS) technology. The project is potentially world’s first carbon-negative ammonia production facility and the first project in the U.S. to utilize petroleum coke (petcoke) to produce ammonia and store the associated CO2 emissions via permanent geologic sequestration. Petcoke is waste product of the oil refining process. Globally, the production of ammonia is deemed responsible for 1 to 2 percent of global CO2 emissions. The Baker Botts team advising DOE was led from New York, Houston and Washington, D.C. by partners Michael Yuffee, Caitlin Lawrence and John Papaspanos, respectively. Also advising from global projects were partners Jason Bennett (Houston), Dan Kruger and Paul Luther (both Washington, D.C.); associates Therese Detablan (New York); Jesse Nation (Houston); Ben Zeter (Austin); Andrew Crayden (Houston); Allie Hemmings (Houston); Alex Reinert (Washington, D.C.) and Jennifer O’Donoghue (London).

The corporate team included senior associate Kanwal Majeed and associate Lauren Thomson (both London); On environmental issues: partner Samia Broadaway (Austin), senior counsel Aileen Hooks (Austin) and associates Katie Windle (Houston), Linn Bumpers (Washington, D.C.) and Teresa Jones (Houston); on IP: special counsel Michael Silliman (Houston) and associate Lori Ding (Houston); partner Barbara De Marigny (Houston) on tax and partner Scott Nelson (Houston) on labor.

Allen Pusey

Allen Pusey is a senior editor and writer at The Texas Lawbook.

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